Youth employment is crucial for Nigeria's economic stability, says Fawehinmi
ASSOCIATE Director at Mediacraft Associates, Olaotan Fawehinmi, has emphasised the urgency of targeted interventions and comprehensive policy reforms to tackle the root causes of youth unemployment to pave the way for economic stability and prosperity.
Fawehinmi, who spoke in an interview recently, lamented that Nigeria's economic landscape remains fraught with challenges, with one of the most pressing issues being the alarming unemployment rate, particularly among the youth demographic. He argued that despite projected Gross Domestic Product ( GDP) growth and various policy initiatives, joblessness looms, casting a shadow over the nation's economic stability and prosperity aspirations.
According to him, the alarming statistics by the National Bureau of Statistics ( NBS) on Nigeria's youth unemployment, underscores the need for decisive action to address the structural issues fueling unemployment, including the country's heavy reliance on oil revenue, inadequate infrastructure and regulatory hurdles stifling entrepreneurship.
He maintained that meaningful reforms were essential to diversify the economy, stimulate private enterprise and create an enabling environment for job creation.
This, Fawehinmi said includes, simplifying regulatory processes, improving access to finance for small businesses and startups as well as investing in sectors with high growth potential.
He stressed the importance of empowering Nigeria's youth with the skills and opportunities needed to thrive in today's economy. He advocated for a shift in focus towards cultivating moral and intellectual capital, enabling young Nigerians to harness their talents and contribute meaningfully to economic growth and societal development.
Despite the challenges ahead, Fawehinmi expressed cautious optimism that Nigeria can overcome its unemployment crisis with concerted efforts and strategic reforms.
However, he underscored the need for resolute commitment from government, business leaders and civil society with a steadfast dedication to transparency, accountability and economic diversification to drive positive change and ensure a brighter future for the country's youth.
With an urgent call for action, as Nigeria grapples with its unemployment crisis, he said the road ahead may be fraught with challenges, but with bold leadership and collective action, Nigeria can overcome its current struggles and emerge stronger and more resilient.
By addressing the root causes of unemployment and empowering its youth, he added that Nigeria can unlock its full economic potential and pave the way for a prosperous future for all.