Nigeria’s Economic Policies Are Anti-Job Creation, Experts At Economic Summit Conclude

Experts and economic stakeholders who spoke in Lagos at the  World Stage Economic Summit 2016 have reached a consensus that the rising rate of unemployment in Nigeria is as a result of anti-job creation policies of the government.
Speaking at the Summit, with theme: “Addressing Unemployment Crisis in Nigeria,” the experts challenged the government to carry out a major review of its economic policies to solve problems instead of creating more confusion.
Nigeria with a population of over 182 million, is battling with 49.5 per cent youth unemployment rate as at second quarter 2016.
Dr. Femi Saibu of the Department of Economics, University of Lagos, Akoka, who presented a lead paper at the summit drew attention to the government policy on the ICT revolutions, saying that it is employment destructive and service oriented and not production/manufacturing sectors oriented.
On government direct employment policy, he said that it only created temporary jobs not employment at a greater cost while the series of youth entrepreneurship scheme across the country including ‘You Win’ always ended up in creating social media entrepreneur with no employment multiplier.
Hee said that the Small and Medium Enterprises Credit Guarantee Scheme had failed to achieve its objective as the funds were difficult to access even as it was politicized.
“People see it as their share of the national cake and generate little employment.”
At the summit, organised by World Stage Limited, with support from the Central Bank of Nigeria, Shell Nigeria, United Bank for Africa, Bank of Industry and Zenith Bank, the scholar said that what Nigeria needed are large scale industrial set up that can mop up thousand of unemployed youths.
He said that the country needed the establishment of businesses with value chains in productive sectors with greater employment multiplier and government spending in key sectors to provide basic infrastructures that can reduce cost of business.
Other economic stakeholders who spoke at the summit, chaired by Mr Soji Adeleye, MD/CEO, Alfe City Institution include, Mr. Mordecai Ladan, Director, Department of Petroleum Resources, Mrs. Omolara Aromolaran, MD/CEO, Crown Natures Nigeria Plc , Dr. Gloria Elemo, Director General/CEO, Federal Institute of Industrial Research (FIIRO), Mrs. Efua Edeh Executive Director, Junior Achievement Nigeria, Barrister Sunday Oduntan, Executive Director, Research & Advocacy, Association of Nigerian Electricity Distributors, among others.[myad]