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Nigeria’s unemployment rate to hit 40.6 per cent in 2023 – KPMG

KPMG, a multidimensional consulting firm, has disclosed that Nigeria’s unemployment rate would increase to 40.6 per cent in 2023 from 37.7 per cent in 2022.

A recent report titled KPMG Global Economy Outlook Report, H1 2023, said the figure of job seekers would rise in 2023 due to decreased economic growth and the inability of the country’s economy to absorb the Four to Five million yearly graduates into the Nigerian job market.

It stated that the unemployment and inflation rates would shut up rapidly in 2024.

The KPMG projected a likely slow economic growth and persisting foreign exchange market for the incoming administration.

On the revenue side, it stressed that the Nigerian government’s revenue would need to be improved to support much-needed expenditure, leading to high debt stock and high debt servicing payments.

“We estimate that the unemployment rate would increase to 37.7 per cent in 2022 and will rise further to 40.6 per cent in 2023”, the report partly reads.

Nigeria’s revenue figure for 2022 stood at N10 trillion, while total debt stock was N44.6 trillion in the same year.

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