A report released by the Centre for the Study of African Economies (CSAE) has shown that the Nigerian economy is not creating jobs for young citizens.
The report which covers a period from 2000 to 2020, also shows that the mining sector is worse in lack of job creation.
Presenting the report, one of the CSAE researchers, Mma Ekeruche said the research shows that the economy is not creating jobs for young people.
According to her, the COVID-19 pandemic exposed the continent more especially Nigeria with jobs declining from 51 million to 31 million with women and youth mostly affected.
“From 2000 to 2020, jobs have declined in Nigeria. The worst hit is mining, which fell from 29 percent to 10 percent in 2020.
“Employment growth in financial and business services increased by 24 percent and employed a large number of people.
“Mining can’t absorb large numbers of people and it is on the decrease. The sectors that contributed are the financial and the business sector which is also resilient to shock.
“Agro processing, financial and business, ICT, Tourism, formal trade and transportation increased in the share of employment and hold the keys to future jobs,” she said.
According to her, highly skilled and the female population will be the most needed in future jobs adding that 41 million jobs will be created for male, while 16 million jobs will be created for females if the needed infrastructures are created.
Mma mentioned the challenges that will affect the future jobs to include – poor infrastructure, lack of access to finance, corruption, skills gaps, land policies.
The researchers recommended that investment should be increased on infrastructure, close skills gaps, strengthen development of financial institutions, improve governance and regulatory framework and increase logistics.
Speaking during the unveiling of the report which was launched at the CSAE office in Abuja, the Advisory Partner and Chief Economist, PwC, Nigeria, Dr Andrew Nevin, said music, entertainment, fashion and cyber security will play a serious role in the Industries Without Smokestacks (IWOSS) adding that such businesses have a good value chain.
Speaking, a lecturer with University of Nigeria Nsuka, Prof Emmanuel Nwosu said African countries have not been able to have a substantial value for their export that’s why the export is low.
On his part, the Chief Economist at the Development Bank of Nigeria, Prof Joseph Nnanna said the federal government has taken the bull by the horns for having a law that enables the private sector to generate and distribute power.
He said several jobs will be created with the economy looking promising in the aftermath of the CBN’s direction to unify the exchange rate adding that such have sent a signal to the international community that Nigeria is open for business.
Chief Research Economist, African Development Bank, Nigeria Dr Anthony Simpasa, said the bank is very clear on how they look at partnership that will unlock potentials adding that their partnership is on how to reduce poverty.
In Nigeria, he said they undertook numerous programmes focusing on the youth.
“This programme will benefit all the sectors of the economy adding that the Bank has invested in that area.
Deputy Director, McArthur Foundation Nigeria, Dr. Amina Salihu said they must enlighten the society to know what is changing in the future.
She said there must be a mix of a political economy with effective institutions that have influential networks.
She said over 100m dollars in the last five years has gone to the empowerment of the Nigerian people and boosting the economy.
The Monitoring and Evaluation Officer, Tony Elumelu Foundation, Aluwafemi Aro said most of the entrepreneurs in Africa are challenged by lack of access to capital adding that their target is new businesses and growing businesses that have the potential for job creation.
