Rate Of Unemployment In Nigeria Gives Me Sleepless Nights – Okonjo-Iweala

NOI-

Dr. Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister of the Economy, has said the spate of unemployment in the country is giving her sleepless nights.

Speaking while inspecting an ultramodern Information and Communications Technology factory of Omatek Nigeria Plc in Lagos on Friday, Okonjo-Iweala said, “According to the National Bureau of Statistics, each year, about 1.8 million young Nigerians enter into our labour market and we need to ensure that our economy provides jobs for them.

“In fact, some people ask, ‘What keeps you awake at night, with regard to this economy?’ I say it is the issue of job creation. And I know this is what keeps Mr. President awake at night as well.

“That is why we have responded to the challenge of creating jobs by trying to transform several sectors of the economy; from agriculture, where we’re expecting to create 3.5 million jobs and where the progress of reaching our goal of feeding this country is already well advanced.”

The minister said Nigeria lacked institutions on which to build its developmental programmes.

“When you look at Nigeria, for over 50 to 60 years, we’ve been working without the key institutions that some other people have. We keep making stopgap solutions. For 50 years, we didn’t have a Bureau for Public Procurement; for 50 years, we didn’t have a Debt Management Office.

“So many of the institutions that we have now are new and if you stand back, you’ll see there are still many gaps. It is now our job to try to fill those gaps.”

The minister said the Federal Government was putting in place more initiatives to encourage small and medium scale enterprises.

She noted that the Central Bank of Nigeria had put in place a N200bn guaranty fund for SME’s to access bank loans.

Okonjo-Iweala said, “Let me mention that the Minister of Information and Communications technology has started a Venture Capital Fund with about $15m, which is being financed by the government and other donors.

“The idea behind it is to help support innovative enterprises in the field of ICT. This is designed to lift up some of the young people in Computer Village doing all sorts of innovations.”

She asked investors to encourage public investment in their businesses and to list their companies on the Nigerian Stock Exchange.

The minister said the capital market had been revamped to allow the listing of SMEs through the Alternative Securities Market.

According to her, the platform has made it easier for SMEs to list their companies and to raise additional resources from the capital market.

She added that there were advisers to help small scale investors meet their listing requirements and to help them on how to get listed.

The minister, who described the stock market as a challenging one due to “infrastructural bottlenecks,” said in spite of the challenges, companies had kept growing and maintained high quality standards.

She noted that ICT remained one of the main platforms for the creation of jobs, adding that e-commerce was striving in Nigeria, while more companies were carrying out transactions online. [Punch]

11 COMMENTS

  1. Mrs okonjo iweala yes I feel u too but I must tell you that there is job in this our country Nigeria but the problem is that most head of this various organization reserve this jobs for people they know so we that don’t have Abraham as fathers keep submittin our CV from one organization to the other hopin to hear from them.but the problem is that after series of apptitude test,interviews,those that will have the job we still get it.

  2. she is liering is nt in any way giving her sleepless 9t if she thing it dose ask her ameny of her family members are unemployed.this is just nosense ameny graduate dose we have in niger there are all jobless doing nting at home just moving around d street co-orropting d country stealing everyway stell d leaders do nting about it,

  3. This is how good leaders suppose to think for the welfare of their nation. Truly, u and our presido have a good thought for us; inorder to give us an expected end. More grease to ur elbow, we are also praying for u and the president, so that God will give u more knowledge to acomplish ur plans towards problem of unemployment in Nigeria. God bless u

  4. Madam Finance, tell that to the birds. After almost 7 years in Govt, no light, no good road, no functional infracture.on ground, and yet you’re collecting all your perks. Pls shut up and sit up.

    • First of all, please remove that title from your name and stop insulting our sensibilities. Pastors don’t make nasty comments like the one you made here. The woman is doing her best and should be commended.

  5. Precisely speaking, she is said nonsese, it does’t give her sleepless night at all, they are only putting their people in possition, God will judge them.

  6. Madam you have spoken well but more jobless graduates are out submiting cvs yet no response…. I cannot count the number of cvs i have submited but i will not give up…. Do what you can to help us…. Thanks

  7. what i belieave to solve the problem of this nation should started from the top,works with the minister to know there uptodate of there doing and also go to the ministries to know how they have been doing and above all inspecting should take place without notice. Thank you

  8. Madam what efforts have u made to ameliorate the situation.why are we deceiving ourself? Pls madam stop shelding crockodile’s tears.

  9. JOB IS NOT A PROBLEM IN THIS COUNTRY IF YOU HAVE GOD”S FATHER . IN EVERY ESTABLISHMENT JOBS IS BEST ON RECOMMENDATION , IT HAPPEN TO ME IN JUST RESENT RECRUITMENT IN DEPARTMENT OF PETROLEUM RESOURCE(DPR) AFTER THE FINAL INTERVIEW I FIND OUT THAT PEOPLE EMPLOYING THERE IS EITHER SON OF THE DIRECTORS OR FROM POLITICIAN. SO WE THAT DON’T HAVE GOD”S FATHERS WHAT DO THINK? OUR GOD IS ALIVE.

  10. I really appreciate ur effort and that of Mr president. But you need to come to nigeria level to solve nigeria problem. The problem is not really with creating jobs, but those you put in charge. the subsidy re-investment program (sure-p) is a good attept by the federal government, but if I have to tell you wat I know about this program then you will know that our major problem is with this so call leaders. And I want to use this medium to call on Nigeria youth to join “SPY” a group that will liberate nigeria from this problem of unemployment

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