Due to the lingering economic recession, job losses, high unemployment rate and hunger among others, several socio-economic groups and the Nigeria Labour Congress have said President Muhammadu Buhari’s economic policies are not working and advised him to come up with “workable” alternatives.
They said if the President’s economic policies were effective, unemployment rate and hunger would have reduced among Nigerians, and companies wouldn’t have had it so bad to survive.
According to a recent report by the National Bureau of Statistics, unemployment rate grew from 12.1 per cent in the first quarter of 2016 to 13.3 per cent in the second quarter, while about 1.5 million Nigerians have lost their jobs in the past one year.
“Accordingly, out of a total youth labour force of 38.2 million (representing 48.7 per cent of total labour force of 78.48 million), a total of 15.2 million of them were either unemployed or underemployed in Q1 2016, representing a youth unemployment rate of 42.2 per cent,” the report added. Lamenting to Saturday PUNCH, the Director-General of the Manufacturers Association of Nigeria, Dr. Frank Jacobs, said the economy had not been favourable to the manufacturers. Read More
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