The National Bureau of Statistics (NBS) reports that Nigeria’s unemployment rate stood at 4.3 percent in the second quarter (Q2) of 2024.

In a report released on Monday, the NBS highlighted that the unemployment rate had decreased from the 5.3 percent recorded in Q1 2024.

The NBS defined the unemployment rate as the proportion of the labour force (the total of unemployed and employed individuals) who are not employed but are actively seeking work and available for employment.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report states.

“The unemployment rate among males was 3.4% and 5.1% among females.”

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

According to the report, the unemployment rate among individuals with post-secondary education was 4.8 percent, 8.5 percent among those with upper secondary education, 5.8 percent for those with lower secondary education, and 2.8 percent among those with primary education in Q2 2024.

‘EMPLOYMENT RATE INCREASED TO 76.1%’

The report also showed that the employment-to-population ratio, which compares the number of employed individuals to the total working-age population, increased to 76.1 percent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report notes.

“Disaggregating by sex, the employment-to-population ratio was 77.2% for males and 75% for females in Q2 2024.”

“Additionally, the employment-to-population ratio in urban areas was 73.2% and 80.8% in rural areas in Q2 2024.”

“This represents an increase in the ratio compared to 69.5% and 78.9% in Q1 2023, respectively.”

‘SELF-EMPLOYMENT INCREASED TO 85.6%’

The report further reveals a significant shift in Nigeria’s labour market, as the proportion of self-employed individuals rose in Q2 2024.

“The proportion of persons in self-employment in Q2 2024 was 85.6%,” the report indicates.

“Survey findings show a decrease in the share of employed individuals primarily engaged as employees, from 16.0% in Q1 2023 to 14.4% in Q2 2024.”

“The self-employment rate among females was 88.3%, while for males it was 82.2%.”

“Disaggregating by place of residence, the rate of self-employed individuals in rural areas was 94.3% and 79.7% in urban areas.”

On November 24th, 2024, the Best of Nollywood (BON) Awards organized a captivating book reading of Do As You’re Told, Baji, authored by the renowned writer Lola Shoneyin. The event, held at 11 a.m. in Kwara State, celebrated the power of storytelling and the importance of fostering a culture of reading among families.

Among the distinguished attendees were the First Lady of Kwara State, Ambassador Olufolake AbdulRazaq, alongside notable figures such as Wole Ojo, Cynthia Clarke, Chioma Okafor, Segun Arinze, and Kemi Adekomi, who added prestige and insight to the event.

In her remarks, Ambassador Olufolake AbdulRazaq highlighted the vital role of parents in fostering a love for reading among children. “Parents should cultivate the habit of reading with their children,” she said. “It’s not just about education—it’s about creating lasting memories and strengthening family bonds.”

The reading of Do As You’re Told, Baji showcased Lola Shoneyin’s vibrant and relatable storytelling, leaving participants inspired to embrace literature as a means of cultural and personal enrichment. The event also featured engaging discussions about the book’s themes, celebrating the depth and diversity of Nigerian literature.

This initiative reinforces the BON Awards’ dedication to promoting the arts, literacy, and the celebration of Nigerian creative talents.

Dele Momodu, publisher of Ovation Magazine, says he regrets spending about N50 million to buy the presidential nomination form of the Peoples Democratic Party (PDP) in 2022.

Momodu spoke in a recent interview on Eden Oasis, published on Sunday.

The journalist and politician said the primary was heavily monetised, with a particular aspirant doling out $30,000 to each of the 774 delegates who voted during the election.

The politician stated that he would not vie for any party’s presidential ticket unless he is adopted as a consensus candidate.

“Experience is the best teacher. I have come to realise that there are powers that you can describe as principalities that control Nigeria,” he said.

“Unless a major political party decides to adopt me — where you have a consensus of people who say Dele Momodu is best suited to change and to lead Nigeria. Then I will consider it.

“But if I have to pick my money to buy a presidential nomination form of about N100 million… I spent about N50 million to buy the form for the last one.

“N50 million would have bought me a property. It was a waste. I didn’t get even one vote because everything was monetised.

“One of the candidates paid as much as $30,000 per delegate, and we had 774 delegates.

“So, how do you want to compete with them? They have stolen the country blind and are doing all kinds of deals to make money, especially those in the oil-rich areas.

“It is not easy. You can’t compete with them. That’s why they insult Nigerians anyhow because of the amount of money available to them in raw cash. There’s no country where people buy raw cash like Nigeria.

“The bulk of their money is not in any bank. So, they are not traceable to any bank. So, they have the money. If today you say to some politicians that you need $500 million to become a president, they will find it.

“So, people like us, where will I start from?”

Momodu was one of the presidential hopefuls of the PDP at the time. He did not secure any votes during the exercise.

Atiku Abubakar clinched the presidential ticket with 371 votes to beat his closest challenger, Nyesom Wike, now minister of the federal capital territory (FCT), who polled 237 votes.

Abubakar was defeated by Bola Tinubu of the All Progressives Congress (APC) in the 2023 presidential election.

Bukola Saraki, former senate president, scored 70 votes; Bala Mohammed, Bauchi governor, got 20 votes; Udom Emmanuel, former governor of Akwa Ibom, secured 38 votes; while Pius Anyim, former secretary to the government of the federation, polled 14 votes.

Sam Ohuabunwa, a businessman, alongside Momodu and Ayodele Fayose, the former governor of Ekiti, received zero votes.