Unemployment rate: Is underemployment the new headache for Tinubunomics?

Last week, the National Bureau of Statistics (NBS) unveiled a new unemployment rate of 4.1%, sparking widespread debates on the credibility of these figures.

In response to this development, ThePressNG organized a Twitter space session on Tuesday, titled “Perception/Reality: How do Nigerians feel about the unemployment stats?” During this session, participants shared their concerns and recommendations.

One significant point raised was the government’s readiness to address the ripple effects of this data, particularly in terms of underemployment. Orekelewa, one of the speakers, emphasized that the buzz around the new data highlights a more significant issue: underemployment.

She pointed out that many Nigerians engage in income-generating activities that barely provide enough for their survival.

She questioned the underemployment statistics, suggesting that the NBS reports reveal concealed challenges that can be used to prompt government intervention in the labour market. Orekelewa stated,

Another user on the X platform, Femi Adeolu voiced concerns over the issue with the unemployment rate.

In his words,

Adesina noted,

However, Samuel, (Eco Evangelist), expressed concerns that the new data might disrupt potential solutions and reduce the urgency to address labour-related issues. He mentioned how these statistics could negatively impact investment pitches for gig economy platforms and job market growth.

Samuel added that while the new data may attract foreign investments, it could also affect budgets for social safety nets and job creation programs, essential for addressing unemployment and underemployment issues.

On the contrary, Victor Abisoye pointed out that a single narrative on the event of the new unemployment data was primarily born out of a sensational perspective.