The operators, under the Association of Licensed Telecommunications Operators of Nigeria (ALTON), said much of the money currently funding network expansion and infrastructure development comes from domestic financing, reinvested earnings and other funding channels that are not fully captured by the National Bureau of Statistics’ capital importation framework.

The reaction follows the release of the NBS Capital Importation Report for the first quarter of 2026, which showed that foreign capital inflows into telecommunications dropped from $80.78 million a year earlier to $7.24 million.

According to the report, telecoms accounted for just 0.07% of the $10.37 billion that entered the Nigerian economy during the quarter.

ALTON said the figure presents only part of the investment picture.

“…this metric appears to capture only a portion of the total capital actively deployed within the sector.

“Our industry’s substantial Capital Expenditure (CAPEX) figures suggest that current investment derives from domestic capital sources, reinvested operational earnings – financial mechanisms that may not be fully reflected in conventional foreign capital importation metrics,” the association said.

The group noted that mobile network operators, tower companies and other telecom firms invested about N2.13 trillion in capital projects in 2025. It added that planned capital expenditure for 2026 currently stands at N1.86 trillion.

According to ALTON, the funds are being directed towards network expansion, infrastructure upgrades, technology improvements and measures aimed at strengthening operational resilience.

The association argued that the wide gap between reported foreign inflows and actual spending within the industry points to shortcomings in the current method used to track investments.

To address this, it called for collaboration between the Nigerian Communications Commission (NCC), the National Bureau of Statistics and the Central Bank of Nigeria to develop a comprehensive framework for measuring investment in the telecom sector.

“To ensure Nigeria’s telecommunications sector investment profile is accurately represented, ALTON respectfully proposes a collaborative engagement among the Nigerian Communications Commission, the National Bureau of Statistics, and the Central Bank of Nigeria to develop a more inclusive and comprehensive investment-tracking framework,” the association stated.

Despite pressure from inflation, high costs of operations and foreign exchange challenges, ALTON said operators have always invested heavily to maintain service quality and expand connectivity across the country.

The association also credited the Federal Government’s approval of a 50% tariff increase in 2025 with improving operators’ ability to reinvest in their networks.

“The timely intervention enabled operators to transition from financial distress to a sustainable, growth-focused model characterised by significant capital reinvestment,” it said.

While telecom operators questioned the reported investment figure, the NBS data showed that foreign investors significantly increased their exposure to Nigeria during the quarter.

Total capital importation rose to $10.37 billion in Q1 2026, representing an 83.8% increase from $5.64 billion recorded in the same period last year. Compared with the previous quarter, inflows climbed by nearly 61%.

However, most of the money flowed into short-term financial assets rather than long-term productive investments.

Portfolio investments accounted for $9.86 billion, or about 95% of total inflows, while foreign direct investment stood at just $135 million. Other investments, including loans and trade credits, contributed $374.5 million.

The banking sector attracted the largest share of foreign capital, receiving $7.55 billion, followed by the financing sector with $2.43 billion. Manufacturing drew $152.3 million, while telecommunications received $7.24 million.

At the same time, total capital importation into Nigeria rose to $10.37 billion, an 83.8% increase compared with the same period in 2025. This is also a 61% rise from the previous quarter.

Telecoms barely registered in the inflow mix, while banking and finance absorbed most of the funds entering the country.

Banking alone pulled in $7.55 billion, while the financing sector followed with $2.43 billion. Together, they accounted for more than 96% of total inflows.

Most of the capital entering the country came through short-term instruments. Portfolio investment topped the list with about 95% of total inflows, and foreign direct investment small at $135 million, or roughly 1.3%.

Telecoms, by comparison, attracted just 0.07% of total inflows, trailing even trading, agriculture, IT services and equities.

The decline in the sector stands out when set against recent years. Telecom capital importation reached $496.27 million in 2025, while it stood at $456.59 million in 2024. In 2023, it dropped to $134.75 million, before rising again in 2022 to $456.83 million.

A steep drop was recorded in the latest quarterly figures as seen. Inflows fell 91% year-on-year from $80.78 million in Q1 2025 and also dropped 93% from $103.36 million in the previous quarter.

Policy changes in the sector have not shifted investor behaviour. Early in 2025, the Nigerian Communications Commission approved a 50% tariff adjustment for operators with an aim to improve revenue and support network expansion.

Operators also increased spending. The commission said telecom companies invested more than N2.5 trillion in infrastructure in 2025. That is over $1 billion in network upgrades.

