FG’s estimate reduces unemployment on paper amid almost 10m jobs deficit

The accuracy of Nigeria's unemployment rate has come under question after the National Bureau of Statistics (NBS) reported a drop from 33.1% to 4.1%. Many stakeholders, including the immediate past CEO of NBS, Dr Oyeyemi Kale, have criticized the new methodology, arguing that it is out of touch with reality and fails to capture the true extent of unemployment in the country. The NBS now counts individuals working as little as one hour a week or engaged in low-productivity activities as employed, a definition that has been widely criticized as unrealistic.

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8/24/2023

Nigeria's unemployment rate falls to 4.1%, using new methodology. Analysts say it’s an undercount

Nigeria's unemployment rate is reported as 4.1%, the lowest in years, but analysts argue that it is an undercount due to the country's new methodology that classifies the employed as those working for at least one hour a week.