KPMG predicts that Nigeria’s jobless rate would grow to 41% by 2023

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According to KPMG, the global audit and tax consultancy organization, Nigeria’s unemployment rate is forecast to climb to 40.6% in 2022, up from 37.7% in 2022.

On Tuesday, KPMG released its International Global Economic Outlook report – H1 2023, which included the following statement: “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.”

According to the analysis, GDP is expected to increase at a relatively moderate pace of 3% in 2023, owing to the slowdown in economic activity that generally accompanies periods of political transition in Nigeria.

Furthermore, the impact of a global economic downturn in 2023, as well as the ramifications for trade and financial flows, is likely to drag on GDP.

“Additionally, 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,” the report read.

Regarding the recovery of main aspects of the economy, it anticipated that telecommunications, trade services, and the oil industry would witness recoveries as a result of security-related measures.

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