Nigeria’s unemployment rate dropped to 4.1 percent in the first quarter of 2023, according to data released by the National Bureau of Statistics (NBS)
The unemployment rate in Nigeria, according to the last report from the NBS (National Bureau of Statistics) for the fourth quarter of 2020, was 33.3%.
The report was based on the 13th ICLS methodology, established in 1982 by the International Conference of Labour Statisticians.
NBS had previously announced the adoption of a new methodology that combines employed and unemployed individuals to yield more accurate labor force data.
The aim was to align with international standards and provide a more comprehensive analysis of employment and job conditions in Nigeria.
During the launch of the new methodology, Adeniran highlighted that it brings Nigeria’s Labor Survey in line with international norms.
The survey was conducted in collaboration with the World Bank and the International Labour Organization, and it has been embraced by 26 African countries.
The unemployment figure for the fourth quarter of 2022 using the new methodology was reported as 5.3%.
The new methodology considers employed individuals as those who worked for at least one hour in the past seven days when the survey was conducted.
This contrasts with the old method, which defined the labor force as individuals aged 15-64 years.
The new approach expands the range to include those aged 15 and above who are willing, available, and capable during the survey period.
