Nigeria’s unemployment rate has undergone a significant shift, dropping from 33.3 percent in 2020 to 4.1 percent in the first quarter of 2023 and 5.3 percent in the fourth quarter of 2022. The National Bureau of Statistics (NBS) notes that these figures were computed using distinct methodologies, following a two-year hiatus.
This new unemployment data, derived from the Labour Force Survey (LFS) conducted in Nigeria, arrives two years after the last official report of 33.3 percent for the fourth quarter of 2020, which was published in March 2021.
NBS said on its website, “The National Bureau of Statistics (NBS) has enhanced its methodology of collecting labour market data through the Nigeria Labour Force Survey (NLFS) in line with International Labour Organisation (ILO) guidelines.
“The results presented in this report are for the reference periods of Q4 2022 and Q1 2023.”
The LFS is a quarterly survey designed to generate official national statistics regarding the labor force, employment, and unemployment for the purpose of monitoring and planning.
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