How to curb unemployment, Economists tell FG

Economists have urged the federal government to invest more in the information and communication technology (ICT) sector and mechanised agriculture to tackle unemployment.

The economists spoke in separate interviews with the newsmen in Lagos on Tuesday.

Prof. Bright Eregha, Economics Department, Pan Atlantic University, said the government could ameliorate the unemployment rate by investing more in the Information and Communication Technology (ICT) sector.

“The sector is instrumental and an enabler to drive economic growth, particularly in this fourth industrial revolution era, where machines such as artificial intelligence are providing innovation that can enhance productivity in the general economy,” Eregha said.

He urged that the government sustain its investment in key infrastructural renewal due to its developmental impact on the economy.

“This will enhance domestic production and create employment opportunities for the people,” Eregha said.

Also, Prof. Tunde Adeoye of the Economics Department, University of Lagos, said the government could reduce the unemployment rate by investing in mechanised agricultural schemes.

“Schemes such as creating more farming settlements in many states fitted with key infrastructure suitable for people to leave a quality life.

“This will motivate more people to foray into farming and reduce the rural-urban migration,” Adeoye said.

He added that the government could check unemployment by supporting the growth of small businesses.

“The government should give more support to small businesses through its policies because of the pivotal roles they play in checking unemployment.

“Support to small businesses is necessary, particularly in this period of economic downturn caused by distortions in the general economy,” Adeoye said.

Dr. Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise, also said the government should adopt stable macroeconomic policies that would create employment opportunities.

He emphasised that the government needed to also address the structural challenges in the economy triggering unemployment in the country.

“Issues relating to insecurity and increased electricity tariffs, among others, should be tackled frontally by the government.

“These will automatically lead to growth and create employment opportunities for the people,” Yusuf said.

Supreme News reports that Nigeria’s unemployment rate declined to 4.3 percent in the second quarter of 2024, signalling improved labour market conditions.

According to the latest report released on Monday by the National Bureau of Statistics, this marks a decrease from the 5.3 percent recorded in Q1 2024 and reflected a gradual recovery from the 5.0 percent in Q3 2023.

The Labour Force Participation Rate rose to 79.5 percent, up from 77.3 percent in the previous quarter, highlighting increased workforce engagement.

This indicates that a higher proportion of the working-age population was gainfully employed during the period.