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.

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8/25/2023

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.