Even so, foreign inflows did not follow, as investors appear more focused on fixed-income returns than long-term infrastructure commitments. High yields in money market instruments and bonds continue to draw capital.

This means money is coming in, but not where long-term investment is most needed.

Foreign exchange reforms have helped strengthen activity in banking. Still, volatility in the currency market still weighs on long-term decisions, especially in sectors like telecoms that require steady capital planning.

The International Finance Corporation and the World Bank have in past reports pointed to the need for stable, long-term investment conditions in infrastructure-heavy sectors. That gap is very much visible in the current data.

Heavy dependence on short-term inflows leaves productive sectors exposed. Telecoms, manufacturing and agriculture all receive limited foreign capital.

These risks must be looked into as foreign investment in Nigeria drives growth for telecom, banking and many other sectors.

This was revealed in the new figures released by the National Bureau of Statistics (NBS). The increase adds more stress on households and businesses already enduring high transport, food and energy expenses across the country.

NBS said petrol prices increased by 18.97% compared to March 2026. Every year, prices rose by 23.69% from N1,239.33 recorded in April 2025.

In March, the national average stood at N1,288.54 per litre before moving higher in April.

The figures show the continuous impact of fuel deregulation, foreign exchange instability, high global crude prices and increasing distribution prices within Nigeria’s downstream oil sector.

Across the states, Yobe recorded the highest average petrol price at N1,599.05 per litre. Edo followed at N1,595.74, while Bauchi posted N1,589.07.

On the other hand, Niger recorded the lowest average retail price at N1,403.89 per litre. Sokoto sold at N1,404.16, while Katsina recorded N1,406.28.

The report also showed regional differences in fuel prices.

The South-South recorded the highest zonal average at N1,566.76 per litre. The North-West had the lowest average at N1,508.81.

Analysts link the high price gap between states to transport costs, supply challenges, infrastructure problems and varying access to fuel depots.

Northern states in particular still face higher delivery costs because many marketers transport products over long distances.

Nigeria’s headline inflation rate climbed to 15.69% in April 2026, up from 15.38% in March. Food inflation reached 16.06% year-on-year, driven by rising prices of staple foods including yam, maize, millet and sorghum.

Core inflation, which excludes volatile agricultural produce and energy, also rose to 15.86%, showing that price pressure now cuts across several sectors of the economy.

At the state level, Sokoto recorded the highest inflation rate at 25.74%. Bauchi followed at 22.52%, while Zamfara posted 22.03%. Edo recorded the lowest inflation rate at 5.91%.

Global oil prices also contributed to the rise in local petrol prices.

Brent crude climbed to $120.4 per barrel in April 2026 from $103.7 in March following renewed tensions in the Middle East. At the same time, the naira averaged N1,361 against the dollar during the month despite market volatility.

The removal of petrol subsidies in 2025 also left local fuel prices fully exposed to market forces.

Meanwhile, a recent survey showed that both petrol and cooking gas prices were high between April and May 2026.

The survey, conducted on May 23, found that cooking gas prices in Lagos increased from around N1,300 to N1,400 per kilogram in April to between N1,350 and N1,500 in May.

Petrol prices during the same period ranged between N1,200 and N1,350 per litre.

In the Federal Capital Territory and Nasarawa State, cooking gas prices rose to as high as N1,500 per kilogram, while petrol sold for between N1,350 and N1,444 per litre at major filling stations.

Kaduna and Rivers recorded some of the widest price differences for both petrol and cooking gas because of supply shortages and logistics costs.

In Kaduna, a 5kg cooking gas refill averaged N9,212 in April, while a 12.5kg refill cost around N23,030. Retail cooking gas prices in the state ranged between N1,300 and N1,500 per kilogram.

In a statement titled “Consolidating on Inflation Moderation in the Face of New Threats,” the Chamber reacted to the National Bureau of Statistics (NBS) February 2026 report, which saw headline inflation ease marginally to 15.06%, down from 15.10% in January.

While acknowledging the 11th consecutive month of decline as a positive signal, the LCCI warned that the current grip on inflation remains fragile.

Dr. Chinyere Almona, the director general of LCCI, said government should prioritise exchange-rate stability by improving foreign exchange liquidity and boosting non-oil export earnings.

Almona added: “Strengthening food security through improved agricultural productivity, addressing insecurity in farming communities, and investing in storage and logistics infrastructure will also help moderate food prices.

