Nigerian dilemma: the Unemployment problem and economy growth

A Nigerian dilemma in regards to the rising unemployment and the continuous growth in economy GDP. The Nigerian economist and Minister of Finance Dr. Ngozi Okonjo-Iweala, has assured Nigerians that the economy remain strong in spite of the state of emergency declared last week by President Goodluck Jonathan in Yobe, Borno and Adamawa States. But unemployment is fast rising.

The Minister reported an economic growth at 6.5 per cent in Q1 2013 and foreign reserves standing at $48 billion, amongst other positive indices but no job creation was reported. What is the goverment doing to fix ongoing poverty and unemployment of Nigerians.? Nothing

“Although, the economy is said to have recorded a growth rate of about 7 per cent, it has created few or no jobs, leading to an all-time high unemployment records. Whereas official figures put unemployment rate at 24 per cent, there are indicators to believe that the actual estimate could be as high as 60 per cent or higher. Nearly all of our employable youths remain unemployed, constituting a veritable army of the hungry, disillusioned and angry with great potential for undermining the peace and security of the nation.”

“Critical infrastructure continue to decay just as power generation continues to dip. Government’s promises in the power sector, especially in power generation and distribution have been observed in the breach. Non-budgetary provision for power supply has worsened the power situation, in spite of unjustifiable high tariffs.”
Says the National Labour Congress president.

According to Omar, government still has a great role to play in fixing this Nigerian dilemma. It cannot afford the luxury of leaving the economy to market forces, as no reasonable government does that, he said. There must be an affirmative declaration by government to create jobs, he added.

(Sources: Leadership.ng)