Unemployment Rate in Nigeria increased to 23.10 percent in the third quarter of 2018 from 22.70 percent in the second quarter of 2018. The goal of all job creation strategies is to stimulate healthy economic growth. Economists agree that annual growth between 2 and 3 percent is sustainable.
In a market economy, the government needs to keep improving economic growth. Capitalism encourages small businesses to compete, thereby creating better ways to meet consumers and the nation needs, this will encourage the growth of creating more job when business is developed. The proper role of government is to provide a supportive environment for growth.
Earlier this year in the month of May 2019, China showed the world time and again that the Belt & Road Initiative (BRI) is more than just a geographical route, but a series of networks to drive trade, security, people to people exchange among others. Digesting down to this and according to Leadership Newspaper, It has been revealed that the investments made by Chinese companies to the Nigerian economy have run into 20 billion dollars. Chinese Companies have been able to generate more revenue from things we aren’t doing.
It is very essential for the government to show and exhibit more of progress in creating employment not just from the foreign countries only, but we Nigerians. This will encourage a good flow of money with the nation and the rate of importing unnecessary foreign goods should be banned. The government should have the ability to work and bring the people nearer to the government with the use of efficient service on social media using #FixNigeriaEconomic. This platform will give citizens the opportunity to give their opinion and views about the rate of unemployment; also they’ll be able to give ideas and advice to the government on basic things that will benefit the creation of more employment in Nigeria.
Also, Unemployment in Nigeria will only be reduced when there is an increased rate of growth in the number of jobs. Higher growth in employment, in turn, requires a faster growth in economic activity. It follows that the main way the government can promote employment growth is by using ‘macroeconomic’ policy to facilitate high rates of growth in GDP. This is the demand-side of policy.
Below are solutions to reduce the high rate of unemployment. They are:
▪ Invest more in public services.
▪ Increase flexibility in the disability support pension regulations in relation to employment.
▪ Invest more and reduces the interest rate on small scale business
▪ Concentrate on genuine skills development, not trying to match the skills demanded.
▪ Generate effective role of money distribution for economic growth.
▪ Concentrate on the growth of youth development in Agriculture.
▪ Disseminate effective flow of power in educational participation for young graduates etc.
“We don’t need rocket science for the growth of our nation, but our mindset and commitment will work. Together we can develop a standard nation of employed citizens”
An opinion piece by Ọpẹyemi Adémólá. Mr. Adémólá is a social media influencer.
The opinions expressed in this article are solely those of the author and not of Naija News.