The latest figures released by the National Bureau of Statistics show Nigeria’s official unemployment rate hovering around five per cent, a steep decline from the double‑digit levels recorded in earlier years. The data, compiled using the International Labour Organisation’s methodology, was highlighted by Comrade Issa Aremu, Director‑General of the Michael Imoudu National Institute for Labour Studies (MINILS), during an interview on Arise TV’s Morning Show. Aremu linked the drop to broader signs of economic revival, including the federal government’s recent payment of N758 billion to settle outstanding pension liabilities.
Economic activity across sectors
Aremu described the unemployment figure as “quite remarkable”, noting that both public and private sectors are seeing more hiring. He pointed to the downstream petroleum sector, where the rollout of modular refineries is opening new jobs, as a key driver. “The emergence of modular refineries is creating additional opportunities for employment,” he said. Manufacturing also features prominently in his assessment. He argued that the current foreign‑exchange climate is prompting manufacturers to source raw materials locally, a move that not only reduces import dependence but also generates more work for Nigerians.
Challenges to sustainable growth
Despite the optimism, Aremu warned that sustainable industrialisation cannot be achieved without reliable electricity. “You can’t have sustainable industrialisation without electrification,” he cautioned, emphasizing that power shortages remain a bottleneck for long‑term job creation. He called on state governments to adopt proactive industrial policies, suggesting that deliberate action at the sub‑national level is essential to keep the momentum going.
Pension payments reach nearly a million retirees
On the pension front, the government’s use of an intervention bond to clear arrears dating back to 2007 was praised by Aremi. He confirmed that the N758 billion payment has benefited 957,045 pensioners across the country. Describing the move as “an important step towards resolving long‑standing pension obligations”, he highlighted the political significance of the payout, especially as the nation approaches the next general election.
Labour’s agenda ahead of elections
Looking ahead, Aremi said employment security, wages and pension issues are likely to dominate campaign debates. As a member of the presidential campaign council, he urged political candidates to present concrete records on delivering decent and secure jobs rather than offering vague promises. He credited the Tinubu administration with reforms that have helped retain and expand public‑sector employment, contrasting this with the mass retrenchments that accompanied earlier reform programmes.
Push for wage‑led recovery
The labour leader also called for an economic recovery strategy centred on job creation and better wages. He show the role of trade unions in negotiating with the government, particularly on the pending review of the national minimum wage. Aremi noted that the current administration has already initiated two minimum‑wage reviews within three years, marking a significant step for workers’ welfare.
The combination of a falling unemployment rate and the large‑scale settlement of pension debts presents a mixed picture of Nigeria’s economic trajectory. While the data suggests expanding activity, Aremi’s remarks make clear that sustained growth will depend on addressing power supply, encouraging state‑level industrial policies, and ensuring that wage reforms keep pace with the evolving labour market. The next election will likely test how these promises translate into policy, as candidates are pressed to demonstrate tangible plans for maintaining and building on the current momentum.
Comments