The Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Taiwo Oyedele said about 81% of Nigerians within the employment status are not engaged in any productive sector benefiting the economy.
He said this during the Africa Trade and Investment Summit held on Thursday, where Oyedele compared Nigeria’s unemployment rate to that of the United Kingdom, highlighting the paradox of low unemployment yet low productivity within the nation’s workforce.
He said:
“About 81% of people in employment in Nigeria are engaged in a non-productive sector of the economy. They are doing things that do not add value in the real sense of the world.
“That is the reason our unemployment rate even though is just 4.2%, similar to that of the UK. Our poverty rate is still one of the highest in the world. We have over 113 million people living in poverty as of 2022 and it is most likely to have increased because that was before subsidy removal and naira floatation.
“While we cannot control what Russia and Ukraine are doing. We cannot control what happens in Gaza. Just making it easy for small businesses to earn a meaningful living, it is easier for manufacturers to produce.”
“So how is it that you have a high employment rate and you also have one of the highest poverty rates? That is the only explanation. We are working poor. We need to create decent jobs. Our job is just beginning.”
According to him, while Nigeria cannot control the global economic climate, a change in policy direction can help manage the economic situation of the country, he added.
