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.

Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria has saved $20 billion from “petrol” subsidy removal and market-based pricing of the foreign exchange rate.

Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja.

“An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on “PMS”; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP,” he said.

“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”

Edun said these flows now return into the government’s coffers for further deployment to the aforementioned sectors.

“The real change that has happened with the measures of Mr. President is that nobody can wake up and their target for the day or for the week or the month or the year is to get access to cheap funding, cheap funding exchange from central bank, which they can now flip,” Edun said.

“And overnight, they become wealthy from no value added for doing virtually nothing, except you know the right people. Similarly, they can no longer try and be part of a new peak market and very inefficient “petrol” subsidy regime as a way of making money overnight.”

On May 29, President Bola Tinubu said the “petrol” subsidy regime was over.

Three months later, TheCable reported that Tinubu was considering a “temporary subsidy” on “petrol” as crude oil prices and foreign exchange rates soared.

After several denials of the return of “petrol” subsidy by the authorities, the Nigerian National Petroleum Company (NNPC) Limited, on August 19, said the federal government owes it N7.8 trillion for under-recovery.