The National Bureau of Statistics (NBS) has noted that 92.6 per cent of employed persons in Nigeria were in informal employment in the first quarter of 2023.
According to NBS, persons in informal employment, including agriculture, were in the range of 92.6 per cent, saying that the percentage in informal employment excluding agriculture is 89.4 per cent.
The NBS stated this in its “Nigeria Labour Force Survey” published on its website on Thursday.
The report states that Nigeria’s unemployment rate was 5.3 per cent in Q4 2022 and 4.1 per cent in Q1 2023.
The figure indicates a significant drop in the unemployment rate, compared to the 33.3 per cent published by the statistics body as Nigeria’s unemployment rate in 2020.
The drop in unemployment rate is attributed to a rejig of the metric used by the NBS to measure unemployment in the country. (TNG)
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
