Unemployment and the 2023 elections

Without a doubt, the greatest issue affecting young people in Nigeria today is unemployment. The National Bureau of Statistics put youth unemployment at 53.4 percent as of December 2020, and the aggregate unemployment rate of 33.3 percent is the third-highest in the world.

The direct impact is a surge in poverty levels. By the end of 2022, an additional five million Nigerians are expected to fall below the poverty line, putting the number of people in Nigeria suffering from poverty at 95.1 million – around half the population. The indirect impact is increasing insecurity. Unemployed youth are easy prey for recruitment into gangs, extremism, and criminal enterprises.

There are several factors behind the problem of unemployment, including population growth outpacing economic growth, the inability of school curricula to equip students with skills for employment, inadequate industries to absorb competent graduates, dwindling level of foreign investment, and even reluctance of local investors to put money into production activities. Wealthy people now invest money in bonds or simply buy foreign exchange and keep it till the rates get higher. This activity not only suffocates the economy but also puts undue pressure on the naira, whose value continues to tumble.

Another source of unemployment is the inability of the people to go to farms due to insecurity. This sad development has also created unemployment, added to the rate of poverty, and worsened food insecurity.

At the highest level of government, job creation and improvements to the business environment are one of the best tools to combat this.

The Buhari administration has failed to provide solutions to these core issues. Nigerians are right to feel angry and disappointed with the democratically elected president who once promised to reform our economy. Yet, we should feel optimistic as the 2023 general elections draw closer. We have an opportunity to recalibrate our nation’s trajectory by electing fresh leadership that has a record of delivering real solutions.

That is why the issue of job creation should be a dominant one in the 2023 electioneering campaign. It is expected that all the aspirants seeking to be President, governors and federal parliamentarians must make it a priority to explain what they intend to do to create jobs. The issue of job creation should be a major determinant of who wins what in 2023.

One will expect that by now, all presidential aspirants would have unfolded their blueprint, manifesto, or policy documents on what they will do to take the unemployed youths off the streets and gainfully engage them.

While one is still waiting to experience the contest of ideas on job creation, only one presidential aspirant has spoken to the issue at different fora. He is Dr. Abubakar Bukola Saraki, former Senate President and ex-Governor of Kwara State. During several interviews and interactions with stakeholders of the PDP, Dr Saraki has unfolded his agenda on job creation. For example, he promised to implement what he called the “Upskilling the Nation Agenda – A massive campaign to improve the Technical and Vocation Education in which 1 million people will be trained in different set skills every year.

In a 131-page policy document produced as the blueprint for administering Nigeria, he promised to designate key sectors of the economy from agriculture and manufacturing as priority sectors to expand the production of consumer jobs to promote job creation and economic growth. According to the document, the government will promote enabling environment for businesses to thrive by implementing appropriate fiscal policies, formulate measures and incentives to promote access and efficient use of factors of production

The former Governor of Kwara State relying on his experience promised to promote and support the growth of SMEs by organising the informal and unstructured sectors of the economy, promoting Buy Made in Nigeria by revamping public procurement policy to stimulate domestic production and increase the percentage of the pension fund that is invested in the capital markets.

For a clincher, Saraki at a forum said: “We will open up opportunities for the youths in the areas of ICT, agriculture, and the creative industry to create massive employment for the youths.”, he stated again while adding that “We have a plan to reform the power sector as a way of unleashing the energy of our people”.

With all these plans, the medical doctor turned banker and later politician, seems ready to put millions of young Nigerians to work and gainfully engaged, if elected President next year.

Idris writes from Abuja.