The Nigerian Labour Congress (NLC) has dismissed the National Bureau of Statistics (NBS) report claiming a decrease in Nigeria’s unemployment rate to 4.3% in the second quarter of 2024. Labeling the report as “fiction,” the NLC argues that it fails to reflect the harsh economic realities faced by Nigerians, a sentiment that is shared by the Organised Private Sector (OPS).
While the NBS report highlights improved labor market indicators, such as an increase in the Labour Force Participation Rate to 79.5% and growth in informal employment, the NLC and industry experts contend that these figures do not accurately represent the deteriorating economic conditions.
Key figures from the NBS report include:
• Unemployment Rate: Declined to 4.3% in Q2 2024 from 5.3% in Q1.
• Labour Force Participation Rate: Increased to 79.5%, up from 77.3%.
• Self-Employment Dominance: Accounts for 85.6% of total employment.
• Urban vs. Rural Unemployment: Urban unemployment stands at 5.2%, while rural unemployment is at 2.8%.
• Youth Unemployment: Decreased to 6.5% from 8.4%.
The NLC’s response underscores a growing concern among labor representatives and industry stakeholders about the accuracy and implications of official employment statistics in Nigeria.
