The National Bureau of Statistics (NBS) has said that in Q1 2023, 92.6 per cent of employed persons in Nigeria were in informal employment which includes agriculture, with 89.4 per cent in informal employment which excludes agriculture.
The NBS stated this in its “Nigeria Labour Force Survey” published on its website on Thursday.
According to the report, 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.