Tuesday, July 27, 2021

    Create friendly policies to reduce unemployment, increase productivity – Economist tells FG

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    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Ige Adekunle
    Sango-Ota (Ogun), July 4, 2021 Dr Tunde Adeoye, an economist, on Sunday urged the Federal Government to formulate a more friendly economic policy for a rapid industrial development in the country.
    Adeoye, a Senior Lecturer, Department of Economics, University of Lagos, told newsmen that such policies would propel industrial development and reduce unemployment.
    The economist spoke in reaction to figures released by the National Bureau of Statistics'(NBS) on unemployment rate in the fourth quarter of 2020.
    The NBS data shows the rate of unemployment increasing to 33.3 per cent from 27.1 per cent in the second quarter of 2020.
    According to him, the number of unemployed persons in the country is more than 33 million, mostly youths.
    He noted that there is no way the nation could solve the problem of unemployment as long as it continues to rely on imported goods.
    Adeoye said friendly economic policies would make the country have more industries that would compete with others on the International market.
    “The Federal Government needs to gear its policy towards encouraging production as the country is just moving around the same circle,” he said.
    “The nation needs to totally diversify away from the oil sector so that other sectors can be used to generate employment opportunities for the people,” Adeoye said.
    The economist, however, urged the government to harness solid minerals such as limestone in order to bring down the price of cement and increase productivity in the building industry.

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