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Nigeria: Unemployment Rate To Hit 40.6% In 2023, KPMG reveals

April 12, 2023

By Joshua Samuel According to KPMG, a multifaceted consulting organization, Nigeria's unemployment rate would rise from 37.7% in 2022 to 40.6% in 2023. According to a recent analysis, KPMG Global Economy Outlook analysis, H1 2023, the number of job seekers would increase in 2023 as a result of slower economic growth and the incapacity of the nation's economy to absorb the four to five million graduates that enter the labor market each year in Nigeria. The upcoming administration is expected to have weak economic development and a persistent foreign exchange market, according to KPMG. On the revenue side, it emphasized that the Nigerian government would need to increase its revenue in order to sustain urgently needed expenditures, resulting in a high debt stock and high debt servicing costs. "We project that the unemployment rate will rise to 37.7% in 2022 and will further increase to 40.6 percent in 2023," the research says in part. Nigeria's entire debt stock was N44.6 trillion in 2022, compared to revenue of N10 trillion for that year.

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