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A recent report from the National Bureau of Statistics (NBS) has drawn widespread attention and controversy by claiming that Nigeria’s unemployment rate stands at 4.3%, a figure reportedly better than those of advanced economies such as Canada, France, and China.
According to the report, Nigeria’s unemployment rate is on par with the United Kingdom, which also reported 4.3%. Comparatively, Canada’s unemployment rate is pegged at 6.5%, France at 7.4%, and China at 5%. Spain’s unemployment rate in Q3 2024 was reported at 11.21%, while Germany’s as of October 2024 was 6.1%. Croatia’s unemployment rate stood at 4.8% as of August 2024.
The NBS also highlighted a decrease in Nigeria’s unemployment rate from 5.3% in Q1 2024 to 4.3% in Q2 2024. Statistician-General Adeyemi Adeniran shared insights from the Nigerian Labour Force Survey (NLFS) for Q2 2024, noting that unemployment among individuals with upper-secondary education was at 8.5%. Unemployment among youth aged 15-24 and 25-34 was reportedly 6.5% each, the highest in their respective groups.
However, the data has been met with skepticism. Critics argue that it fails to align with the economic realities faced by Nigerians, including inflation, food price surges, and widespread job losses. Many contend that the statistics paint an overly optimistic picture of a labor market struggling with systemic challenges.
The report comes amid growing calls for the government to address the country’s economic instability and rising cost of living. Detractors assert that the NBS unemployment figures do not fully capture the informal sector or reflect the depth of job insecurity across Nigeria.
