NLC And Private Sector Leaders Reject NBS Claims Of Unemployment Decline

NLC And Private Sector Leaders Reject NBS Claims Of Unemployment Decline

The Nigerian Labour Congress (NLC) has dismissed the National Bureau of Statistics (NBS) report claiming a drop in Nigeria’s unemployment rate to 4.3% in Q2 2024. Describing the report as “fiction,” the NLC argued it contradicts the realities faced by Nigerians, a sentiment echoed by the Organised Private Sector (OPS).…….READ MORE 

While the NBS report highlights improved labour market indicators, including a rise in the Labour Force Participation Rate to 79.5% and gains in informal employment, the NLC and industry experts argue these figures fail to reflect the worsening economic situation.

• Unemployment Rate: Declined to 4.3% in Q2 2024 from 5.3% in Q1.
• Labour Force Participation Rate: Rose to 79.5%, up from 77.3%.
• Self-Employment Dominance: Accounts for 85.6% of total employment.
• Urban vs. Rural Unemployment: Urban at 5.2%; rural at 2.8%.
• Youth Unemployment: Dropped to 6.5% from 8.4%.

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