Halting slide into higher unemployment, poverty levels

When Vice President Prof. Yemi Osinbajo announced that about 39.4 million Nigerians, or 33.6 per cent of Nigeria’s population may be left without jobs by the end of 2020, if the country failed to take proactive measures, many experts and employers acknowledged that the reality had just dawned on the leaders and limits of propaganda reached.

They argued that before the COVID-19 pandemic engulfed the world with biting effects on economies, high unemployment rate had been prevalent in Nigeria, as many had been left jobless, and thousands of young graduates thrown into the labour market yearly without the hope of being gainfully employed.
 
They urged that now that limits of propaganda have been reached and reality dawned, all hands must be on deck with sincerity and commitment to the people and the nation, to halt the drift and reverse the trend.
  
The recent predictions and Action Plan submitted by the Osinbajo-led, Economic Sustainability Committee (EAC), to President Muhammadu, also mentioned that Nigeria’s Gross Domestic Product (GDP) may fall between -4.40 per cent and -8.91 per cent.

However, he hinted on measures Nigeria could take to immediately halt the slide into higher unemployment, poverty and deeper recession. He said most of the measures, designed for short term purposes required sincerity on the side of government and commitment to genuinely seeing them yield results rather than as conduits for more corruption.
 
He canvassed as a matter of urgency, an immediate re-prioritisation of Nigeria’s budgetary allocations in favour of capital expenditures to productive centres. He said the N27billion for National Assembly renovation be stopped immediately, while the fund should be used to form an investible pool for real sectors of the economy.

He said the Federal Government must work with State and Local Governments to stop harassing and destroying the businesses of informal sector, insisting that street trading should not be criminalised, but encouraged through deliberate funding of the value chain to help create jobs needed to stem unemployment and encourage economic growth.
Onyeka canvassed a deliberate policy to assist manufacturers and indeed all businesses in paying part of the wages of their workers as a short term measure to tilt them over this period, to reduce the pressure on businesses and allow them to retain their workers that would have been retrenched.

“Easily accessible loans and grants for start-ups and other small businesses will create jobs, increase economic activities, and help jump-start renewed growth in the economy.

“Massive and deliberate investment in infrastructure development in public utilities, functional hospitals driven by direct labour is critical. This will create jobs and stimulate demand for local products thus help keep manufacturers busy as more of their products are consumed – jobs are retained, new ones created and economic activities increased.”
 
He said the Vice President’s acknowledgment of the imminent danger is even more unsettling than comforting, noting that if the government that is a major player is lamenting, what should the citizens be doing – “mourning and gnashing our teeth?”
 
He said Osinbajo should go beyond the lamentation and pressing the panic button to taking immediate actionable steps. “He is the government and not a bystander! If he can no longer function by any reason, he should inform Nigerians detailing what is preventing him from discharging his constitutional roles so that appropriate actions will be taken by national stakeholders. Shouting that the ship is floundering as the captain is not enough but generations of policies and programs will do better.”