“Furthermore, accelerated reforms in the power and energy sectors are critical to lowering production costs for businesses. Reliable electricity supply and improved energy infrastructure would significantly reduce cost pressures across manufacturing, trade, and services.

“The LCCI also stresses the need for greater efficiency in transportation and trade infrastructure, including improvements to port operations, cargo evacuation systems, and digital trade processes, to reduce logistics costs that significantly contribute to consumer prices.”

The LCCI said sustaining the marginal decline in inflation would depend on consistent macroeconomic management, structural reforms, and policies that enhance domestic productivity.

It added: “Urgent actions are needed to assuage the fears in many quarters that price pressures will reverse the deceleration of our inflation rate.

“The month-on-month inflation rates since the start of this year already indicate a fragile grip on inflationary pressures. Supply-side interventions will be more realistic than price controls imposed on manufacturers and investors.”

The chamber said this marginal decline, alongside the significant drop from 26.27 per cent recorded in February 2025, reflected the gradual easing of inflationary pressures in the economy.

However, the chamber noted that underlying inflation risks remained significant as, “the month-on-month inflation rate rose to 2.01 per cent in February, after contracting in January, indicating that price pressures remain persistent.

“In addition, food prices remain the major driver of inflation, reflecting structural challenges in Nigeria’s food supply chain, high logistics costs, and production constraints.”

Almona said from the perspective of the organised private sector, the slight moderation in inflation offers cautious optimism for businesses and households, as high inflation has significantly eroded purchasing power, increased production costs, and weakened consumer demand across several sectors.

“Nevertheless, the chamber warns that several emerging domestic and global risks could reverse the deceleration gains we have recorded in recent months.

“Rising geopolitical tensions linked to the Iran conflict in the Middle East could trigger volatility in global energy markets, potentially increasing fuel, transportation, and logistics costs.

“Nigeria has an opportunity to partially insulate itself from volatile oil prices in international markets by expanding local refining capacity and boosting crude supply to local refineries to meet local needs.

“With the risk of exchange-rate volatility amid disruptions to global supply chains, renewed pressure in the foreign exchange market could increase the cost of imported raw materials, machinery, pharmaceuticals, and food items, thereby pushing up production and consumer prices.

“In addition, insecurity in food-producing regions, Climate-related disruptions, and high transportation costs continue to threaten food supply and price stability,” Almona said.

The country’s headline inflation rate declined Month-on-Month from 18.02% in September 2025 to 16.05% in October 2025, a 1.97%.

On a Year-on-Year basis, the inflation rate fell to 16.05% in October 2025 from 33.88% recorded in October 2024, revealing a significant reduction compared to the same period last year.  

The Consumer Price Index (CPI), which measures changes in the average prices of goods and services, rose to 128.9 basis points in October 2025, up from 127.7 basis points in September 2025, indicating a 1.2 point increase.

Nigeria’s CPI growth rate, however, decreased from 32.26% in October 2024 to 10.24% in October 2025.

Urban Inflation closed at 15.65% Year-on-Year and 1.14% Month-on-Month, while rural inflation closed at 15.86% Year-on-Year and 0.45% Month-on-Month.

For the Combined rural and urban State CPI on a Year-on-Year basis, Ekiti, Nasarawa and Zamfara recorded the highest increases in all-items inflation rate at 20.14%, 18.97%, and 18.81% respectively. Bauchi, Anambra, and Gombe recorded the lowest increases at 9.99%, 11.72%, and 11.73%.

On a Month-on-Month basis, Niger and Anambra recorded the highest rise in all-items inflation rate at 4.90%, each, followed by Enugu at 4.72%.

Edo, Kastina, and Adamawa recorded the lowest Month-on-Month changes with -4%, -3.26%, and -3.10% respectively.

For Nigeria’s food inflation in October 2025, Ogun, Nasarawa, and Ekiti recorded the highest Year-on-Year increases at 20.85%, 19.96%, and 19.70%. Akwa Ibom, Kastina, and Yobe posted 3.98%, 4.15%, and 4.29%.

Month-on-Month food inflation was highest in Bauchi (6.77%), the FCT (5.11%), and Niger (4.84%), while Kastina (-7.72%), Oyo (-5.89%), and Taraba (-4.89%) recorded the biggest decline. 

The National Bureau of Statistics (NBS) recently announced that Nigeria’s economy is significantly larger than previously reported, following the successful rebasing of its Gross Domestic Product (GDP).

The new figures put the 2024 nominal GDP at ₦372.8 trillion, representing a 35.4% increase from earlier estimates based on the old base year.

