Nigeria’s unemployment rate dropped to 4.1%, National Bureau of Statistics reveals

Nigeria’s unemployment rate dropped to 4.1 per cent in the first quarter of 2023 from 5.3 per cent in the fourth quarter of 2022.

Semiu Adeniran, the statistician-general of the federation and CEO of the National Bureau of Statistics, said this on Thursday during the inauguration of the New Nigeria Labour force Survey (NLFS) in Abuja.

Mr Adeniran said the drop in NLFS from 33.3 per cent in the fourth quarter of 2020 to the current rate was based on change in methodology adopted and not government performance.

The new NLFS unveils a set of labour force indicators designed to provide unparalleled insights into the dynamics of the workforce in Nigeria. The NLFS was conducted by the NBS in collaboration with the World Bank and the International Labour Organisation in response to the labour market dynamics.

“Let me at this point clearly state that this methodology review has nothing to do with whitewashing the image of any government or political party. This process is routine for any responsible statistical office, and we have no reason to continue to ignore the adoption of new methods, when the evidence clearly indicates the need for it,” stated the NBS chief.

According to Mr Adeniran, the new method which indicates that not less than 73 per cent of Nigerians are engaged in one form of work, recognises all forms of engagements from which individuals earn income.

He said using the new ILO definition, the survey showed that the unemployment rate for the fourth quarter of 2022 stood at 5.3 per cent and 4.1 per cent for the first quarter of 2023.

“This figure aligns perfectly with neighbouring countries around Nigeria. Ghana (3.9 per cent), Niger (0.5 per cent), Chad (1.4 per cent), Cameroon (4.0 per cent), Togo (4.1 per cent), Benin Republic (1.7 per cent), amongst others. In responding to the shifting global landscape and the ever-changing data ecosystem, it is imperative for us to continuously adapt the way in which we collect and analyse data,” the statistician-general explained. “This is to ensure that we are producing data that reflects reality and the experiences of Nigerians.”

The changes includes a revision of the design and methodology applied in the conduct of the actual survey, “which is the survey that produces commonly known headline Unemployment and Underemployment rates, as well as other labour market indicators that guide policymakers, researchers, and other users.”

According to Mr Adeniran, the results indicates a scarcity of wage-employment, as the share of those employed in wage-employment during the reference quarters was 13.4 per cent in Q4 2022 and 11.8 per cent in Q1 2023.

(NAN)