Analysts back Aremu’s claim on 5% unemployment drop on stable power

Analysts have backed Director-General of the Michael Imoudu National Institute for Labour Studies (MINILS)’ revelation that unemployment rate has reduced to about 5 per cent.

Dr. Segun Orile, a business man said, for instance power has actually improved and now spend less money buying fuel.

“I used to spend millions if naira in purchasing diesel for my operations, but for some months now, power has improved tremendously. The guy who joked that everything in his fridge have blocked was saying the truth”.

Orile, who runs a plastic factory believe things will get better.

Sam Okoye, an economist said if you look at all the economic indicators, it will be unfair to fault Aremu’s claim.

“Look at the foreign reserves, a factor that determines how long people can trust your country in trading. The current amounts stands for some of the longest quaranteed period in Nigeria.

“Look, this week, the Worls Bank showed more confidence in Nigeria by increasing the growth rate. The Central Bank of Nigeria (CBN) just released its survey on Nigeria’s firms. It shows a brighter future”, he said.

“So withball these, why anyone doubt Aremu?”, he concluded.

Aremu, had on Tuesday said Nigeria’s unemployment rate has fallen to about 5 per cent under President Bola Tinubu’s administration.

Aremu made the claim while highlighting what he described as improvements in Nigeria’s labour market and the wider economy under the current administration on Arise Television.

He said the government’s economic reforms, alongside efforts to strengthen investment and job creation, had contributed to improved employment conditions.

However, there is currently no official 2026 unemployment figure from the National Bureau of Statistics (NBS). The latest available NBS labour-force data was published in 2024, while international estimates put Nigeria’s unemployment rate at around three per cent in recent years.

Under Nigeria’s current labour-force methodology, the unemployment rate measures the proportion of the labour force that is unemployed, while people who are employed but want to work more hours are classified as underemployed.