Shift in Economic Structure

The rebased figures also reveal a notable transformation in the structure of the economy compared to 2019. The services sector remains dominant, increasing its share to 53.1% (up from 50.2%), while agriculture now contributes 25.8% (up from 22.1%). The industrial sector saw a slight decrease to 22.1% from 27.7%.

One of the most significant developments is the rise of the real estate sector, which has moved up to become the third-largest contributor to the economy.

Top GDP Contributors and Sector Growth

According to the rebased 2019 base year data, the top five contributors to GDP were:

• Crop Production (17.6%)
• Trade (17.4%)
• Real Estate (10.8%)
• Telecommunications (6.8%)
• Crude Petroleum & Natural Gas (5.9%)

In Q1 2025, real GDP grew by 3.13%, improving from 2.27% in Q1 2024. Notably, the non-oil sector drove this growth, expanding by 3.19% and accounting for 96% of real GDP.

The services sector led the economy, contributing 57.5% of total GDP. Meanwhile, oil production remained steady at 1.62 million barrels per day, contributing just 3.97% to GDP.

Fastest Growing Real Sectors in Q1 2025

• Finance & Insurance – 15.0%
• Transportation & Storage – 14.1%
• Water Supply & Waste Management – 9.4%
• Information & Communication – 7.4%
• Construction – 6.2%

Why the Rebasing Matters

The NBS stated that the rebased GDP offers a more accurate reflection of Nigeria’s economic structure, incorporating high-growth sectors such as fintech, creative industries, and telecommunications that were previously under-represented.

This recalibration of economic data enhances planning, supports investor confidence, and aligns Nigeria’s statistics with global standards.

The message was clear and urgent: Nigeria’s future must be built on real-time data and digital identity.

Speaking at the inaugural meeting of the National CRVS Coordination Committee, held at the Ladi Kwali Hall, Abuja Continental Hotel, Kashifu Inuwa Abdullahi, NITDA’s director general, stressed the pivotal role of CRVS in driving inclusive development, national planning, and effective governance.

“From registering people at birth to giving them legal identity and connecting that data to national planning, budgeting, and service delivery, technology can help us stitch everything together,” Inuwa said.

CRVS Reform Anchored on the Renewed Hope Agenda

The engagement brought together key national institutions, National Population Commission (NPC), National Identity Management Commission (NIMC), and the National Bureau of Statistics (NBS), in a collaborative forum designed to align CRVS reform with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

At the heart of the agenda: digital public infrastructure, efficient service delivery, and data-driven policymaking.

Inuwa pointed out that fragmented and siloed data systems continue to undermine Nigeria’s ability to plan, allocate resources, and deliver services effectively.

“Without harmonised data, we can’t generate the insight we need for real progress. Civil registration and vital statistics are foundational to smart governance, at federal, state, and local levels,” he said.

NITDA’s Role: Standards, Advisory, and Technology Enablement

As Nigeria transitions toward a fully digital identity ecosystem, Inuwa pledged NITDA’s full support to the CRVS digital transformation effort.

He reaffirmed the agency’s commitment to setting standards, providing digital advisory services, and enabling the technological backbone that institutions will need to implement integrated, citizen-focused systems.

“At NITDA, our job is to ensure that the right frameworks are in place, so that every birth, death, and life event is captured securely and efficiently. Everything must be digital, seamless, and citizen-centric,” he added.

He emphasized that digital identity is no longer a luxury but a necessity for everyday life, from accessing healthcare to schooling, finance, and public benefits.

“Digital is a lifestyle now. No one wants to fill forms on paper or move from office to office. Nigerians deserve better, and technology can deliver that.”

High-Level Support for a Unified Vision

The meeting was attended by an array of high-level stakeholders, reflecting broad political and institutional support for CRVS reform. Dignitaries included:

• Senator Victor Umeh, chairman, Senate Committee on National Identity & National Population
• Nasir Isa Kwarra, chairman, National Population Commission (NPC)
• Prince Adeyemi Adeniran, Statistician-General of the Federation & CEO, National Bureau of Statistics (NBS)
• Abisoye Coker-Odusote, DG/CEO, National Identity Management Commission (NIMC)
• Bello Lawal, president, Association of Local Governments of Nigeria (ALGON)

Together, the stakeholders agreed that the time for action is now, to build a national CRVS system that is integrated, interoperable, and inclusive.

