“If we look at the growth numbers that came out recently, 14% growth was in the oil sector, then we have insurance and some other areas where people are not employed.
“The sectors that employ people which are interest rate sectors are the ones that are actually slow and contracted; therefore I submit that if we don’t bring down interest rate (we have had 22 months of no change in interest rate) to stimulate and increase economic activity, then all of these things are going to…”
Rewane, who is also the Managing Director of Financial Derivatives Company Limited, stressed the importance of shifting focus from sectors that are growing but not creating jobs to the jobs-providing sectors.
“The underlined thing is that unemployment and underemployment has increased in all the three quarters that we have had positive growth. We have had higher unemployment. Therefore the sectors that are growing are not the ones that are employing.
“So we now have to shift emphasis and focus on areas where there is labour intensive activities, these people can create jobs.
“The unemployed man becomes a dysfunctional member of the society who disrupts, who kidnaps and that destroys everything,” he said.
The economists also noted that despite government’s noble intentions the impacts are not felt due to these impediments while Nigerians are eager to see results and impacts.
The Delta State Government has announced plans to establish a job and wealth creation empowerment law in the state.
The Governor, Mr Ifeanyi Okowa, made this known on Thursday during an exhibition and induction of over 700 trainees in Asaba, the state capital, under the Delta State Job Creation Scheme, which according to him will now become an annual event.
He said plans are underway to institutionalise the scheme so as to equip unemployed youths with the right physical and mental skills, as well as resources to become self-employed and employers of labour.
“In December we had a business fair specifically for our trainees and we hope to make it an annual event. The office of the chief job creation must begin to put the process in place for the 2018 edition,” he said.
Speaking further, he encouraged the newly inducted youths to build their network so as to expand their businesses and consequently make a positive impact on the economy of the state.
He also expressed hope that the programme is sustained long after he leaves office.
“Plans are on to present a Bill before the State House Of Assembly for the establishment of a Job and Wealth Creation Empowerment Law. “I hope that the programme continues in government even when I have left office. If we continue with it as a state, after 10 years the multiplier effect will be felt,” Okowa said.
The President and Chief Executive of the Dangote Group, Mr. Aliko Dangote, has attributed the deadly conflict between suspected herdsmen and farmers in parts of Nigeria to the country’s increasing unemployment rate.
Dangote stated this on Tuesday in an interview with Channels Television.
“If there are jobs, there wouldn’t be anything like Boko Haram, there would not be anything like herdsmen. Once you are engaged, you do not have time for mischief,” he said.
The conflict between herdsmen and farmers, especially the New Year’s Day killings in Benue allegedly by herdsmen has dominated the headlines and split public opinion.
It has also led to criticism of the Federal Government, which many say is not doing enough to address the issue, a claim the Presidency has denied.
Dangote is not one of the government’s critics when it comes to the issue.
“The government is working tirelessly to make sure that we resolve this issue about herdsmen,” he said, pointing out, however, that the government would require support.
“Government cannot do it on its own; we also need to do our own. The government is giving us an opportunity to also create jobs,” he said.
“And I think people are under-rating how many jobs we need to create, not just in Nigeria and Africa, we need to create 12 million jobs every year in Africa.”
To effectively tackle unemployment, the industrialist believes there is a need to turn to Agriculture.
He said, “I think we should focus on agriculture, we should focus on solid minerals, these two can now replace oil.
“So if you have to create 12 million jobs, creating 12 million jobs especially now with technology is going to be a little bit difficult, but we have all it takes to create a lot of jobs, which is agriculture.”
The report said further that between the second quarter and third quarter of 2017, the number of economically active or working age population (15 – 64 years of age) increased from 110.3 million to 111.1 million.
“The unemployment rate increased from 14.2 per cent in Q4 2016 to 16.2 per cent in Q2 2017 and 18.8 per cent in Q3 2017. The number of people within the labor force who are unemployed or underemployed increased from 13.6 million and 17.7 million respectively in Q2 2017, to 15.9 million and 18.0 million in Q3 2017.
“Total unemployment and underemployment combined increased from 37.2 per cent in the previous quarter to 40 per cent in Q3 2017.
“The labor force population increased from 83.9 million in Q2 2017 to 85.1 million in Q3 2017. The total number of people in full-time employment (at least 40 hours a week) declined from 52.7 million in Q2 2017 to 51.1 million in Q3 2017.”
NBS in the report blames the increasing unemployment and underemployment rates on Nigeria’s fragile economy despite the exit from recession. The report explained that domestic labor market is still fragile and economic growths in the past two quarters in 2017 have not been strong enough to provide employment in Nigeria’s domestic labor market.
“An economic recession is consistent with an increase in unemployment as jobs are lost and new jobs creation is stalled.
“A return to economic growth provides an impetus to employment. However, employment growth may lag, and unemployment rates worsen especially at the end of a recession and for many months after,” the report said.
During the third quarter of 2017, according to the report, 21.2 percent of women within the labour force (aged 15-64 and willing, able, and actively seeking work) were unemployed, compared to 16.5 percent of men within the same period.
The report also noted that underemployment was predominant in the rural areas as 26.9 percent of rural residents within the labour force in were underemployed compared to 9 percent of urban residents within the same period.
