NBS puts Nigeria unemployment at 4.1%

Unemployment in Nigeria fell to 4.1% in the first quarter of 2023 and was at 5.3 in the last quarter of 2022, the National Bureau of Statistics has said in a new report.

The statistics agency, which said it used an “enhanced methodology” to calculate the rates, said far more Nigerians had jobs than previously indicated.

The last unemployment figure was 33.3% in the last quarter of 2020.

“This aligns with the rates in other developing countries where work, even if for only a few hours and in low productivity jobs, is essential to make ends meet, particularly in the absence of any special protection for the unemployed,” NBS said Thursday.

Many Nigerians are bound to question the new figures given what they believe is the high level of joblessness in the country.

The NBS said it partnered with the World Bank and the International Labor Organization to arrive at the new model and figures.

Key points to note

In its report, the agency said underemployment was 13.7% and 12.2% in the fourth quarter of 2022 and first quarter on 2023 respectively.

Informal employment was at 93.5% and 92.6% for the two quarters as well.

It said 76.7% of working-age Nigerians had jobs in the first quarter of this year, “indicating that most people were engaged in some type of job for at least one hour in a week, for pay or profit.”