Saturday, 18 March 2017

NBS Report: More Than 3.67 Million Nigerians Lost Their Jobs

The current report from the National Bureau of Statistics (NBS) shows that over 3.67 million Nigerians lost their occupations over the course of 2016 ought to be of significant worry to the government and all Nigerians. This is because this figure, as opposed to portraying an economy that is showing positive signs, is obvious of a quickly declining one despite the sparkle a few people and government need to put on the Nigerian economy under the administration of President Muhammadu  Buhari
NBS Report: More Than 3.67 Million Nigerians Lost Their Jobs

Job losses are an indication of economic hemorrhaging, particularly when the rate is on the high side. This is obvious in the position of the NBS that the unemployment rate has been on the high side in the nation in the previous couple of years, achieving 13.9 for every penny for 2016. The rising employment misfortune and unemployment rate in Nigeria must have likewise been the perspective for the World Bank when it expressed that there had been more occupation misfortunes than job gain as the nation pondered a declining economy. The genuine point here is that increase in job losses  indicate proceeding with issues in the economy particularly as there can't be change in the productive limit of the economy where individuals are losing their occupations.

Specifically, it must be expressed that the objective of the administration given the continuing increase in the unemployment rate is to enhance the genuine and profitable sectors of the economy which are the engines that could give engagement and work to the overflowing populace of Nigerians out of beneficial engagement. The objective of the government ought not to simply be about offering paltry employment opportunities to around 200, 000 Nigerians through its engagement program as this number pales into irrelevance in the face of the total number of Nigerians that are out of work. Efficiency ought to be about enhancing the economic conditions that would make it feasible for Nigerians to build up organizations and for the nation to draw in foreign investors who might likewise set up ventures that would offer enormous employment. It is just by getting the productive economy to function maximally with establishments springing up to engage appropriate Nigerians that the nation could stem the present trend of job losses.

Unfortunately, the country is currently not moving in that direction. We still have fundamental shortages in infrastructure within the economy with the problem of power supply being the key one there. Associated with this is the fact that the environment of doing business in Nigeria continues to be tedious and very discouraging in spite of promises by the government to drastically improve the environment of doing business. It is therefore not surprising that experts on the economy are speaking of continuing contraction in the Nigerian economy as the economy necessarily needs a higher level of production in order to turn the tide on its decline.

What the report on increasing job losses indicates therefore is that the current efforts of the government are not enough to stem the decline. The government would have to do more and initiate concrete new policies that would seek to stimulate the economy into growth through increased production. There is a direct link between production and employment, such that increasing job losses would point at a lack of production and stimulation of production would necessarily bring back employment opportunities for Nigerians. The government therefore has to double its efforts at stimulating the real sectors of the economy in order to get it back into production mode, which would ensure that Nigerians become productively engaged to the continuing benefit of the economy. The consequences of the current trend of increasing job losses are too grim to be countenanced.

The government should see the current situation as an emergency given that what is important for the health of the society is to get Nigerians productively engaged.  We therefore see the new report from the NBS on continuing job losses as more of a clarion call on the government to review its current strategies which would seem not to be working. It should change gear and intensify efforts to arrest the decline in the economy in order to usher in positive growth and production. Nigerians direly need and require an economy that would provide employment and productive engagements for them and this is what the government should make its urgent concern right now.

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