The Nigerian Association of Chamber of Commerce, Industry, Mines, and Agriculture (NACCIMA) has raised concerns about recent data from the National Bureau of Statistics (NBS), which reported a 3.46% GDP growth and a 4.6% unemployment rate for Q3 2024.
NACCIMA’s National President, Dele Kelvin Oye, urged caution in interpreting these figures, highlighting the disconnect between the statistics and the challenging economic realities faced by Nigerians.
“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,” Oye stated.
“While the statistics suggest improvement, many graduates and skilled workers remain unable to secure meaningful employment. It is disheartening to equate a statistical reduction with actual economic recovery or job creation,” he added.
NACCIMA criticized the economic hardship caused by hyperinflation, rising fuel prices, power shortages, and naira devaluation, which have worsened living costs for Nigerians.
It also highlighted prohibitive borrowing costs, with interest rates between 35% and 40%, as barriers to business growth. The association deemed the NBS’s growth figures unrealistic, urging policymakers to address operational challenges faced by businesses.
NACCIMA called for a pragmatic approach to sustainable development and emphasized that statistical growth should not overshadow widespread economic struggles. Enhanced collaboration with the private sector was also recommended.
“In light of the above, we urge the government and relevant authorities to engage more vigorously with the organized private sector, acknowledging their insights and addressing their concerns within the policy making process.
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“It is essential that statistical reporting reflects the true economic conditions on the ground so that any growth can be measured not just in numbers but also in terms of real improvements to the quality of life and economic opportunities available to our citizens.”
He added, “In conclusion, while the NBS report might convey an optimistic narrative, we implore all stakeholders to consider the complexities and contradictions inherent in our economic landscape. It is only through an authentic understanding of these dynamics that Nigeria can aspire toward sustainable growth and development.
“We must recognise that mere growth that leaves 56% of Nigerians living in poverty, as reported by the World Bank in 2024, cannot be considered a success. Real growth necessitates a government commitment to supporting the private sector with appropriate policies and regulatory frameworks.”
It said, “We continue to offer our suggestions for reducing interest rates and stabilizing the Naira. It is vital that we work collaboratively toward collective success; anytime government missteps, it normally leads to widespread suffering, but with the right policies, we can achieve shared prosperity.
“We advocate for genuine growth—not merely self-congratulatory statistics from the NBS that may mask deeper issues, akin to applying a band-aid to cancer. Without addressing the root causes of economic malaise, we risk further deterioration in the long run,” Oye added.
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