When a nation is able to provide gainful employment for its citizens, it enjoys returns through tax payment which grows the GDP and stabilises the economy.
Unemployment in Nigeria, for a long time has been on the increase, but with the latest report from the National Bureau of Statistics, things seem to be gradually changing.
Among the many challenges facing Nigeria, the country seems to have gotten a solution to tackling unemployment that had been a major problem.
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In a recent report released by the National Bureau of Statistics (NBS), on Thursday, it was revealed that unemployment rate in Nigeria fell to 4.1% in the first quarter of 2023.
According to the report, about three-quarter of working-age Nigerians were employed –73.6% in Q4 2022 and 76.7% in Q1 2023.
This shows that most Nigerians were engaged in some type of job for at least one hour in a week, for pay or profit.
Also, the report shows that unemployment rate was 5.3% in Q4 2022 and 4.1% in Q1 2023, and it aligns with the rates in other developing countries where work is essential to make ends meet.
Further Employment Statistics In Nigeria
“The share of wage employment was 13.4% in Q4 2022 and 11.8% in Q1 2023, while more Nigerians operated their own businesses or engaged in farming activities, recorded at 73.1% in Q4, 2022 and 75.4% in Q1, 2023.
“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.
“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 rate of informal employment including agriculture among the employed Nigerians was 93.5% in Q4 2022 and 92.6% in Q1 2023.
“The report not only offers a snapshot of the current employment landscape but also provides a foundation for evidence based policymaking.
Analysis Of Key Labour Market
The insights into labour market statistics empower stakeholders to make informed decisions that can shape the country’s labour market and economy.”
Giving insights on the new report, the NBS said: “This report covers the fourth quarter of 2022 and the first quarter of 2023.
“It presents an in-depth analysis of key labour market indicators including unemployment, underemployment, informal employment and hours worked.
“The NBS embarked on a revision of the methodology through the adoption of the 19th International Conference of Labor Statisticians (ICLS).
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“The revised methodology aligns with international best practices adopted by Nigeria, Ghana, Cameroon, Benin Republic, Gambia and other African countries.
“The revised methodology defines employed persons as those working for pay or profit and who worked for at least one hour in the last 7 days.
“It also considers underemployed persons as those working less than 40 hours per week and declaring themselves willing and available to work more.
“Unemployed persons are those not in employment but actively searching and are available for work.
