NBS : Unemployment rate dropped from 5.3% to 4.1%

The National Bureau of Statistics (NBS) says Nigeria’s unemployment rate dropped to 4.1 percent in the first quarter (Q1) of 2023, from 5.3 percent recorded in the previous quarter.

In the fourth quarter (Q4) of 2020, the bureau had pegged the country’s unemployment rate at 33.3 percent.

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

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.