The Nigerian Labour Congress has described the drop in Nigeria’s unemployment rate released in a report by the National Bureau of Statistics on Monday as fictitious, stressing that it contradicts reality.
The NLC’s position was corroborated by the Organised Private Sector, with the OPS stating that the report was not reflective of economic realities.
Note that the NBS in its latest report stated that Nigeria’s unemployment rate declined to 4.3 per cent in the second quarter of 2024, signalling improved labour market conditions.
According to the report, this marks a decrease from the 5.3 per cent recorded in Q1 2024 and reflects a gradual recovery from the 5.0 per cent in Q3 2023.
Speaking on the report, the National Assistant General Secretary of the Nigerian Labour Congress, Chris Onyeka, criticised the latest unemployment figures released by the National Bureau of Statistics, labelling the report as a “voodoo document” that fails to reflect the stark realities Nigerians face daily.
Onyeka dismissed the claim that unemployment is decreasing, calling it a “fabrication designed to mislead the public.”
He argued that the data was inconsistent with the deteriorating economic landscape characterized by factory closures, dwindling manufacturing activity, and rising inventories.
“Unemployment cannot be coming down in Nigeria when factories are closing shops,” Onyeka asserted.
“It cannot be coming down when there is increasing inventory and reduced consumer spending. If anything, unemployment is increasing,” he stated.
He further questioned the methodology behind the NBS report, describing it as a “figment of imagination concocted by people who want to manipulate figures.”
