Private Sector Can’t Address Nigeria Employment Challenges – Tinubu

• Solution to the current state of insecurity and youth unemployment is more spending by the government.

Bola Tinubu, a chieftain of the ruling All Progressives Congress (APC) says Nigeria’s private school does not have the capacity to provide enough jobs to shore up the raging unemployment that plagues the country.

Tinubu spoke on Saturday at an Arewa House Lecture where he chaired the 2021 Sardauna Memorial Lecture, spoke on the topic: “Reduction of the Cost of Governance for Inclusive Growth and Youth Development in Northern Nigeria in a Post-COVID-19 Era.”

The politician averred that the solution to the current state of insecurity and youth unemployment is more spending by the government.

“Fiscal wisdom but not necessarily austerity is required for an economy like ours in a time like this, to ensure equitable wealth redistribution and meaningful use of resources,” Mr Tinubu told a gathering on mostly northern leaders of thought at the Kaduna venue. “The years have shown that the private sector is much too weak to spur the growth we need. If the private sector could manage this feat, it would have already done so. Where the private sector is too weak or unable, the government must fill the void.”

“This means the government must not be afraid to embark on an activist fiscal policy to create jobs, build infrastructure and develop our industrial sector as well as continue to improve agriculture. This means the government must spend money but spend it on those things that bring the requisite economic returns for the nation,” he offered further.

Tinubu noted that the combined effect of the COVID-19 pandemic and massive unemployment were responsible for the weak economy amid exiting the recession and deliberate actions must be taken in reversing the trend.

His comments come barely weeks after the National Bureau of Statistics released reports showing Nigeria’s unemployment rate at a record 33.3 per cent.

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