According to data from the National Bureau of Statistics, in the first quarter of 2023, 89.4% of people working in Nigeria were engaged in informal employment, which includes agriculture, while 92.6% were not.
This was mentioned in the “Nigeria Labour Force Survey” by the NBS, which was posted on its website on Thursday.
The research states that Nigeria’s unemployment rate was 5.3% in the fourth quarter of 2022 and 4.1% in the first quarter of 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.