In a statement at the Africa Trade and Investment Summit, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, revealed that a staggering 81% of employed Nigerians are involved in the non-productive sector of the economy. Despite a relatively low 4.2% unemployment rate, akin to that of the United Kingdom, the majority of employed Nigerians fail to contribute significant value to the economy, leading to widespread poverty.
Oyedele emphasizes the urgent need for the Nigerian government to generate quality jobs that can uplift many citizens out of poverty. With over 113 million people living in poverty as of 2022, the dire situation has likely worsened due to subsidy removal and currency fluctuation. He stressed the paradox of high employment rates coexisting with one of the world’s highest poverty rates, attributing it to the lack of substantial value addition in the employed workforce.
As Nigeria grapples with these challenges, Oyedele’s remarks underscore the critical importance of addressing the non-productive employment sector and creating opportunities that genuinely bolster economic growth and prosperity for all citizens.
