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From Adanna Nnamani, Abuja
Criticisms currently trail the National Bureau of Statistics’ (NBS) report that Nigeria recorded a 3.46 percent GDP growth and decline in unemployment to 4.6 percent for the third quarter of 2024.
According the Nigeria Labour Congress (NLC), Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and other members of the organised private sector, the report is false and stands logic on its head judging by the current scathing economy accentuated by inflation and insecurity; which which are clear symptoms of a distressed economy.
According to them, millions of hapless Nigerians are currently languishing in multidimensional poverty as cost of living hits stratospheric heights.
The National President of NACCIMA, Dele Oye, in a statement, said the data does not adequately consider critical factors such as the rising taxation imposed by sub-nationals, the anticipated ramifications of the 2024 tax bill, and the adverse effects of regulatory barriers that hinder both local and foreign investment, among others, and therefore does not reflect the lived realities of countless citizens in the country.
Oye said, “As representatives of the Nigerian Association of Chamber of Commerce, Industry, Mines & Agriculture (NACCIMA), we feel it is imperative to address the latest release by the National Bureau of Statistics (NBS) which reports Nigeria’s Gross Domestic Product (GDP) growth as 3.46 percent and the reported decline in unemployment figure to 4.6 percent for Q3 2024.
“We must advise caution on how these figures are received and interpreted given the current realities in light of the prevailing economic challenges confronting many Nigerians countrywide.
“The significant disconnect between these statistics and the lived realities of countless citizens is concerning. The Nigerian economy is still weighed down by the effects of hyperinflation stemming from frequent fuel price hikes, power shortages and Naira devaluation which resulted in a steep rise in the cost of living on ordinary Nigerians.”
According to him, “Under these circumstances, the assertion of robust GDP growth appears implausible, particularly as the purchasing power of the average citizen continues to erode alarmingly.
“Moreover, the claim of declining unemployment warrants thorough examination. While the statistics may suggest an improvement, it is crucial to distinguish between those merely recorded as job seekers and the broader challenges of under-employment and informal unemployment that persist in our labour market.”
“Many graduates and skilled workers remain unable to secure gainful employment, making it disheartening to suggest that a mere statistical reduction translates into genuine economic recovery or job creation,” Oye further noted.
Also reacting, the Spokesperson of the NLC, Mr Benson Upah, said the NBS data was heavily doubtful, going by the rough economic climate.
“With a shrinking OPS and informal economy and a static government, who is growing these jobs?
“NBS should resist the urge to be a paddy-paddy agency. That will signal its death knell”, he said.
