The Nigeria Labour Congress has described the drop in Nigeria’s unemployment rate released in a report by the National Bureau of Statistics, NBS, as false, stressing that it contradicts the reality.
The NLC position was corroborated by the Organized Private Sector, stating that the report was not reflective of economic realities.
The NBC in its latest report states that Nigeria’s unemployment declined to 4.3 percent in the quarter of 2024, signaling improved labour market conditions.
According to the report, this marks a decrease from the 5.3 percent recorded in first quarter, Q1 2024 and reflects a gradual recovery from 5.0 percent in third quarter, Q3 2023.
The Labour Force Participation Ratio rose to 79.5 percent, up from 77.3 percent in the previous quarter, highlighting increased workforce engagement.
The Employment -to-Population Ratio also showed significant improvement, climbing to 76.1 percent in second quarter, Q2 2024.
This indicates that a higher proportion of the working-age population was gainfully employed during the period.
-9News Nigeria.
