Shifts in Nigerian Employment: A Closer Look at the Latest NBS Data
Recent data released by Nigeria’s National Bureau of Statistics (NBS) has stirred conversations about the country’s employment landscape. According to the latest figures, by the end of March, an impressive three in four Nigerians of working age were gainfully employed. This stark contrast from the previous data, which revealed that one in three job-seekers were struggling to find work by the close of 2020, is indeed attention-grabbing.
However, as with any statistic, the story behind these numbers isn’t as straightforward as it appears. The major game-changer here lies in the NBS’s decision to overhaul its methodology to align with the International Labour Organisation (ILO) guidelines. Consequently, the definition of employment has broadened significantly.
Under the revised framework, anyone of working age engaging in any paid or profit-generating activity for at least an hour per week is classified as employed. This is a considerable shift from the previous standard of a minimum of 20 hours of work weekly to be considered employed.
The recent report unveils that a substantial 75% of working Nigerians are either business owners or involved in agricultural activities, whereas a mere 12% hold formal employment positions as of March.
Yet, this data’s accuracy and relevance might spark debates, especially since it predates significant developments in the Nigerian economic landscape. The end of May saw the new government axing a long-standing fuel subsidy, an action that could have widespread effects on various economic sectors. Moreover, the government’s relaxation of currency restrictions led to an escalation in commodity prices.
The aftermath of these changes has hit small businesses and low-income earners particularly hard. Reports from local media underscore business closures and the economic strains on individuals due to soaring transportation costs.
In the complex fabric of employment statistics, context and methodology matter. While the current data highlights a promising employment rate, it’s crucial to consider the broader economic shifts and the various implications they bear for different segments of the population.
