Following the reports released by the National Bureau of Statistics (NBS) on Monday, the Nigerian Labour Congress (NLC) has described the drop in Nigeria’s unemployment rate as fiction, stressing that it contradicts reality.

Chris Onyeka, the National Assistant General Secretary of the NLC condemned the latest unemployment report released by the NBS labelling the report as a voodoo document that fails to reflect the realities Nigerians face daily.

Onyeka dismissed the claim that unemployment is decreasing, calling it a fabrication designed to mislead the public.

He argued that the data was inconsistent with the deteriorating economic landscape characterized by factory closures, decreasing manufacturing activity, and rising inventories.

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He further questioned the methodology behind the NBS report, describing it as a figment of imagination concocted by people who want to manipulate figures.

The NLC’s position was affirmed by the  Organised Private Sector, which stated that the report was not reflective of economic realities.

“Unemployment cannot be coming down in Nigeria when factories are closing shops.

“It cannot be coming down when there is increasing inventory and reduced consumer spending. If anything, unemployment is increasing.” Onyeka stated.

Recall that the NBS in its report stated that Nigeria’s unemployment rate declined to 4.3 percent in the second quarter of 2024, signaling improved labor market conditions.

According to the report, this marks a decrease from the 5.3 per cent recorded in Q1 2024 and reflects a gradual recovery from the 5.0 per cent in Q3 2023.