A Future Written in Data

As the meeting wrapped up, it was clear that the path forward for Nigeria’s national development depends on more than good intentions, it requires trusted data, unified systems, and the collective will to digitise the very foundation of governance: the people.

With NITDA’s support and the shared commitment of partner agencies, Nigeria is taking critical steps toward a future where every citizen counts, every birth is recorded, and every service is just a click away.

In a statement released by his media office on Thursday, Atiku questioned the timing and circumstances surrounding the alleged breach, describing it as “suspicious.”

According to the statement, this incident is the first time in the bureau’s history that its website has been compromised. The former Vice President stressed that the development could damage the integrity of the data published by the NBS, which serves as an important resource for national planning, development, and research.

Atiku’s media office also pointed out the coincidence of the cyberattack occurring shortly after the NBS released its Crime Experience and Security Perception Survey. 

The statement warned that such events might lead Nigerians to distrust future data from the Bureau, suggesting that the hack could have been politically motivated.

The NBS, through a post on its official X (formerly Twitter) account on Wednesday, acknowledged the breach and assured the public that efforts were underway to restore its website. The agency spoke on the inconvenience caused and reiterated its focus on maintaining the accuracy and credibility of its statistics.

Experts Call for Enhanced Cybersecurity Measures

The incident has led to discussions among cybersecurity experts, who have highlighted the risks of cyberattacks on government infrastructure.

Adebola Akande, a cybersecurity consultant, stressed the need for solid security protocols, including regular system audits, real-time monitoring, and comprehensive staff training to prevent such occurrences.

“The NBS is a vital institution, and any compromise to its data systems could have far-reaching consequences, from misinformation to potential financial and policy mishaps,” Akande stated.

The breach is part of a worrying trend of cyberattacks on government institutions in Nigeria, raising urgent calls for a national strategy to strengthen cybersecurity across all sectors. Experts have also cautioned that malicious actors could exploit such vulnerabilities to spread false information or manipulate public opinion.

The hacking incident has accentuated the need to safeguard the integrity of official data, especially in a country where statistics is indispensable in shaping policy and development. The NBS has pledged to uphold its responsibility of providing reliable data to the public and vowed to strengthen its digital defences.

The NBS report revealed that the November inflation rate was 6.4 percentage points higher than the 28.2% recorded in the same month last year. 

The month-on-month inflation rate for November also increased by 0.72%, further weakening the purchasing power of Nigerians already facing high costs of living.

Food inflation, a big component of the CPI, reached 39.93% on a year-on-year basis, up from 32.84% in November 2023. 

On a monthly basis, food inflation edged up to 2.98% from 2.94% in October 2024. The steep rise was driven by high prices of essential items such as rice, yam flour, millet, dried fish, goat meat, and powdered milk.

The report attributed the high inflation to supply chain disruptions, rising transportation costs, and the lingering effects of policy reforms. For many households, this has translated into a severe cost-of-living crisis, with basic necessities increasingly out of reach.

Economic analysts trace much of the inflation surge to policy decisions taken by President Bola Tinubu’s administration. 

Upon assuming office in May 2023, Tinubu removed the petrol subsidy and floated the naira, leading to a sharp increase in petrol prices—from under ₦200 per litre to over ₦1,100 in some regions—and a steep depreciation of the naira, which now trades at over ₦1,600 to the dollar.

While international financial institutions like the World Bank and IMF had long called for these reforms to stabilise Nigeria’s economy, the immediate fallout has been a spike in inflation and widespread hardship for citizens. 

The removal of subsidies, coupled with volatile exchange rates, has made energy, transportation, and imported goods considerably more expensive.

With inflation continuing its upward growth, experts warn of far-reaching implications for the nation’s economy and social stability. 

The cost of living has eroded disposable income and deepened poverty levels across Nigeria. Meanwhile, calls for the government to cushion the effects of its reforms through targeted social programmes and fiscal interventions have grown louder.

The inflation rate also brings a challenge to monetary authorities. The Central Bank of Nigeria (CBN) may face increasing pressure to tighten monetary policy, despite issues about the possible impact on borrowing costs and economic growth.

For millions of Nigerians, the hope is that policymakers will strike a balance between necessary reforms and measures that protect the most vulnerable populations.

The Labour Union said the report contradicts reality in the market.

The NLC’s position was corroborated by the Organised Private Sector, with the OPS stating that the report was not reflective of economic realities.

The NBS in its latest report stated that Nigeria’s unemployment rate declined to 4.3 per cent in the second quarter of 2024, signalling improved labour market conditions.

