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Osinbajo explains why unemployment in Nigeria keeps increasing

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Osinbajo

Vice President Yemi Osinbajo has explained why Nigeria’s unemployment rate is not reducing as swiftly as Nigerians want.

According to Osinbajo Nigeria’s economy may not meet up with the country’s job demands due to its high population growth rate.

He made the statement on Tuesday during his keynote address at the fourth annual Impact Investors Foundation(IIF) Conference held in Lagos.

Osinbajo said: “The population growth rate consistently exceeds the capacity of the economy to produce sufficient jobs. It is also quite evident that some of the most lucrative businesses in the economy and with the profits they make, only a few people relative to the population benefit from the huge dividends that are declared.

“So glaringly, inequality in wealth, opportunities in the face of poverty, misery, and social alienation in any society is simply asking for trouble. Such a situation is neither sustainable nor wise.

“The sharp drop in the standard of living caused by the COVID-19 pandemic-induced shocks on our economy and of course, our economy’s well-being, not only further deepened the existing inequalities but pushed many people into extreme poverty.”

READ ALSO: Nigerian govt disagrees with NBS 23.1m unemployment figure, plans to change calculation model

Osinbajo however expressed optimism that impact investing was a sound approach to addressing the issues.

He said, “the current models of impact investing that seen in the country currently were not only inspiring but also pointed in the general direction policy and regulation should go.

Mrs Ibukun Awosika, founder and Chief Executive Officer of the IIF, called on the federal government to collaborate with in-country resources.

According to her Nigeria will need to look inward at its resources for real development.

“Not just investing from the regular view, but understanding that doing good and doing well as a combined policy of our investment activities can be one of the greatest things that we could do,” she said.

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