The Vice President has stated that projections indicate that 39.4 million people could be unemployed in Nigeria by the end of 2020, if the federal government fails to take prompt measures.
The projections were done by the National Bureau of Statistics (NBS) and the indications were declared when he delivered the Economic Sustainability Plan, ‘Bouncing Back: The Nigerian Economic Sustainability Plan’, to President Muhammadu Buhari on the 11th of June, 2020.
Osinbajo highlighted that the measures put in place to curb the spread of COVID-19 in Nigeria, have had serious negative impact on farms and factories, as well as on trade, transport and tourism.
With Nigeria on row as the poverty capital of the world, the projections indicate that millions more may fall into extreme poverty before the pandemic ends. This will lead to a projected rise in unemployment to 33.6% or about 39.4 million people.
The VP said, “In other words, to create millions of new jobs, we need to focus on encouraging local production, local services, local innovation, and emphasize the use of local materials.
“Nigeria and Nigerians can produce our food, build our houses and construct our roads, using local materials in all cases.
“If we must import, it must be to support local production. We have therefore recommended that we must carry out mass programmes that create jobs and utilise local materials.”
He also stressed that it is important that the Economic Sustainability Plan is faithfully implemented to serve Nigerians.
“We are confident that if the proposals are taken as a whole and implemented conscientiously, Nigeria will avert the worst of the impending economic headwinds, and covert this crisis to a victory for the Nigerian economy,”
We can only be expectant for the realisation and results of these plans.