The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has criticised the latest GDP growth figures released by the National Bureau of Statistics (NBS).
The NBS recently reported a 3.46% GDP growth and a decline in unemployment to 4.6% for the third quarter of 2024.
However, NACCIMA’s National President, Dele Kelvin Oye, dismissed these figures as misleading.
In a statement released on Monday, Oye questioned the credibility of the data, citing Nigeria’s ongoing economic struggles.
“The data does not adequately consider critical factors such as rising taxation by sub-national entities, the implications of the 2024 tax bill, and regulatory barriers stifling local and foreign investments,” he said.
Oye expressed concern over the report’s claim of reduced unemployment, highlighting the widespread issues of underemployment and informal unemployment.
“While the statistics suggest improvement, many graduates and skilled workers remain unable to secure meaningful employment,” he explained.
“It is disheartening to equate a statistical reduction with actual economic recovery or job creation,” he added.
NACCIMA also pointed to other economic challenges such as hyperinflation, frequent fuel price hikes, and power shortages.
Oye criticized the high borrowing costs faced by businesses, with commercial interest rates reaching between 35% and 40%.
“These conditions make it almost impossible for businesses to thrive and contribute meaningfully to economic growth,” he said.
Oye warned against using optimistic GDP figures to mask deeper economic issues.
“Growth that leaves 56% of Nigerians living in poverty, as reported by the World Bank, cannot be considered a success,” he noted.
He urged policymakers to focus on real solutions to Nigeria’s economic problems.
NACCIMA called for better collaboration between the government and the private sector to develop realistic strategies for sustainable growth.
“In light of the above, we urge the government and relevant authorities to engage more vigorously with the organized private sector,” Oye stated.
He emphasized the need for policies that address operational challenges facing businesses.
“It is essential that statistical reporting reflects the true economic conditions on the ground,” he said.
Oye concluded by warning that ignoring these realities could lead to further economic deterioration.
“We must recognize that superficial growth figures are akin to applying a band-aid to cancer,” he said.
“Without addressing the root causes of economic malaise, we risk further suffering for millions of Nigerians.”
