ICYMI

August 24, 2023

Nigeria’s unemployment rate falls to 4.1%

Nigeria’s unemployment rate falls to 4.1%

Nigeria’s unemployment has plummeted from 33.3 per cent in 2020 to 4.1 per cent in the first quarter of 2023, and 5.3 per cent in the fourth quarter of 2022.

According to the National Bureau of Statistics (NBS), the 2020 statistics and the current one were calculated using different methodologies, after a two-year interruption.

The country’s unemployment figure which is an outcome of the labour force survey (LFS) conducted in Nigeria, is coming two years after the last official data of 33.3 per cent for the fourth quarter of 2020 which was released in March 2021.

NBS said on its website, “The National Bureau of Statistics (NBS) has enhanced its methodology of collecting labour market data through the Nigeria Labour Force Survey (NLFS) in line with International Labour Organisation (ILO) guidelines.

“The results presented in this report are for the reference periods of Q4 2022 and Q1 2023.”

The LFS is a quarterly survey created with the aim of producing official national statistics on the labour force, employment and unemployment for monitoring and planning purposes.