• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

About 81% of working Nigerians are not in a productive sector

2 years ago
in Business, Features, highlights, Home, home-news, latest News
3 min read
0 0
0
62
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

About 81% of working Nigerians are not in a productive sector 

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that about 81% of Nigerians in the employment pool are not in any productive sector of the economy.  

Oyedele, who was speaking on Thursday at an Africa Trade and Investment Summit, said that while the unemployment rate in Nigeria is relatively low at 4.2%, most employed Nigerians do not add any meaningful value to the economy.  

According to him, Nigeria has the same unemployment rate with the United Kingdom. Meanwhile, Nigeria still has over 113 million people living in multidimensional poverty.  

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 why our unemployment rate even though is just 4.2%, similar to that of 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.  
  • “So how is it that you have high employment rate and you also have one of the highest poverty rate? That is the only explanation. We have working poor. We need to create decent jobs. Our job is just beginning.”  

Speaking on the economic challenges of the country, Oyedele emphasized that the government is confronted with macroeconomic issues that are triggered, in part, by politics as well as the policy environment of the country.  

He added that while Nigeria cannot control the global economic climate, a change in policy direction can help manage the economic situation of the country.  

RelatedPosts

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

  • “While we cannot control what Russia and Ukraine is doing. We cannot control what happens in the Gaza. Just making it easy for small businesses to earn a meaningful living, it is easier for manufacturers to produce.  
  • We make it easy for international investors to find Nigeria attractive enough such that the risk adjusted returns is competitive. That is where the presidential fiscal policy committee comes in to play a major role in this whole picture of policy environment,” he added.  

According to Oyedele, the presidential committee has three major mandates which are organization and coordination of monetary,  fiscal and trade policies.  

What you should know 

  • According to the National Bureau of Statistics, Nigeria unemployment rate stands at 4.2% nationwide.  
  • This is according to the National Bureau of Statistics (NBS) Labour Force report for the Q2, 2023.   
  • The report, however, noted that 88%  of employed Nigerians are self-employed while the other 12.0% are employees in Q2, making Nigeria one of the countries with the highest self-employed professionals in the world.  
  • Meanwhile, there have been backlash on the methodology used in calculating the unemployment rate in the country, as many believed that that figure does not represent the economic reality in the country.  
  • According to NBS, workers who work for only few hours and in low-productive jobs are still regarded as part of the employment pool in the country.  
  • Reacting to criticism of the methodology,  employed individuals are those who have worked for pay or profit for at least one hour in the last seven days, as opposed to the previous criteria of 40 hours. 

Tags: About 81% of working Nigerians are not in a productive sectorNigerians
No Result
View All Result

Highlights

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

Ghana set to Save $300m in Debt Restructuring Deal With IPPs – ACEP’s Ben Boakye Discloses

Morocco and Madagascar set up Historic CHAN Final in Nairobi

US Open: Defending Champions Swiatek and Sinner Cruise Into Second Round

Otto Addo Names Strong 24-Man Squad As Black Stars Prepare For Crucial World Cup Qualifiers Against Chad and Mali

Trending

Business

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

August 27, 2025

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System The Commissioner-General of the Ghana Revenue...

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

August 27, 2025

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

August 27, 2025

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

August 27, 2025

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.