The National Bureau of Statistics (NBS) has sparked widespread debate with its latest report, which places Nigeria’s unemployment rate at 4.3%, a figure that positively surpasses those of developed nations like Canada, France, and China. According to the report, Nigeria’s unemployment rate is also on par with that of the United Kingdom.
For context, the unemployment rates in October 2024 stood at 4.3% in the UK, 6.5% in Canada, 7.4% in France, and 5% in China. Comparatively, Spain recorded a rate of 11.21% in Q3 2024, while Germany and Croatia stood at 6.1% and 4.8%, respectively.
Speaking on the Nigerian Labour Force Survey (NLFS) for Q2 2024, the Statistician General of the Federation, Adeyemi Adeniran, announced that Nigeria’s unemployment rate had declined from 5.3% in Q1 2024 to 4.3% in Q2 2024. He highlighted specific data, such as an 8.5% unemployment rate among individuals with upper-secondary education and a 6.5% rate for youths aged 15-24 and 25-34 years.
Despite these figures, Nigeria continues to grapple with significant economic challenges, including high inflation, food insecurity, and rising costs of living. Critics argue that the NBS data does not align with the realities faced by millions of Nigerians, with many questioning the methodology used to calculate unemployment rates.
Several Nigerians have expressed skepticism, pointing to widespread job losses, underemployment, and declining economic activity as evidence that the unemployment rate may be understated. The controversy has fueled debates over the credibility of official statistics and the disconnect between government data and the lived experiences of citizens.
This is not the first time the NBS has faced scrutiny over its labor force data. Critics insist that more transparent and comprehensive metrics are necessary to accurately reflect the state of Nigeria’s workforce. For now, the reported unemployment rate of 4.3% remains a contentious subject, raising questions about its implications for policy-making and economic recovery.