UPDATE: Nigeria’s Unemployment Rate Drops To 4.1 Percent

In its most recent report, the National Bureau of Statistics (NBS) stated that Nigeria’s unemployment rate decreased to 4.1% in the first quarter of 2023.

The most recent findings, according to NBS, were not intended to boost the image of President Bola Ahmed Tinubu’s administration but rather to call attention to the methodology employed to carry out employment surveys across the nation.

According to Anaedoonline.ng, the unemployment rate in the nation was 33.3% as of the fourth quarter of 2020, according to the NBS’s most recent report.

Tinubu Talks With Labour Leaders And Pledges To Combat Unemployment

The 13th ICLS, which was created and adopted in 1982 at the International Conference of Labour Statisticians, was used for the most recent survey.

To obtain reliable data on the labour force, the federal government agency had previously declared that it will apply a new methodology that aggregates the number of employed and jobless people in the nation.

“Following guidelines adopted during the 19th International Conference of Labour Statisticians (ICLS) in Geneva in 2013, the aim of this re-evaluation was two-pronged. On one hand was to ensure that the methodology was in line with international best practices and locally relevant, and on the other hand, to ensure that a production process was robust enough to produce estimates on a sustainable basis (avoiding periodic gaps), and also, produce more labour market indicators and analysis that will inform government about the employment and job situation in Nigeria,” NBS said earlier.

World Bank Reports Nigeria Experiencing Its Worst

However, it was made known on Thursday in Abuja at the introduction of the revised methodology that the new figure aligns Nigeria’s Labour Survey with global norms.

The organisation highlighted that 26 African nations had accepted the survey, which was carried out in conjunction with the World Bank and the International Labour Organisation.

Follow us on Facebook