Nigeria’s unemployment rate drops to 4.1% in Q1 2023 – NBS.

The National Bureau of Statistics (NBS) says Nigeria’s unemployment rate dropped 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.

The NBS, in a statement on Thursday, August 24, said the latest unemployment report adopted a new methodology and presented an in-depth analysis of the labour market.

According to NBS the last survey was conducted using the 13th ICLS, which was birthed & adopted in 1982 at the International Conference of Labour Statisticians.

“The latest Nigeria Labour Force Survey (NLFS) report sheds light on the dynamics of labour market within the country.

This report covers the 4th quarter of 2022 & the first quarter of 2023, presenting an in-depth analysis of key labour market indicators such as employment, including unemployment rates, underemployment rates, hours worked& informal employment.

The revised methodology aligns with our contemporaries in Africa.