The Director General of the Michael Imoudu National Institute for Labour Studies (MINILS), Comrade Issa Aremu, has said Nigeria’s official unemployment rate remains at about five per cent, while the Federal Government has settled N758 billion in inherited pension liabilities.
Aremu made the disclosure during an interview on Arise TV’s Morning Show, where he discussed the administration’s performance in the labour and pension sectors.
According to him, the National Bureau of Statistics (NBS), using the International Labour Organisation’s methodology, currently puts the country’s unemployment rate at approximately five per cent, representing a significant decline from the double-digit figures previously recorded.
He said: “Today unemployment is about 5% officially. And that’s quite remarkable. You discover that unemployment dropped compared to what it used to be in double digits, which means there’s an increasing level of activity and employment, both in public and private sectors.”
The labour leader also highlighted developments in the downstream oil sector, noting that the emergence of modular refineries has created additional opportunities for employment.
He said the manufacturing sector had also shown positive prospects for job creation, but stressed that sustainable industrialisation would depend on resolving the country’s energy challenges.
“You can’t have sustainable industrialisation without electrification.”
Aremu further explained that several industries are increasingly adopting backward integration by sourcing raw materials locally, partly because of exchange-rate pressures, thereby generating employment opportunities within the domestic supply chain.
He maintained that achieving sustainable employment requires deliberate action and effective industrial policies driven by state governments. He also welcomed the growing adoption of the “Nigerian First” policy.
On pensions, Aremu praised the Federal Government’s N758 billion intervention bond, which was used to clear inherited pension liabilities dating back to 2007. The payment reportedly benefited 957,045 pensioners across the country.
The labour leader, who is also a member of the presidential campaign council, said issues surrounding secure employment, living wages and pension payments would be major factors in the next election.
He challenged leading political candidates to present their records on providing decent and secure jobs rather than relying on promises. He also credited President Bola Tinubu’s administration with implementing reforms aimed at retaining and expanding public-sector jobs, contrasting this with the mass retrenchment and downsizing associated with some previous reforms.
Aremu advocated a “job and wage-led economic recovery” and said organised labour, consistent with the tradition of trade unions, must continue engaging the government towards negotiating a new minimum wage.
He also commended the Tinubu administration for initiating two minimum wage reviews within three years.
