The Independent Media and Policy Initiative (IMPI) a Think Tank, has justified two recently released reports by the National Bureau of Statistics NBS on Nigeria’s latest Gross Domestic Product GDP figure and the unemployment rate.
This is against the backdrop of claims by some critics who had sought to discredit the reports that were largely positive a few weeks after they had hailed a general household survey by NBS that painted a dire picture of the national economy.
But in a policy statement signed by its Chairman Dr Omoniyi Akinsiju, IMPI said there was no basis to accept one report and reject another.
It said: “The NBS reported a drop in the nation’s unemployment rate from 5.3 per cent in the first quarter of 2024 to 4.3 per cent in the second quarter of 2024. This figure suggests that only about four people out of every 100 Nigerians are currently unemployed, a positive indication of a reduction in the nation’s unemployment data.
“Also, Nigeria’s Gross Domestic Product (GDP) increased to 3.46 per cent (year-on-year) in real terms in the third quarter of 2024. This growth rate is higher than the 2.54 per cent recorded in the third quarter of 2023 and the 3.19 per cent growth in the second quarter of 2024.
“Apparently, to the doubters, these figures were too good to be true. The social media space and the community of critics became unrelenting in questioning the basis of the data; some dismissed them as “voodoo data” and “propaganda figures.””
“We find this growing culture of brazen repudiation of NBS data rather inappropriate, especially when, as often, the refutation is not grounded in facts and logic. One critic dismissed the second quarter unemployment data because, in his logic, the unemployment rate could not have decreased while factories closed and businesses reported unsold inventories. Another criticized the methodology used to arrive at the figure on the ground that it lacks transparency.
“We submit that this is the crux of the matter. Most critics and commentators lack an understanding of the methodology that foregrounds the Nigeria Labour Force Survey (NLFS), even though the NBS has adopted and deployed it since the first quarter of 2023.
“In the first quarter of 2023, NBS adopted the International Labour Organization (ILO) approved and recommended methodology to measure employment and unemployment per term. The updated method aims to conform with global standards by providing a more accurate picture of the labour market in the context of the nation’s socio-demographic profile.
“In line with ILO guidelines, NBS defines employed persons as those in paid employment who have worked for at least one hour in the last seven days. This measurement contrasts the previous method, where an employed person must have worked for at least 20 hours within seven days to qualify as employed.
“However, the one hour in the last seven days labour engagement metric effectively enlarges the basis of employment measurement to include, in this case, Nigerians who are working for themselves. This expansion reflects the 71.2 million Nigerians said to be working for themselves. In contrast, just 12.96 million others work for wages out of 88.9 million in the country’s labour force, as data in the second quarter of the NBS labour force survey show.”
The policy group is of the view that the high rate of self-employed people captured in the report had a positive effect on the overall picture of employed Nigerians.
“In developing countries like Nigeria, many workers outside urban areas work in agriculture, retail finance – Point of Sales (POS), and Transportation/logistics (commercial vehicle operators, artisans, etc.).
“All these have one form of formal affiliation or the other with the Ministry of Labour and Employment through their registered unions and trade groups. The land distribution in these countries implies that the agricultural sector is dominated by self-employment on family farms, and the leading occupational choice is self-employment in farming versus non-farming, with only a tiny role for wage employment.
“This forms the basis of NBS labour survey methodology and justifies the inclusion of the vast number of self-employed Nigerians in the labour force and the segmentation of their labour engagements, which were not included in the old survey methodology.”
IMPI justifies NBS reports on GDP, unemployment figures
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<<<>>Custom Auctions Is Up Again and Granting Nigerians the
Privilege to Own Vehicles at Affordable RatesFOR MORE INFORMATION Call or message on WhatsApp O81__6O71__5723.
RICE AVAILABLE FOR SALES ARE :-
MamaGold=29,500
Royal umbrella=29,500
Mama Gold=29,500
Rising sun=29,500
Mama Africa=29,500
Elephant Gold=29,500
Caprice =29,500
NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
Call the officer
O81__6O71__5723
•Toyota Land Cruiser-N1.3m
•Toyota Prado N1.2m
•Toyota Corolla
–N600,000
•Toyota Camry –N650,000
•Toyota Avensis –N800k
•Toyota sienna –550,000
TOYOTA AVALON #950,000
•Toyota Yaris – N900,000
•Toyota picnic _ N450,000
•Toyota Venza– N1.7m
•Toyota Matrix –700,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N900,000
•Toyota Hilux Pickup-N1m
•Toyota Dyna Truck–N1.3million
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Honda CR-V= ₦950k
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*Prices of some Volswagen cars:
Golf 1-250,000
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Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
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Land rover 3.3m
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KEKE MARUWA.
Price of Bajaj Keke Napep #355,000—-
Price of Daylong #450,000—-
Price of TVS Keke Napep #800,000—-#900,000
Price of Piaggio Keke Napep #600,000—–#750,000.
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Delivery cost is #1,000
EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER O81__6O71__5723 THANKS FOR PATRONIZING WITH US.!!!〽.〽.〽.〽.〽.〽.〽.〽..〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽..〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽..〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.