By JKNewsMedia
RISING SKEPTICISM over Nigeria’s latest economic data has sparked debate, with some critics dismissing recent National Bureau of Statistics (NBS) reports as unreliable.
The Independent Media and Policy Initiative (IMPI), however, has firmly backed the reports, describing the criticism as unfounded.
In its policy statement, signed by Chairman Dr. Omoniyi Akinsiju, IMPI highlighted key figures from the NBS data, showing unemployment dropped from 5.3% in Q1 to 4.3% in Q2 of 2024.
The statement noted this indicates that only four out of every 100 Nigerians are unemployed. Similarly, the GDP growth of 3.46% in Q3 outpaced the 2.54% recorded in the same period last year.
Critics have raised questions about the methodology, with claims that unemployment cannot decline amid factory closures and stagnant business activity.
IMPI countered by explaining that the NBS now uses the International Labour Organisation (ILO)-recommended metric, recognising anyone engaged in at least one hour of paid work weekly as employed.
IMPI also addressed the high self-employment rate in Nigeria, with 71.2 million Nigerians working independently across agriculture, retail, and logistics sectors.
These activities, common in developing economies, were excluded under the previous NBS methodology.
The think tank further noted that the service sector was the driving force behind GDP growth, contributing 53.58% in Q3.
IMPI urged the federal government to focus on ICT, citing its 6.78% growth and pivotal role in economic expansion.
The group also referenced N2.55 trillion in taxes paid by foreign digital companies as evidence of ICT’s potential to boost Nigeria’s digital economy.
Furthermore, it affirms its confidence in the integrity of the NBS data and highlight the urgent need for critics to engage with facts rather than dismiss data prematurely.
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