A two-day Employers’ Summit organised by the Nigeria Employers Consultative Association, aimed at redirecting the nation’s economy to non oil exports has opened in Abuja.
Experts stress the need for the country to tap into the energy sector, and other non oil sources, in order to revamp the nation’s gross domestic product.
Rising unemployment remains a disturbing topical issue in Africa’s most populous country, Nigeria.
In 2021, the National Bureau of Statistics put Nigeria’s unemployment rate at 33.3 per cent translating to some 23.2 million people and the highest since 2008.
In a recent report, KPMG envisaged that Nigeria’s unemployment rate would hit 41 per cent by the end of 2023.
This is the second in the series of annual Employers summit by NECA.
“Trade and Non Oil Export: Changing the Narrative for Rapid National Development ‘ is in focus as Employers of Labour gather to deliberate and find means of contributing significantly to challenges of job creation.
NECA says tapping into the nation’s natural resources remains the game changer for an ailing economy
In his keynote address, the President, African Development Bank, Adewunmi Adesina, represented, highlights the many opportunities abound in Nigeria, away from oil, that must be tapped into, to rejuvenate the economy.
He says energy remains a formidable alternative to oil which can reverse the high rate of unemployment in the country
Other Speakers, including the Director General, Nigerian Export Promotion Council, say Nigeria must add value to its products and services to enable Export and employment generation.
The consensus at the Nigeria’s employers’ summit is that non oil exports have the capacity to transform the structure of Nigeria’s economy, enhance job creation, support diversification and contribute significantly towards mitigating foreign exchange challenges.
