By Franca Ofili
The National Population Commission records no fewer than 170 million people as Nigeria’s population in the last census.
The analysis of the figure indicates that almost half of the population is made up of youths, defined as individuals between 15 and 34 years of age.
But the National Bureau of Statistics believes that as the youth population grows, so does the unemployment rate.
According to it, most of unemployed youths are females, accounting for more than 50 per cent of the unemployed youth between 2008 and 2012.
The bureau notes that graduates of tertiary institutions also seem to be badly hit by unemployment.
It states that most of the graduates often remain unemployed for upward of five years after graduation.
The bureau gives a high population growth rate of 3.5 per cent per annum, accompanied by an already large national population and lack of vibrant industries to absorb competent graduates as some of the causes of high rate of unemployment.
In addressing the situation, the present administration has shown determination to provide jobs through rapid industrialisation in many sectors.
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The Federal Government says it will explore the potential in agriculture and solid minerals in solving unemployment.
President Muhammadu Buhari during his electioneering said agriculture and solid minerals were the quickest ways of providing employment for able bodied Nigerians.
“We will make sure we get the machinery, fertiliser, and other inputs and ask people to farm so that we will not import food.
“There are lots of solid minerals in commercial quantities in virtually all the states; there are companies that know about it and they are prepared to come; the country will diversify the economy through agriculture and solid minerals.
“ We are hoping that these sectors will generate jobs from those sectors and our budget has shown that we will focus on those sectors; we have also focused on education and other key sectors of the economy.
“Some investors are ready to come and invest in those sectors but our problem is to secure this country first,’’ the president said.
In her opinion, Mrs Uju Baba, the Executive Secretary Nigerian Investment Promotion Commission, said Nigeria had abundant job opportunities in its priority sectors of agriculture, power, manufacturing, solid minerals, critical infrastructure and waste management.
She observed that Nigeria had become the 26th largest economy globally, ahead of Austria, Venezuela, Columbia, Thailand and many others.
Baba affirmed that the commission was repositioning itself to attract quality investments in productive sectors and mobilising a supportive business service to create jobs.
She said the commission would partner the Nigeria Investment Council in the U.S. to attract investment to the country for the purpose of creating jobs.
“The commission will ensure that investors who have shown interest to invest in Nigeria were provided with adequate information and given hand-holding support to actualise their investments,’’ Baba said.
She said that the main focus of the commission was to identify and meet targeted investors who were committed and desirous to invest in the country as well as promote priority sectors.
According to her, the president’s visit to the U.S. opens windows of opportunities to potential and prospective investors for their presence to be felt in the country.
“The country is now on the right track to economic recovery and advancement. International companies are no longer interested in coming to buy our raw materials to export, rather they want to come and build factories,’’ she observed.
She noted that more investors had shown interest in investing in Nigeria because of a favourable investment climate and credible government.
Baba said the influx of investors to the country showed that the diversification and import substitution policy of the country was effective.
She said that more investors have shown interest in investing in Nigeria due to the current fight against corruption and insecurity.
She promised that the Federal Government would ensure proper use of incentives to stimulate private sector investments from within and outside the country to fight unemployment.
“This is part of efforts to provide enabling environment for the growth and development of industries and inflow of foreign investment.
“This will also stimulate the expansion of domestic production capacity, revive the economy, accelerate growth and development create jobs and reduce poverty,’’ she said.
She said that no fewer than 100 foreign investors had visited the country between June and December 2015.
“They are no more on exploratory visit, they are coming to the commission to facilitate meetings with the various sectors and ministries,’’ she stressed.
Sharing similar view, Mr Adamu Emozozo, Nigeria’s Ambassador to Brazil, said investors from Brazil believed that the investment atmosphere in the country was friendly.
He said the volume of trade between Nigeria and Brazil was in the volume of N10 billion as at 2014 in the areas of petroleum and gas.
All in all, Alhaji Bature Masari, the Director-General, Small and Medium Enterprises Development Agency of Nigeria, urged Nigerians to key into investment opportunities in rural areas for job and wealth creation.(NANFeatures)