Nigeria’s President Bola Tinubu has attributed the country’s high unemployment rate to its rapidly growing population, which has outpaced job creation. Speaking at the National MSME Conference in Abuja, Tinubu emphasized that the increase in population has not been matched by a corresponding rise in service providers and job opportunities, resulting in a significant gap between job seekers and available positions.
According to the National Bureau of Statistics, unemployment rose to 5.3% in Q1 2024, with a higher rate among females (6.2%) compared to males (4.3%). To address this issue, the government has provided N9 billion to the Small and Medium Enterprises Development Agency of Nigeria to improve access to capital for micro, small, and medium enterprises.
Key Strategies to Boost Employment
- Localization of production processes to reduce costs and tackle food insecurity
- Digital transformation to increase productivity and efficiency
- Shift from crude-based economy to people-driven production and wealth generation
- Support for MSMEs through cluster initiatives and collaboration ยน
Tinubu stressed that MSMEs are crucial to Nigeria’s economy, accounting for 90% of businesses and contributing nearly half of the country’s GDP. They provide employment for over 60 million Nigerians, mostly young people. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, also highlighted the importance of digitization in driving MSME growth.
Overall, President Tinubu’s administration aims to create a sustainable economy for future generations by addressing unemployment, food insecurity, and inequality.
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