By Francis Akinnodi
Economists have expressed that some reforms of the new administration have raised concerns and also subjected Nigerians to a dire state being witnessed across the country.
They stated this recently when speaking with The Hope on the spike in unemployment by creating jobs and reducing poverty in Nigeria.
According to a release by the World of Statistics, Nigeria ranks as one of the top countries with the highest rate of unemployment in the world.
An economist, Dr Kolade Fasua advocated that channeling the subsidy to other areas like job creation, education, food, and healthcare should be a top priority of the government, as this would help lessen the burden on the citizens and help improve the well-being of the society.
He canvassed that local consumption would strengthen the Naira and decrease the reliance on FX for foreign goods, and the promotion of creative entrepreneurship as against the entrepreneurship of buying and selling.
“A lot needs to be done to address the foreign exchange floating, as it has become a conundrum with the Naira consistently falling short of the Dollar.
“The market fundamentals of Nigeria has not reached the height to take the risk of floating the currency to even struggle with other currencies, as there is low demand or negative demand of the Naira locally not to talk of an international demand for it,” he stated.
On job creation, he highlighted that, while the nation is still lagging in the provision of jobs for its citizens, he tasked the government to embrace full employment, as part of its responsibilities while reducing the unemployment rates, as it is one of the highest in the world.
He cited environmental management as a sector where jobs can be created, and also making employment in the security agencies attractive to youths would help curb crime, and increase internal security, while considering social work like childcare, taking care of the mentally derailed and the elderly can be made a lucrative job.
On his part, a Professor of Economics at the Ekiti State University, Prof Timothy Awe charged the government to create policies that would stimulate job demand, scale up, and engage in Information Technology and skill acquisition.
Hence, those involved in human capital development should enjoy some tax rebates for generating income and creating capacity as entrepreneurs should not be plagued with multiple taxations, he said.
Awe added that, saturating the country with broadband to fully immerse into the digital economy would enhance the economic trajectory of the nation.