National Bureau of Statistics (NBS) unveiled that Nigeria’s unemployment rate decreased from 5.3 percent in the previous quarter to 4.1 percent in the first quarter (Q1) of 2023.
In a statement released on Thursday, NBS said that the most recent unemployment report used a new methodology and provided a thorough examination of the labor market.
NBS via a report obtained by BizWatch Nigeria, the organization said, “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 data collection for the revised NLFS is based on a sample of 35,520 households nationwide. It is conducted continuously throughout the year, with national-level results produced quarterly and state-level results at the end of a full year.
“The results presented in this report are for the reference periods of Q4 2022 and Q1 2023. About three-quarters of working-age Nigerians were employed – 73.6% in Q4 2022 and 76.7% in Q1 2023.
“This shows that most people were engaged in some type of jobs for at least one hour in a week, for pay or profit. About one-third (36.4% in Q4 2022 and 33.2% in Q1 2023) of employed persons worked less than 40 hours per week in both quarters.
“This was most common among women, individuals with lower levels of education, young people, and those living in rural areas.
“Underemployment rate which is a share of employed people working less than 40 hours per week and declaring themselves willing and available to work more was 13.7% in Q4 2022 and 12.2% in Q1 2023. The share of wage employment was 13.4% in Q4 2022 and 11.8% in Q1 2023.
“Most Nigerians operate their own businesses or engaged in farming activities. The shares are 73.1% and 75.4% in Q4 2022 and Q1 2023 respectively.
“A further 10.7% in Q4 2022 and 10.6% in Q1 2023 were engaged helping (without pay or profit) in a household business. In Q4 2022, 2.6% were engaged as Apprentices/Interns and 2.2% in Q1, 2023,” NBS said.
