• Tuesday, June 18, 2024
businessday logo

BusinessDay

Expert blames national insecurity on rising unemployment

Unemployment-Nigeria

As the Nigerian economy remains volatile, the Federal Government has been called on to critically tackle the case of rising unemployment in the country, as a way of managing the ongoing risk of national security.

At an interaction with journalists Abuja, Olu Olasode, an economist and group managing director of TL First UK, who expressed worry over the rate at which unemployment in Nigeria was increasing in uncomfortable proportions, said this was posing destructive menace to the Nigerian society, and unless the government and policy makers pay critical attention to it, things might go worse.

Olasode, however, commended the government on the systems that had been established to block leakages, the ongoing efficiency programme and the introduction of reflationary stimulus, but emphasised the need for a clear economic reform and integration of initiatives to boost employments and social well-being of citizens.

“It is clear that no sustainable development is possible in a country threatened by internal insecurity, crisis and conflicts. Development, therefore, relies heavily on the state of a nation’s security,” Olasode said.

According to Olasode, “given the significant role played by Nigeria in the West African region and Africa as a whole, we cannot allow room for disintegration. As such, it is imperative that a security framework, which integrates and emphasises security sector reform, economic diversification, food and environmental security, job creation and good governance, be advanced.”

Olasode welcomed the clear vision, direction and drive for change of the President, which has been cascaded down the rung of leadership across the country. He, however, emphasised the need for effective execution and sustained drive.

“The effects of the changes in Nigeria’s fiscal monetary policies, economic programmes, and reflationary activities will take some time to translate to outcomes. In the meantime, there need to be a clear and consistent framework for monitoring the President’s economic strategies and ensuring sustained desired outcomes,” he advised.

Olasode, who noted that these were the challenges and areas our leaders need to focus on so that the economic ‘roadmap’ was supported by effective delivery and monitoring strategies, suggested integration of policies, reforms and strategies in a more coordinated way to ensure delivery of appropriate outcomes.

 

Modestus Anaesoronye