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%.
However, Chris Onyeka, the National Assistant General Secretary of the NLC speaking to newsmen, described the NBS report as a “voodoo document” that fails to reflect the stark realities Nigerians face daily.
Onyeka said the figures were a “fabrication designed to mislead the public”, adding that the data was inconsistent with the deteriorating economic landscape.
“Unemployment cannot be coming down in Nigeria when factories are closing shops,” he said.
“It cannot be coming down when there is increasing inventory and reduced consumer spending. If anything, unemployment is increasing.”
He questioned the methodology behind the report, describing it as a “figment of imagination concocted by people who want to manipulate figures”.
He also challenged the NBS to substantiate its claims by identifying the sectors supposedly generating jobs.
“Once data does not reflect reality, it loses relevance. Unfortunately, the NBS has lost credibility as a result of the data they continue spewing out,” he said.
“Where are the jobs coming from? Is it from employers who are complaining of consumer resistance and slowing economic activities? It doesn’t add up.
“The truth remains: the NBS has become a failed institution, much like INEC in the eyes of the public.”
