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 and 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 fourth quarter of 2022 and 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, and informal employment.
The revised methodology aligns with our contemporaries in Africa such as Ghana, Niger, Chad, Cameroon, Benin, Gambia etc, in line with international best practices,” the statement reads.
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