NBS report on 3.46% GDP growth, decline in unemployment fall short of current realities – NACCIMA

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has stated that  the latest data by the National Bureau of Statistics (NBS) which reported Nigeria’s Gross Domestic Product (GDP) growth of 3.46 percent and decline in unemployment to 4.6% for third quarter (Q3) of 2024 is not a true reflection of the current realities in the country.

The National President of NACCIMA, Dele Kelvin Oye Esq., in a statement, noted that the data does not take into consideration some   critical factors such as the  growing taxation  levied  by sub-nationals, the anticipated ramifications of the 2024 tax bill, and the adverse effects of regulatory barriers that hinder both local and foreign investment, among others, and therefore does not reflect the lived realities of countless citizens in the country.

Oye said: “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.

“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.”

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