Nigeria labor market and industrial policy updates

Issa Aremu, Director-General of the Michael Imoudu National Institute for Labour Studies (MINILS), stated that Nigeria’s unemployment rate has fallen to approximately 5 percent under President Bola Tinubu’s administration. Aremu attributed this shift to economic reforms and efforts to bolster investment and job creation. While the claim highlights improvements in the labor market, official 2026 figures from the National Bureau of Statistics are not yet available, and recent international estimates have placed the rate around 3 percent.

Separately, Professor Ayo Omotayo, Director-General of the National Institute for Policy and Strategic Studies (NIPSS), reported that an obsolete industrial policy previously threatened the stability of Nigeria’s manufacturing sector. Following a 2023 review by NIPSS, a new industrial policy was developed by the Ministry of Industry, Trade and Investment. Omotayo emphasized that the success of this new framework depends on consistent implementation, noting that a robust manufacturing sector is essential for Nigeria to reach its $1 trillion economy goal.