ACCORDING TO NBS, IN Q1 2023, THE UNEMPLOYMENT RATE IN NIGERIA FALLS TO 4.1%.

Tunji Wusu –

According to the National Bureau of Statistics (NBS), the unemployment rate in Nigeria decreased from 33.3% in 2020 to 4.1% in the first quarter of 2023 and 5.3% in the last quarter of 2022.

The NBS claimed in a statement on August 24 that the most recent unemployment report used a new methodology and provided a thorough examination of the labor market.

The 13th ICLS, which was created and adopted in 1982 at the International Conference of Labour Statisticians, was used to conduct the most recent survey, according to NBS.

The most recent Nigeria Labour Force Survey (NLFS) report provides insight into the dynamics of the domestic labor market.

This study provides a detailed analysis of important labor market variables such as employment, including unemployment rates, underemployment rates, hours worked, and informal employment for the fourth quarter of 2022 and the first quarter of 2023.

The updated methodology is in line with those of our African counterparts today.