President Bola Tinubu has identified Nigeria’s rapidly growing population as the primary cause of the country’s high unemployment rate. Speaking at the National MSME Conference, Tinubu emphasized that the population growth has outpaced the creation of sufficient job opportunities.
Key Statistics:
– Unemployment rate: 5.3% in Q1 2024 (National Bureau of Statistics)
– Higher unemployment among females: 6.2% compared to 4.3% among males
– Urban unemployment: 6.0%
– Rural unemployment: 4.3%
Government’s Response:
To address the issue, the government has allocated N9 billion through the Small and Medium Enterprises Development Agency of Nigeria to support micro, small, and medium enterprises.
PRESIDENT TINUBU’S QUOTE
“For too long, Nigeria has underperformed, unable to harness the potential of its large population of hardworking citizens. Nigerians are not lazy; the problem has been a lack of job opportunities.”
Strategies to Tackle Unemployment:
1. Localization of production processes
2. Digital transformation
3. Shift from crude-based economy
4. Supporting MSMEs
The President emphasized the importance of MSMEs, accounting for 90% of businesses and contributing nearly half of Nigeria’s GDP, providing employment for over 60 million Nigerians.
Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, and Director-General of SMEDAN, Mr. Charles Odii, also stressed the need for digitization and collaboration to drive MSME growth and overcome challenges.
Punch.
