The Director General of the Michael Imoudu National Institute for Labour Studies (MINILS), Comrade Issa Aremu, has said Nigeria’s official unemployment rate is now stable at about five per cent.
Aremu made the statement during an interview on Arise TV Morning Show, where he reviewed the Federal Government’s record on labour and pensions.
He said the National Bureau of Statistics (NBS), using the International Labour Organisation’s method, recorded a major drop from the double-digit unemployment figures seen in the past.
“Today unemployment is about 5% officially. And that’s quite remarkable. You discover that unemployment dropped compared to what it used to be in double digits, which means there’s an increasing level of activity and employment, both in public and private sectors.”
Aremu also cited the growth of the downstream sector, including new modular refineries, as well as better job prospects in manufacturing. But he said, “You can’t have sustainable industrialisation without electrification.”
He added that industries are turning to locally sourced raw materials because of the exchange rate, creating more jobs.
On pensions, Aremu praised the Federal Government’s N758 billion intervention bond, which cleared inherited liabilities dating to 2007 and benefited 957,045 people.
He also urged political candidates to show their record on secure jobs and living wages, rather than make promises.
Aremu called for “job and wage-led economic recovery” and praised the Tinubu administration for two minimum wage reviews in three years.