According to the report, this marks a decrease from the 5.3 per cent recorded in Q1 2024 and reflects a gradual recovery from the 5.0 per cent in Q3 2023.

The Labour Force Participation Rate rose to 79.5 per cent, up from 77.3 per cent in the previous quarter, highlighting increased workforce engagement.

The Employment-to-Population Ratio also showed significant improvement, climbing to 76.1 per cent in Q2 2024 from 73.2 per cent in Q1 2024.

This indicates that a higher proportion of the working-age population was gainfully employed during the period.

Also, self-employment remained dominant, accounting for 85.6 per cent of total employment, an increase from 84 per cent in the preceding quarter.

Informal employment also rose slightly to 93.0 per cent, highlighting the economy’s reliance on informal jobs.

Urban unemployment stood at 5.2 per cent, a reduction from 6.0 per cent in Q1 2024.

However, rural areas recorded an even lower unemployment rate of 2.8 per cent, compared to 4.3 per cent in the previous quarter.

This disparity highlights the continued role of agriculture and informal activities in rural employment, contrasting with the urban dependence on formal and service-driven jobs.

The youth unemployment rate (ages 15–24) dropped significantly to 6.5 per cent, compared to 8.4 per cent in Q1 2024.

The report further revealed gender disparities, with the unemployment rate for females at 5.1 per cent, compared to 3.4 per cent for males.

This suggests a need for targeted gender-inclusive policies to bridge the employment gap.

The report read, “The unemployment rate is defined as the share of the labour force not employed but actively searching for and available for work.

“Unemployment is one of the components of labour underutilisation. The unemployment rate for Q2 2024 was 4.3 per cent, showing an increase of 0.1 percentage point compared to the same period last year.

“The unemployment rate among males was 3.4 per cent and 5.1 per cent among females.

“By place of residence, the unemployment rate was 5.2 per cent in urban areas and 2.8 per cent in rural areas. Youth unemployment rate was 6.5 per cent in Q2 2024, showing a decrease from 8.4 per cent in Q1 2024.”

Time-related underemployment, which measures workers seeking additional hours, dropped to 9.2 per cent in Q2 2024 from 10.6 per cent in Q1.

Labour underutilisation metrics also improved, with LU2 (unemployment and time-related underemployment) decreasing to 13.0 per cent from 15.3 per cent in the previous quarter.

LU3 and LU4 metrics, which include potential labour force participation, also recorded declines to 5.9 per cent and 14.5 per cent, respectively.

According to Punch report, Chris Onyeka, the National Assistant General Secretary of the Nigerian Labour Congress, criticised the latest unemployment figures released by the National Bureau of Statistics, labelling the report as a “voodoo document” that fails to reflect the stark realities Nigerians face daily.

Onyeka dismissed the claim that unemployment is decreasing, calling it a “fabrication designed to mislead the public.”

He argued that the data was inconsistent with the deteriorating economic landscape characterized by factory closures, dwindling manufacturing activity, and rising inventories.

“Unemployment cannot be coming down in Nigeria when factories are closing shops,” Onyeka asserted.

“It cannot be coming down when there is increasing inventory and reduced consumer spending. If anything, unemployment is increasing,” he stated.

He further questioned the methodology behind the NBS report, describing it as a “figment of imagination concocted by people who want to manipulate figures.”

According to Onyeka, the lack of alignment between the data and visible realities on the ground undermines the credibility of the statistics agency.

“Once data does not reflect reality, it loses relevance. Unfortunately, the NBS has lost credibility as a result of the data they continue spewing out,” he stated.

Onyeka challenged the NBS to substantiate its claims by identifying the sectors supposedly generating jobs. “Where are the jobs coming from? Is it from employers who are complaining of consumer resistance and slowing economic activities? It doesn’t add up,” he remarked.

Citing the economic slowdown and widespread dissatisfaction among employers, Onyeka insisted that the report contradicts the lived experiences of Nigerians.

He likened the situation to what he described as “INEC-style manipulation,” a term he used to draw parallels between perceived shortcomings in Nigeria’s election management and the NBS figures.

“Nigerians can go to court if they don’t like the figures. But the truth remains: the NBS has become a failed institution, much like INEC in the eyes of the public,” Onyeka concluded.

He argued about the accuracy of official statistics in Nigeria and called for a review of the methodologies employed by government agencies to ensure that their data accurately reflects the realities on the ground. [Source]