According to KPMG, the continued influx of job seekers into the labor market will cause Nigeria’s unemployment rate to soar to 40.6% in 2023 from its current level of 37.7%
. According to the multinational consulting firm’s recently released report, “KPMG Global Economy Outlook report, H1 2023,” unemployment will continue to be a problem because of the economy’s less-than-expected growth and inability to accommodate the 4-5 million new workers entering the Nigerian labor market annually.
Due to the private sector’s limited investment, low industrialization, and slower than necessary economic growth, as well as the economy’s incapacity to absorb the 4-5 million additional jobs that are likely to be created in 2023, unemployment is predicted to remain a significant concern.
