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Research Document: NESG 2024Q2 UNEMPLOYMENT ALERT


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Posted Thu, Nov 28, 2024 3:01 PM

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The unemployment rate stood at 4.3 percent in the second quarter of 2024, reversing the rising trend in the previous three quarters. Similarly, the underemployment rate fell from 10.6 percent in 2024Q1 to 9.2 percent in 2024Q2. As expected, the unemployment rate was higher in urban centres than in rural settlements. Despite the decline in the unemployment rate, Nigeria’s misery index rose to 38.3 percent in 2024Q2 from 26.7 percent and 36.9 percent in 2023Q2 and 2024Q1, respectively. This suggests that many Nigerians are still experiencing a cost of living crisis, with more than half of the population living in poverty.

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All text, graphics, audio files, code, downloadable material, and other works on this web site are the copyrighted works of the Nigerian Economic Summit Group (NESG).