Unemployment rate has highly reduces by 4.1%, as More Nigerians secure jobs

 

Unemployment rate 

Nigeria has experienced a significant decline in unemployment rates, dropping from 33.3 percent in 2020 to 4.1 percent in the first quarter of 2023 and 5.3 percent in the fourth quarter of 2022. This positive change was highlighted in a report published by the National Bureau of Statistics (NBS) on August 24, 2023.

The NBS explained that the unemployment figures for 2020 and the current data were calculated using different methodologies, following a two-year pause in data collection. This new unemployment rate for the country is a result of the Nigeria Labour Force Survey (NLFS), which is conducted to generate official national statistics regarding the labor force, employment, and unemployment. The NLFS is conducted quarterly and aligns with the guidelines of the International Labour Organization (ILO).

The most recent report, covering the reference periods of Q4 2022 and Q1 2023, indicates a positive trend in the labor market, signaling a substantial reduction in unemployment figures compared to the last official data released in March 2021, which reported a rate of 33.3 percent for the fourth quarter of 2020. The NBS's enhanced methodology ensures accurate and internationally aligned data collection for the benefit of monitoring and planning employment-related policies and strategies.