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The Statistician-General of the Federation and Chief Executive Officer of the National Bureau of Statistics, Mr. Semiu Adeyemi Adeniran, has announced that the bureau is now following new guidelines established by the International Labour Organization (ILO) to determine the current employment rate.
The employment rate has significantly decreased from the previous 33.3% (Q4,2020) to a new low of 4.1%. Mr. Adeniran emphasized that this figure accurately represents the current state of employment in our country.
Furthermore, he mentioned a forthcoming change in the method used to calculate the performance of the economy.
Specifically, the GDP calculation method will be revised, reflecting a more accurate assessment of economic performance.
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Credit: MONEYLINE WITH NANCY | AIT
So we are going to be deceiving ourselves, when we know that off 300k graduates every year, not up to 10% get jobs. We are not creating job jobs, how then can unemployment be 4%?