The Bureau states that the number of people unemployed increased from 13.6million to 15.9 million in the second quarter while in the third quarter it increased from 17.7 million to 18.0 million in the same year.
“An economic recession is consistent with an increase in unemployment as jobs are lost and new jobs creation is stalled,” the report said.
“A return to economic growth provides an impetus to employment. However, employment growth may lag, and unemployment rates worsen especially at the end of a recession and for many months after.”
The Bureau further stated that unemployment is higher in urban areas while underemployment is higher in rural areas in Q3.
Senator President Bukola Saraki says to reduce the growing unemployment rate in Nigeria, the marginalisation of young Nigerians must be stopped by including their interest in national planning.
Speaking on Monday during a gathering on youth unemployment and development organised by the Senate, Saraki said it is necessary to consider the issue of marginalisation of Nigerian youths as the issue of unemployment persists despite several laws by the National Assembly on the issue.
“There are still things that we need to do. Those of you who are here are those who deal with this daily. We do hope as we continue to diversify the economy and move from economic recovery to expansion.
“We must end the marginalisation of young people by including their interest in national planning,” he said.
While welcoming participants to the event, he encouraged them to shed light on how the country can begin an inclusive development process that will end the marginalization of young people in the country.
Present at the meeting include the Director, African Youth Growth Foundation, Arome Salifu, Director, Centre For Leadership Strategy and Development, Dr Otive Igbuzor, Program Manager, Youth Initiative For Advocacy, Growth And Advancement Cynthia Mbamalu and the General Manager, Bank Of Industry, Abdul-Ganiyu Mohammed.
The Senate president says this consultative process is to help open up the decision-making process and aid the Senate to begin inclusive development programmes that will embrace a large portion of young people in Nigeria.
The Kwara state government has restated its commitment towards addressing youth unemployment with the resolve to create 20,000 jobs in the agriculture sector.
The state Commissioner for Agriculture and Natural Resources, Adegoke Bamidele, made this known while addressing journalists in Ilorin, the state capital.
He revealed that the government has concluded plans to create the jobs for youths who are interested in agriculture adding that they would be selected across the 16 local government areas of the state.
“There are no criteria for selecting the youths in agricultural business as it is the only alternative source of revenue for government to generate revenue.
“If 20,000 youths are empowered in agricultural business, it will boost the Gross Domestic Products of the state and also enhance its economic development.
“The youths will be trained on farming, piggery, animal husbandry and fishery among others.
“Private organizations are sacking workers on daily basis but the only secured job is skilled jobs and the idea is to make the youths not to depend on government jobs alone but also be self employed,” Mr Bamidele added.
The House of Representatives has asked President Buhari to suspend the ban on importation of new and used cars through land borders.
The ban which was announced on December 5, 2016 by the Nigerian Customs Service (NCS) is due to take off from January 1, 2017.
The lawmakers, however, say the policy is too harsh as it would further worsen the economic situation of many Nigerians who are already groaning under the prevailing recession.
The decision of the lawmakers followed the adoption of a motion by Representative Abubakar Salami who noted that the percentage of Nigerians who can afford cars has reduced drastically following the decline in the value of naira, inflation and unemployment.
He said that the Federal government has not put in place alternative measures to ensure that Nigerians have access to cars, “since it is cheaper to buy cars from neighbouring countries and still generate revenue by ensuring that our borders are secured”.
“Some of those making these policies have failed to patronise the made-in-Nigeria goods, especially Nigerian Assembly vehicles which are in any case not affordable to over 80% of Nigerians who can only afford fairly used imported vehicles.
“The ban will cause more harm than good and it will certainly lead to the increase of smuggling,” he said.
Kogi State Governor, Yahaya Bello, has flagged-off the federal government N-Power program for 4,530 successful beneficiaries in Lokoja, the state capital.
Governor Bello during the flagging off, lauded President Muhammadu Buhari, for the initiative aimed at empowering unemployed graduates across the federation, while also charging the beneficiaries to be diligent and give their best in the discharge of their duty.
The N-Power deployment exercise is a two years program created by the present administration of President Muhammadu Buhari, which is designed to drastically reduce unemployment in the country.
The focus is to provide the young graduates and non-graduates with the skills, tools and livelihood to enable them advance from unemployment to employment, entrepreneurship and innovation from various states of the federation.
The Kogi state government is the first to flag it off, with the belief that keying into the opportunity, would reduce unemployment and crime rate.
It is set to target Nigeria’s critical needs in education, agriculture, technology, creative, construction and artisan industries.
About 500 successful young graduates who are now beneficiaries of the scheme, all gathered at the glass hall of the government house Lokoja for the official flag-off of the social investment program.
Also present were top government officials such as the Special Adviser to the governor on multilateral donor agencies and special projects, Adoga Ibrahim.
In his address of welcome, he said physical verification and deployment of beneficiaries to their various places of assignment would begin from next week at various local government areas, while he warned those with fake credentials to stay away.
Secretary to the state government Folashde Arike, equally charged participants to be honest and hard working.
In his key note address, the governor promised the beneficiaries that his administration would retain all those that are able to distinguish themselves on their given assignments after the set two year period.
He noted that he was working hard to ensure all industries and commercial opportunities available in the state are revived to provide jobs for youth.