Connect with us

Headline

Unemployment Rate: Financial economist faults NBS revised methodology

Published

8 months ago

on

Unemployment

 

A financial economist, Prof. Uche Uwaleke, has faulted the methodology adopted by the National Bureau of Statistics (NBS), which puts Nigeria’s unemployment rate at 41 per cent in the first quarter of 2023.

Uwaleke, who is the Director, Institute of Capital Market Studies, Nasarawa State University, Keffi, told the News Agency of Nigeria (NAN) on Friday in Lagos.

According to him, the figure may not be the true reflection of the unemployed in the country.

He said that the methodology could also lead to wrong policy decisions by the government.

Uwaleke said, “I think the unemployment number of 4.1 per cent for quarter one in 2023, recently announced by the NBS, may not reflect the true situation on ground owing to a number of reasons.

“The first reason is the low sample size of under 40,000 persons used in the survey as well as the adoption of the International Labour Organisation (ILO) guidelines for employment computation.

“This considers employment from the perspective of persons of working age who are engaged in some type of jobs for at least one hour in a week for pay or profit compared to the old methodology adopted by the NBS.

“This new methodology which includes apprentices, tantamounts to significantly lowering the bar and could lead to wrong policy decisions by the government.”

The expert said much as the ILO guidelines provided a basis for global comparison, it was important that Nigeria adopted country-specific guidelines which closely reflect unique employment conditions prevalent in the country.

Recall that NBS arrived at the new unemployment rate in a report it released on Thursday, titled, ‘Nigeria Labour Force Statistics Report Q4 2022 and Q1 2023″.

Unemployment stood at 5.3 per cent in fourth quarter 2022 and 4.1 per cent in first quarter 2023.

This aligns with the rates in other developing countries where work, even if only for a few hours and in low-productivity jobs.

It is to make ends meet, particularly in the absence of any social protection for the unemployed.

Also, 22.3 per cent of the working age population were out of labour force in fourth quarter 2022, while it was 20.1 per cent in first quarter, 2023.

 

The rate of informal employment among the employed Nigerians was 93.5 per cent in fourth quarter 2022 and 92.6 per cent in first quarter 2023.

Related Topics:

Headline

Fagbemi warns against obstructing EFCC from performing its lawful duty

Published

18 hours ago

on

April 18, 2024

By

 

The Minister of Justice, Lateef Fagbemi, SAN has warned against obstructing the Economic and Financial Crimes Commission (EFCC) from carrying out its lawful duty .

Fagbemi’s warning is contained in a statement in Abuja.

“This is a matter of very grave concern, it is now beyond doubt that the EFCC is given power by the law to invite any person of interest to interact with them in the course of their investigations into any matter, regardless of status.

“Therefore, the least that we can all do when invited, is not to put any obstruction in the way of EFCC, but to honourably answer their invitation.

“A situation where public officials who are themselves subject of protection by law enforcement agents will set up a stratagem of obstruction to the civil and commendable efforts of the EFCC to perform its duty is to say the least, insufferably disquieting’’.

He added that running away from the law will not resolve issues at stake but only exacerbate them.

“Nigeria has a vibrant judicial system that is capable of protecting everyone who follows the rule of law in seeking protection.

“I therefore encourage anyone who has been invited by the EFCC or any other agency to immediately toe the path of decency and civility by honouring such invitation instead of embarking on a temporising self-help and escapism.

 

“This can only put our country in bad light before the rest of the world’’.

He said institutions of state should be allowed to function effectively and efficiently.

“I stand for the rule of law and will promptly call EFCC, and indeed any other agency to order when there is an indication of any transgressions of the fundamental rights of any Nigerian by any of the agencies’’.

NAN reports that the EFCC had on Wednesday warned members of the public that it was a criminal offence to obstruct officers of the Commission from carrying out their lawful duties.

Section 38(2)(a(b) of the EFCC Establishment Act makes it an offence to prevent officers of the Commission from carrying out their lawful duties. Culprits risk a jail term of not less than five years.

The warning , the EFCC said, became necessary against the background of the increasing tendency by persons and groups under investigation by the Commission to take the laws into their hands by recruiting thugs to obstruct lawful operations of the EFCC.

On several occasions, the anti graft agency said, operatives of the Commission have had to exercise utmost restraint in the face of such provocation to avoid a breakdown of law and order.

Continue Reading

Headline

Unknown Gunmen Abduct Channelstv Reporter In Port-harcourt

Published

7 days ago

on

April 12, 2024

By

 

Some unknown gunmen have kidnapped Joshua Rogers, the ChannelsTV reporter in Port-Harcourt, the Rivers State capital.

Politics Nigeria learnt that Rogers was picked up close to his residence at Rumuosi in Port Harcourt and to an unknown destination by the gunmen around 9pm on Thursday, April 11.

The reporter was driving his official ChannelsTV branded car when the hoodlums accosted, pointed a gun at him and took him away in the same vehicle.

 

Rogers was said to be returning from his official assignment in Government House after a trip to Andoni for a government event when the incident happened.

Already, the gunmen were said to have contacted his wife and demanded a N30million ransom for bis release.

His cameraman confirmed the incident and appealed to his abductors to set him free unconditionally.

Continue Reading

Facebook

Trending