The Director General of the Michael Imoudu National Institute for Labour Studies (MINILS), Comrade Issa Aremu, has said Nigeria’s official unemployment rate has dropped to about five per cent under the administration of President Bola Tinubu.
Aremu stated this during an interview on Arise TV’s Morning Show, noting that the National Bureau of Statistics (NBS), using the International Labour Organisation’s methodology, now records unemployment at about five per cent, down from the double-digit figures previously recorded.
“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,” he said.
He attributed the decline to increased economic activity across the public and private sectors, including developments in the downstream oil industry and the emergence of modular refineries.
Aremu added that the manufacturing sector has also reported positive prospects for job creation, while stressing that sustainable industrialisation requires addressing the country’s energy crisis.
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