FG Urges Private Sector to Plough Back Profits to Boost Jobs

President Muhammadu Buhari has urged the private sector to plough back profits in order to boost job creation in the country.

Speaking at the 2022 Nigeria Employers’ Summit, themed: “The Private Sector, an Engine for National Development,” the president said the private sector remained key towards addressing the challenges of unemployment in the country.

Represented by the Minister of Labour and Employment, Dr. Chris Ngige, Buhari pointed out that the theme for the summit was particularly apt given the challenges faced as country in terms job creation and empowerment, especially for the surging youth population.

He said the quest for national development and growth remained a national issue that needs utmost attention and input from all relevant stakeholders.

Buhari added that while government continues to provide the private sector with sound national industrial policy, the businesses should on the other hand provide better welfare the workers.

He added said the government will continue to partner the real sector as it remained the engine for national development.

Also, speaking at the occasion, the Director General, Industrial Training Fund (ITF), Mr. Joseph Ari, said there must be deliberate efforts and commitment by the government at all levels, including the Organized Private Sector (OPS), Non Governmental Organisations (NGOs) and other relevant stakeholders towards skills development for youth employability.

He said, “The International Labour Organization rising from the G 8 conference of labour and employment ministers in 2005 opined that, undisputedly, the increasing recognition of the political urgency of responding to the challenge of youth employment by state actors is a must for poverty eradication, sustainable development and lasting peace in communities.”

Ari, nonetheless said in a bid to key into the federal government’s policy on job creation and economic diversification, the ITF had trained over 500, 000 Nigerian youths and the vulnerable groups through the fund’s various skills intervention programmes between 2016 to 2020.

He added that over 80 of youths trained in technical skills development programmes have either become gainfully employed, self-employed or employers of labour.

He said, “The question of economic development and growth sustenance is normally the joint duty of the public and the private sectors of the economy.”