The National Bureau of Statistics released promising new employment data this week showing Nigeria’s unemployment rate dropping to 5.3% in the fourth quarter of 2022. This contrasts sharply with the 33.1% joblessness reported two years ago in Q1 2021.
The NBS attributes the dramatic turnaround to a revised methodology aligning with International Labour Organisation guidelines.
Their updated quarterly Labor Force Survey increased the sample size to 35,520 households nationwide.
Unveiling the results in Abuja, NBS chief Yemi Kale said the update brings Nigeria’s labor surveys in line with accepted global standards. “This is not to give the new government a good face but to modernize how we conduct these surveys,” he emphasized.
The new approach categorizes Nigerians working even one hour weekly as “employed.” By this standard, 73.6% of working-age adults were employed in Q4 2022, rising to 76.7% in Q1 2023.
Underemployment also declined, with 12.2% in Q1 2023 working under 40 hours despite wanting more. Entrepreneurship remains widespread, with over 70% running their own businesses.
NBS officials say the new methodology aligns with global standards and will provide more granular insights over time.
