Unemployment rate (annual) in Nigeria

International Monetary Fund · Annual · Importance

22.6% (2018) ANUAL · % · Annual · CSV

Period	%
Jan 2018	22.6%
Jan 2017	17.5%
Jan 2016	13.4%
Jan 2015	9.0%
Jan 2014	7.8%
Jan 2013	10.0%
Jan 2012	10.6%
Jan 2011	6.0%
Jan 2010	5.1%

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually, covering the full year and subject to revision.

What it is

Measures the share of Nigeria's labour force that is without a job but available for and seeking work. It is published by the National Bureau of Statistics (NBS) and is the benchmark for Africa's largest labour market.

How it's calculated

Calculated as the unemployed over the labour force times 100 from the labour force survey, under ILO criteria and as an annual average. In 2023 the NBS adopted a new ILO-aligned methodology that sharply lowered the measured rate.

Market implications

With a huge young population, employment is a first-order social and political gauge and a measure of diversification beyond oil. A weak market curbs consumption; the Central Bank of Nigeria focuses on inflation and the naira, with employment as a backdrop.

Limitations

The 2023 methodology change breaks comparability with the earlier series, and a low rate coexists with vast informality and underemployment it does not capture. Surveys are infrequent and the figure is subject to sampling error and revisions.