New methodology improves Nigeria’s unemployment rate drops to 4.1% in Q1 2023 – NBS

Nigeria’s unemployment rate has seen a dramatic drop from 33.1% reported in March 2021 to 4.1% for the first quarter of 2023 and 5.3% in the 4th quarter of 2022.

The National Bureau of Statistics (NBS) released its employment data for the first quarter of 2023, indicating a substantial improvement in the job market.

As per the newly-revised Nigeria Labour Force Survey (NLFS), which now aligns with International Labour Organisation (ILO) guidelines, the unemployment rate in the country has been reported at a promising 5.3%.