Expert links Nigeria’s unemployment to inconsistent economic policies
An economist and investment analyst, Biodun Adedipe, has attributed the worsening unemployment in the country to inconsistent economic policies.
He lamented that although the Nigerian economy was growing stronger, it was not growing it in an inclusive manner, adding that with 29 million people unemployed, the economy needs serious diversification.
Speaking at the 38th yearly general meeting of the Chemical and Non-Metallic Products Employer’s Federation (CANMPEF) in Lagos recently, Adedipe, said the unemployment issue was not about the existence of automation, but putting the right economic policies in place.
He said the country achieved 6.12 per cent annual average of Gross Domestic Product (GDP) for 15 years, which was an enviable record anywhere in the world, except in China.
He explained that having that consistency and achieving such average over such a long period of time was not an easy thing.
“But we did this in Nigeria because we were creating more of dollar millionaires than we were creating jobs and that triggered the rising unemployment rate we are experiencing presently,” he said.
He stated that the country’s population was growing at about 3.2 per cent annually, which is another major challenge government should be looking at.
“Because if this trajectory continues with what the rest of the world is doing by the year 2050, Nigeria would have the third largest population in the world.
“We are number seven in the ranking and we are projected to be number six by year 2020 and if nothing is done about our population in year 2022, we would probably become number five and by the early 30’s we would be number four having only USA and China ahead of us. By year 2050, we would be number three with USA behind Nigeria,” he stated.
Adedipe noted that the country should not be aiming to create dollar millionaires that would only buy private jets and build mansions all over the world but should create jobs through deliberate policies to encourage domestic manufacturing.
Manufacturing creates a lot more jobs than trading,” he stressed.
President of CANMPEF, Devakumar Edwin, said it remains firm in its objective to promote the interest of its members and to facilitate the creation of an enabling environment, which will assist profitable business operations for its member companies.
Executive Secretary, CANMPEF, Afolabi Oke, appealed to Federal Government to do everything possible in alleviating the plight of manufacturers for business sustainability, national growth and reducing disengagement of workers and unemployment in the country.