Economists have called on the Federal Government to invest more in the Information and Communication Technology (ICT) sector and mechanised agriculture to address the issue of unemployment.
This advice comes as Nigeria’s unemployment rate declined to 4.3% in the second quarter of 2024, signalling improved labour market conditions.
Prof. Bright Eregha of the Economics Department, Pan Atlantic University, emphasized the importance of investing in the ICT sector.
“The sector is instrumental and an enabler to drive economic growth, particularly in this fourth industrial revolution era, where machines such as Artificial Intelligence are providing innovation that can enhance productivity in the general economy,” Eregha said.
He also urged the government to sustain its investment in key infrastructural renewal, which will enhance domestic production and create employment opportunities.
“This will enhance domestic production and create employment opportunities for the people,” Eregha stated.
Additionally, Prof. Tunde Adeoye of the Economics Department, University of Lagos, recommended investing in mechanised agricultural schemes.
“Schemes such as creating more farming settlements in many states fitted with key infrastructure suitable for people to live a quality life. This will motivate more people to foray into farming and reduce the rural-urban migration,” Adeoye noted.
Adeoye also emphasized the importance of supporting small businesses, which play a pivotal role in checking unemployment.
“The government should give more support to small businesses through its policies, because of the pivotal roles they play in checking unemployment,” Adeoye said.
Dr Muda Yusuf, Chief Executive Officer, Center for the Promotion of Private Enterprise, stressed the need for stable macroeconomic policies to create employment opportunities.
He also highlighted the importance of addressing structural challenges in the economy, such as insecurity and increased electricity tariffs.