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Unemployment rate in the country is abysmally high, Experts tell FG

Miffed by the country’s current unemployment rate and abysmal economic growth, the Federal Government has been urged by experts to focus on factors that can hasten economic development and save Nigeria’s future generations.

Speaking at the maiden inaugural lecture and launch of Dr. Michael Abiodun Adedeji Foundation in Lagos, they identified the country’s education system, leadership, and unfavourable environment for investors, as some of the factors threatening the country’s development.

According to the Labour Force Statistics–Volume I released for the third quarter of 2018, the country’s unemployment rate rose from 18.8 per cent in Q3 2017 to 23.1 per cent.

In his lecture titled: “Total Development of Nigeria,” Dr. Michael Adedeji said the current education structure designed by colonial masters was not meant to develop the country.

“Our education should be technical oriented. Schools of research and innovation, sponsored by government and private sector should be introduced.”
Director General, Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, underscored importance of institutions to development in any country.

“The unemployment figure released recently shows things are getting worse. We moved from 18 to 23 per cent because public sector has become saturated with employment,” he said.

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