New methodology improves Nigeria’s unemployment rate to 4.1% in Q1 2023 - NBS

Nigeria's unemployment rate has dropped dramatically to 4.1% for the first quarter of 2023, highlighting an improvement in the job market; however, there are concerns about the quality and sustainability of employment under the new methodology used for data collection.

nairametrics.com

Relevant topic timeline:

8/26/2023

OPS fears job losses as economic growth slows to 2.31%

The Organised Private Sector is concerned about potential job losses in Nigeria's economy following a decline in GDP growth in the second quarter of 2023, with manufacturers already cutting jobs and divesting from the country.

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How Nigeria’s unemployment rate fell from 33.3% to 4.1% in 2 years

The National Bureau of Statistics (NBS) has released a labor force report showing that Nigeria's unemployment rate in Q1 2023 was 4.1%, a significant decrease from the previous rate of 33.3% in Q4 2020, causing controversy as critics argue that the numbers do not accurately reflect the Nigerian job market's reality.

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Opinion

Despite weakening economic growth, the unemployment rate remains low, which is puzzling economists and could lead to a "full-employment stagnation" scenario with a potential recession and low unemployment rates, posing challenges for the Federal Reserve and the overall economy.