Nigeria’s unemployment rate to hit 40.6% in 2023- KPMG

The recent Global Economic Outlook report by KPMG has revealed that Nigeria’s unemployment rate will rise to 40.6% in 2023.

KPMG stated thus:

 “Unemployment is expected to continue to be a major challenge in 2023 due to the limited investment by the private sector, low industrialization, and slower than required economic growth and consequently the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year”.

 “Growth will be negatively affected by the Naira Redesign Policy introduced in Q4 2022 and Q1 2023 and its implications on key non-oil sectors like manufacturing, trade, accommodation and food services, transportation, and other services, further slowing down overall GDP growth in 2023.”

Source: Nigeria’s unemployment rate to hit 40.6% in 2023- KPMG – StocksWatch (

Related Posts


Market Update

NGXASI drops 0.03% with positive breadth

Trading activities on the floor of the Nigerian Stock Market closed lower with 32 stocks appreciating in their share value. The All Share Index dropped by 0.03% to close at 56,024.52 points as against the previous close of 56,038.85 points. Market capitalisation also nosedived by 0.02% closing at N30.506 trillion as against N30.513 trillion of the previous […]