NBS GDP Growth, Unemployment Figures Are False – NACCIMA

The President of the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin, has said the Gross Domestic Product (GDP) and unemployment figures released by the National Bureau of Statistics are far from reality.

Dele Kelvin Oye decried that Nigeria’s economy is weighed down by hyperinflation stemming from frequent fuel price hikes, power shortages and naira devaluation.

In a statement, on Tuesday, Oye explained that NBS’ report showed a disconnect with the realities of the citizens who are going through hardship and suffering declining purchasing power.

“As representatives of the Nigerian Association of Chamber of Commerce, Industry, Mines & Agriculture (NACCIMA), we feel it is imperative to address the latest release by the National Bureau of Statistics (NBS) which reports Nigeria’s Gross Domestic Product (GDP) growth as 3.46% and the reported decline in unemployment figure to 4.6% for Q3 2024.

“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 countrywide.” Oye said.

The NACCIMA President noted that NBS cannot be commended for the Q3 GDP and employment report for 2024.

“The significant disconnect between these statistics and the lived realities of countless citizens is concerning. The Nigerian 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 on ordinary Nigerians.

“Under these circumstances, the assertion of robust GDP growth appears implausible, particularly as the purchasing power of the average citizen continues to erode alarmingly,” Oye added.