Nigeria Unemployment Rate
Nigeria's unemployment rate fell to 4.3% in Q2 2024. This is a 1 percentage point decrease from 5.3% in Q1 2024. The decline ended a rising trend that began in Q2 2023. The employment-to-population ratio increased to 76.1% from 73.2% in the prior quarter. This was driven by a higher labor force participation rate of 79.5% and a rise in self-employment. Self-employment accounted for 85.6% of the workforce, especially in rural areas. Informal employment was 93.0%. Youth unemployment decreased to 6.5% from 8.4% in Q1 2024. Nigeria's record low unemployment rate was 3.7% in Q4 2013 and record high was 10.7% in Q4 2019.
Quarterly Historical Data (1991-2024)
(in %)Nigeria Unemployment Rate : Definition
The Nigeria unemployment rate represents the percentage of Nigeria's labor force that is jobless and actively seeking employment. It is calculated quarterly by the National Bureau of Statistics using survey data. The rate is determined by dividing the number of unemployed individuals by the total labor force (employed plus unemployed actively seeking work) and multiplying the result by 100.