…GDP Grows by 3.46%
Nigeria’s unemployment rate has decreased to 4.3 per cent in the second quarter (Q2) of 2024, showing a reduction from 5.3 per cent in Q1 2024, according to the latest report by the National Bureau of Statistics, NBS.
The report, released on Monday, also indicated a slight increase in unemployment compared to 4.2 per cent recorded in Q2 2023.
The report shows that male unemployment stood at 3.4 per cent, while female unemployment was higher at 5.1 per cent.
Urban areas recorded an unemployment rate of 5.2 per cent, while rural areas had a significantly lower rate of 2.8 per cent. Youth unemployment dropped to 6.5 per cent, down from 8.4 per cent in the previous quarter.
The employment-to-population ratio increased to 76.1 per cent in Q2 2024, compared to 73.1 per cent in Q1 2024. Disaggregated data showed that males had a higher employment ratio of 77.2 per cent, while females had 75 per cent.
The labour market also saw a notable rise in self-employment, which accounted for 85.6 per cent of the workforce in Q2 2024.
Self-employment was more common in rural areas, where 94.3 per cent of individuals were self-employed, compared to 79.7 per cent in urban areas.
Meanwhile, Nigeria’s Gross Domestic Product, GDP, grew by 3.46 per cent in real terms year-on-year in Q3 2024, surpassing the 3.19 per cent recorded in Q2 2024.
The nominal GDP in the third quarter reached N71.13 trillion, reflecting a 17.26 per cent growth from Q3 2023.
The growth was primarily driven by the services sector, which expanded by 5.19 per cent and contributed 53.58 per cent to the total GDP. Agriculture and industry sectors also saw growth rates of 1.14 per cent and 2.18 per cent, respectively.
The oil sector’s growth was notable at 5.17 per cent, showing an improvement from -0.85 per cent in Q3 2023. The non-oil sector also recorded a robust growth rate of 3.37 per cent in Q3 2024.
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