The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) said the latest National Bureau of Statistics (NBS) in output growth and labour market are false and do not reflect the realities.

The bureau, on Monday, published the gross domestic product (GDP data for the third quarter, showing the economy expanded by 3.46 per cent. The same day, it released the quarter two (Q2) labour market data, which showed that the unemployment rate declined by 4.3 per cent.

National President of NACCIMA, Dele Kelvin Oye, said the data do not capture critical factors such as the rising taxes imposed by sub-nationals, the anticipated impacts of the tax bills and the adverse effects of regulatory barriers hindering local and foreign investments.

“We must advise caution on how these figures are received and interpreted given the current realities in light of the prevailing economic challenges confronting many Nigerians. The significant disconnect between these statistics and the lived realities of countless citizens is concerning.
“The economy is still weighed down by the effects of hyperinflation stemming from frequent fuel price hikes, power shortages and Naira devaluation which resulted in a steep rise in the cost of living for ordinary Nigerians,” Oye said.

According to him, the assertion of robust GDP growth appears implausible, particularly as the purchasing power of the average citizen continues to erode.

“The claim of declining unemployment warrants thorough examination. While statistics may suggest an improvement, it is crucial to distinguish between those merely recorded as job seekers and the broader challenges of under-employment and informal unemployment that persist in our labour market. Many graduates and skilled workers remain unable to secure gainful employment, making it disheartening to suggest that a mere statistical reduction translates into genuine economic recovery or job creation,” he noted.

Oye said the ongoing volatility in the oil and gas sector, coupled with the lack of innovative collaboration between regulatory agencies and private sector stakeholders further contradicts the report’s narrative of growth.

“The exasperating costs of borrowing, with commercial interest rates hovering between 35 and 40 per cent, exacerbate the challenges faced by businesses attempting to maintain operations, let alone expand and contribute meaningfully to overall GDP growth. Therefore, any asserted growth in GDP must be contextualised within the extensive operational hurdles confronting entrepreneurs and the broader implications for sustainable development,” he said.

He urged the government and relevant authorities to engage with the organised private sector (OPS), acknowledge their insights and address their concerns within the policy-making process.