The National Bureau of Statistics (NBS) has reported a significant decline in Nigeria’s unemployment rate, which dropped to 4.3% in the second quarter (Q2) of 2024.
This marks a notable improvement from the 5.3% recorded in the first quarter (Q1) of the year.
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In its report released on Monday, the NBS highlighted that the decrease in the unemployment rate reflects positive trends in the labor market.
The bureau defines the unemployment rate as the percentage of the labor force—those employed or actively seeking employment—that remains unemployed but is actively searching and available for work.