Implementing policies to promote economic growth, job creation
15 October 2024 |
4:26 am
The strength of any nation depends on the policy framework and initiatives put in place by the government and private sector, including Non-Governmental Organisations (NGOs), to develop and empower the youths to maximise their potential
As the high cost of living impacts negatively on many youths and households in the country, the call for the government to implement policies and develop effective solutions to address the pressing issues affecting youths in Nigeria has been underscored, SARAH AILEWON and CAMILA IGBAFE write.
The strength of any nation depends on the policy framework and initiatives put in place by the government and private sector, including Non-Governmental Organisations (NGOs), to develop and empower the youths to maximise their potential, talents, and untapped capacities in nation-building.
Due to numerous challenges and the harsh socioeconomic environment in the country, many Nigerian youths are now depending on themselves and driving their future by creating opportunities and undertaking different entrepreneurial ventures toward self-reliance.
Indeed, youths in Nigeria are crucial elements in the development process, and it has been established that no nation can develop beyond the quality of its youth.
Today, many Nigerian youths are roaming the streets jobless with no thanks to the increase in fuel pump prices that has also affected many of them with low income to move about in search of better jobs.
For them to contribute to national development, experts have said that there is a need to put in place workable and funded policy initiatives to empower and develop their capacities.
They argued that the country’s youthful potential is glaringly obvious, as are the dangers of failing to lay the necessary social, economic, and infrastructure foundations for young people’s success.
They maintained that despite the government’s wide variety of interventions in its National Youth Policy, millions of young Nigerians confront unemployment, limited opportunities for skills development, and other systemic challenges that limit their participation in social, economic, and political activities.
Already, Nigeria ranks as a “low youth development” country, 161st out of 181 countries, in the Global Youth Development Index, with particularly low scores on employment and opportunity (173rd) and peace and security (168th).
Also, Nigeria’s poverty rate is estimated to have reached 38.9 per cent currently, with millions living below the poverty line. When The Guardian engaged some youths on their challenges following the economic downturn in the country, they lamented that it has left many of them in a precarious financial situation, struggling to afford necessities.
They stressed that with job scarcity and inflation on the rise, many young people are finding it increasingly difficult to secure stable employment, thereby fueling anxiety and uncertainty.
According to them, economic hardship has affected every aspect of youths’ lives, from education to healthcare, entertainment, and social interactions.
Speaking with The Guardian, one Braimah Zekeri, said: “We no longer talk of a balanced diet so far we get something to eat, we skip meals to survive. There is hyperinflation. Religiously, godliness is being commercialised by spiritual leaders to feed their families. Politically, the government has become the winner who takes it all; those in power live ostentatious lives at the expense of the jobless masses and civil servants with meager salaries. Socially, there is escalating insecurity, too much hatred, and communal crisis all over the country since a hungry man is an angry man.”
As the cost of living is suffocating many youths, a young female entrepreneur, named Smith said she fears for her future. She said that the government encouraging entrepreneurship and providing resources for start-ups could help create jobs and stimulate economic growth.
According to her, implementing policies that promote economic growth, job creation and social welfare was crucial, adding that improving access to quality education and vocational training could also enhance youths’ employability.
A student at Edo State University, Bello Olabisi, lamented that as a student in Nigeria, the economic situation has made basic needs and personal care items quite expensive.
“This has caused self-doubt about my spending habits when the real issue is the high costs, not my financial decisions. Food items are expensive, even buying meals are expensive, and if you are a girl that likes long hair, you have to adjust because hair extensions are also expensive, skin care prices are skyrocketing too, and even ultra pad prices are high for something essential for women,” he stated.
A student at Calabar State University, Effah Nicole, said, “The economy is affecting me badly, especially because I have to fend for myself. Talking about transportation to school, then feeding money and other stuff you need to do in school like printouts and allowance is N30,000 per month? It is a hand-to-mouth type of survival, and I hope the government can do something about it.”
Many youths also lamented how the high cost of fuel products has severely impacted transportation, daily living, and the financial stability of many families across the nation.
The situation, they stressed was pushing students to their limits. According to them, what was once a manageable challenge of balancing academics with personal expenses has now turned into a daily battle for survival.
They said the fuel crisis has not only affected their commute but also their academic performance and emotional well-being. For them, the recent spike in fuel prices has caused vendors to also raise their prices, adding to the overall cost of living for students.
The Guardian gathered that many, who previously lived on campus or near their schools, are now finding themselves priced out of accommodation, exacerbating the housing crisis for student. With limited resources, they are forced to make difficult decisions about whether to spend money on transport, food, or academic materials.
“Studying has been incredibly challenging due to the economic downturn. The recent fuel price hike has led to frequent power outages and generator shortages, which hinder my academic activities. Transportation costs have skyrocketed, and food prices have surged because vendors’ expenses have gone up.
“The hostel situation is dire. Rent, which used to be N180,000 for a room without basic amenities like water, has now jumped to N250,000. Many students can’t afford it, thereby worsening the housing crisis. These changes have made it difficult to focus on my studies and significantly affected my quality of life,” said Blessing Adebayo, a student at Kwara State University.
A parent and civil servant with two children in a higher institution, Mary Maduka, lamented how she has been coping to meet her children’s demands while navigating the high cost of living.
“We shouldn’t have to live like beggars in our own country. My salary is barely enough to talk about, and being a parent has become incredibly difficult. I find myself begging just to afford public transport so I can manage my finances. Schools are affected too, with rising fees and textbook costs that fall back on us as parents. It is a serious issue, things need to change,” she said.
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