Nigeria's unemployment rate has seen a significant drop to 4.3% in the second quarter of 2024, according to the National Bureau of Statistics (NBS). This decline is a welcome improvement from the 5.3% recorded in Q1 2024.

The NBS defines the unemployment rate as the share of the labor force that is not employed but actively searching and available for work. The report highlights that the unemployment rate among males was 3.4%, while females recorded a rate of 5.1%.

Furthermore, the report reveals that urban areas had an unemployment rate of 5.2%, whereas rural areas had a significantly lower rate of 2.8%. The youth unemployment rate also showed a decrease, dropping to 6.5% in Q2 2024 from 8.4% in Q1 2024.

While this news is certainly positive, some critics have expressed skepticism about the accuracy of the NBS report, citing concerns about the methodology used to gather data.