Nigeria’s Unemployment Rate Dips By 4.1%, Says NBS Boss

In a promising turn of events, Nigeria’s unemployment rate has demonstrated a noteworthy decline, dropping to 4.1% in the first quarter of 2023 from 5.3% recorded in the fourth quarter of 2022.

This was disclosed by Mr. Adeniran Adeyemi, the Statistician General of the Federation and Chief Executive Officer of the National Bureau of Statistics (NBS), during the official launch of the New Nigeria Labour Force Survey (NLFS) in Abuja.

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Adeyemi explained that this decline, which saw the NLFS plummet from 33.3% in the fourth quarter of 2020 to its current rate, was primarily attributed to a shift in methodology rather than government performance.

He underscored the importance of transparency in statistical analysis, ensuring that changes in indicators accurately reflect the reality on the ground.

The introduction of the new NLFS introduces a comprehensive set of labor force indicators specifically designed to offer unparalleled insights into the intricate dynamics of the Nigerian workforce.

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

This initiative, conducted collaboratively by the NBS in partnership with the World Bank (WB) and the International Labour Organisation (ILO), is a direct response to the dynamic shifts occurring within the labor market.

“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”, Adeniran said.

“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.

“As a national statistical office, our responsibility is to provide government and all users with accurate data for evidence-based decision making, adhering to the highest possible standards, and our commitment in this regard is unwavering.”