Last week, Nigeria’s statistics office released the highly anticipated and revised Labour Force Statistics Report (LFSR) for Q4 2022 and Q1 2023. According to the report based strictly on a new methodology, about three-quarters of working-age Nigerians were employed—73.6% in Q4 2022 and 76.7% in Q1 2023. This reveals that most people were engaged in a job for at least one hour a week for pay or profit.
Although Stears projected Nigeria’s unemployment rate to be 5.8% using 2020’s figures, the actual figure reported by the NBS was slightly better at 5.3%. Remarkably, according to the NBS, this rate improved further to 4.1% in Q1 2023, despite a botched naira redesign policy by the Central Bank that negatively impacted the economy.
As we (Stears) also pointed out, these figures are incomparable with older unemployment figures printed at 33.3% in Q4 2020 due to the National Bureau of Statistics’ (NBS) newly