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Unemployment and Inflation Rate to Rise in 2023 – Experts


CEM REPORT, ECONOMY | Nigeria’s unemployment rate has been predicted to reach 40.6 per cent in 2023.

Experts also predict the nation’s inflation rate will remain elevated above 20 per cent in 2023 due to structural and policy issues.

Global consulting firm KPMG in a report titled ‘Global Economic Outlook’ predicts that due to the limited investment by the private sector, low industrialization, slower than required economic growth and consequently the inability of the economy to absorb the 5 million new entrants into the Nigerian job market every year, unemployment will continue to remain a major challenge in 2023.


“Although lagged, the National Bureau of Statistics recorded an increase in the national unemployment rate from 23.1 per cent in 2018 to 33.3 per cent in 2020.

“We estimate that this rate has increased to 37.7 per cent in 2022 and will rise further to 40.6 per cent in 2023.”

Also, KPMG predicts that the nation’s inflation rate will remain above 20 per cent in 2023 due to structural and policy issues.

The report noted that the high rate of inflation was driven by persistent structural issues which impacted domestic food production and transportation.

KPMG listed the issue to range from insecurity, floods in key agricultural producing areas, rising international food and energy prices following the Russia-Ukraine conflict, as well as other policy-related bottlenecks which continue to impact the cost of doing business.

“Additionally, the expected fuel subsidy removal and the 2023 Fiscal Bill are also expected to keep pressure on domestic prices in 2023.’

The National Bureau of Statistics as of the fourth quarter of 2020 said that the country‘s unemployment rate stood at 33.3 per cent.

The statistics office in its latest inflation report in February announced that the nation’s inflation rate rose to 21.91 per cent.

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