Discussions around Nigeria’s unemployment situation has heightened in the last few years and, indeed, in the last few months. In January, the Nigerian Economic Summit Group (NESG) projected in a report that the country’s unemployment rate will hit 37 percent in 2023. The report, which was titled “Nigeria in Transition: Recipes for Shared Prosperity,” revealed that Nigeria’s poverty headcount will also correspondingly rise to 45 percent. It was also stated in the report that the nation’s population growth, which was estimated at 3.2 percent, will lead to a decline in real per capita income. This is as a result of weak performance in the job-elastic sectors and low labor absorption of the growth-driving sectors.
Similarly, the GDP of the country was expected to moderate to 2.98 percent, revealing that economic growth will be subdued in 2023 due to strains on investment and low productivity in critical sectors. The report noted that the services sector will drive economic growth, which will not be strong enough to create significant jobs. As a result, the number of unemployed will remain persistent. Because of this, some experts on the economy have advised the Federal Government of Nigeria to tackle unemployment head-on using reforms.
Incoming administration urged to embrace right policies.
These financial experts spoke in interviews with the press in Lagos. They urged the incoming administration in particular to embark on reforms that will boost the country’s business climate to spur economic growth and tackle rising unemployment. One of these experts is Dr. Uju Ogubunka, a former executive secretary at the Chartered Institute of Bankers of Nigeria. He said that the incoming government should embrace economic policies that would improve the business operating environment in order to create more jobs.
He stressed the fact that the incoming administration should immediately address the uncertainties in the economy upon inauguration so that the issue of unemployment can be tackled. “More efforts should be made in addressing the structural challenges impeding inflow of foreign direct investment into our shores,” he said. The professional also remarked that the government must make efforts to reduce the issues relating to insecurity to the bare minimum. This will boost investors’ confidence in the economy.
Economics prof. said govt should support local production.
Dr. Ogubunka said the next administration should invest in strategic infrastructure that will create more job opportunities. For instance, investing more funds to fix electricity challenges is necessary to industrializing the economy. It will push the youth to innovate and create job opportunities in every sector of the economy. Another professional who spoke to the media is Prof. Sheriffdeen Tella, Head of Department of Economics at Olabisi Onabanjo University, Ago-Iwoye. The professor said the government could tackle unemployment by supporting local production and discouraging importation.
Obviously, this is not just about banning the importation of certain items but creating a favorable environment for businesses to thrive. “Enhancing local production with the right fiscal and monetary policies is crucial to boost the economy,” Prof. Tella said. He said that this would not only boost businesses but would also lead to more employment opportunities for the teeming youth. He also mentioned that the government needs to subsidize electricity cost and raw materials for production. Doing this will naturally cause more businesses to spring up.
Incoming government should invest more in SMEs.
Finally, a former director of National Association of Small and Medium Enterprise, Mr. Nerus Ekezie, said that the incoming administration should tackle the issue by investing more in small and medium enterprises (SMEs). He said that regular dialogues between the government and various SME stakeholders are crucial for their expansion. These dialogues should include stakeholders in production as well as the service units. He also said granting tax holidays and foreign exchange for SMEs will enhance their business and create more opportunities.
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Experts urge FG to enact favorable policies. – Improved business environment will create more jobs, tackle unemployment. – Express your point of view.
The policies the government formulate always have a long way it affects the country. The policies need to have element of consideration of people. It will help better decision making in the country.
The need for the FG to implement favorable policies that encourage economic growth, increase job creation and reduce poverty cannot be overemphasized. The FG should work with experts in various fields to develop and implement policies that will promote growth and development in the country.
Investment in business environment to improve it will benefit people are create job and opportunity for them it will reduce unemployment rate in the country, government to enact favorable policies
Experts urge FG to enact favorable policies. The problem is that Nigeria government don’t even care talk less of doing what is right for it citizens to have good stardard of living
The incoming administration will have complete authority to make any necessary changes. They need to take action that improves the business ecological conditions in the country to stimulate economic growth and overcome rising unemployment.
There are alot of underlying problems affecting the growth of Nigeria and cannot all be addressed at once. We need favorable policies that won’t give room for corruption and open path for more opportunities in the country.
Any government that is ready to be succeed and successful should make sure that he did what is possible to enact laws or policy that will seriously boost her economy because it is only when the economy policy is good that it affect the citizen in a positive ways.
To be able to have a better economy, the government policies need to be favourable to businesses that will in turn create employment opportunities to job seekers. It will greatly improve the economy. Bottom line, government policies is crucial to nation building.
A better country economy depend solely on favourable government policies. The Buhari led administration has been releasing policies that have destroyed so many businesses. I hope the incoming administration will make favourable policies that will improve the company economy and correct the wrongs that was created by this administration.