Nigeria’s Unemployment Rate Drops To 4.1% In Q1 2023 Says NBS

The National Bureau of Statistics (NBS) said that Nigeria’s unemployment rate has dropped from 5.3% in the fourth of 2022 to 4.1% in the first quarter of 2023

The fact was contained in a report released on Thursday by NBS titled ‘Nigeria Labour Force Statistics Report Q4 2022 & Q1 2023’.

The NBS said it enhanced its methodology of collecting labour market data through the Nigeria Labour Force Survey (NLFS) in line with International Labour Organisation (ILO) guidelines.

“About three-quarters of working-age Nigerians1 were employed – 73.6% in Q4 2022 and 76.7% in Q1 2023. This shows that most people were engaged in some type of job at least one hour in a week, for pay or profit,” the Bureau said.

“About one-third (36.4% in Q4 2022 and 33.2% in Q1 2023) of employed persons worked less than 40 hours per week in both quarters. This was most common among women, individuals with lower levels of education, young people, and those living in rural areas.

“Underemployment rate, which is a share of employed people working less than 40 hours per week and declaring themselves willing and available to work more, was 13.7% in Q4 2022 and 12.2% in Q1 2023.”

It added that most Nigerians operate their own businesses or engage in farming activities.

“Unemployment stood at 5.3% in Q4 2022 and 4.1% in Q1 2023. This aligns with the rates in other developing countries where work, even if only for a few hours and in low-productivity jobs, is essential to make ends meet, particularly in the absence of any social protection for the unemployed.

“22.3% of the working age population were out of the labour force in Q4 2022, while it was 20.1% in Q1, 2023.