It is now an open secret that things are no longer at ease with the Nigerian economy. Sharp decline in the global prices of crude oil, a major source of income for the country, has brought the nation’s economy almost down to its knees. Presently, oil price continued its abysmal somersault. As at the time of putting this together, Brent, the global oil marker, fell by more than $2, or six per cent, to $31.48 per barrel the lowest since in April 2004.
With the global price of oil now at all-time low, economic analysts are already speculating that, unless a miracle occurs, things might be tough for the nation in 2016. In the previous year, the Federal Government scaled down the benchmark for the 2015 budget from $78 to $73 per barrel (ironically, a barrel of oil in the international market presently oscillates from $37 to $30 per barrel). As a reflection of how bad the situation was in the previous year, the Federal Government had to bail out some states that could no longer meet up with their financial obligations to their workforce. Some Federal Government agencies equally did not fare any better in this respect.
Unfortunately, the private sector is also not totally immune from the gloomy economic reality in the country. With the diminishing fortune of the naira, local industries are facing serious challenges that could actually lead to downsizing of workers if the situation is not quickly redressed. Hence, from every perspective, these are, indeed, trying times for the country.
The way things stand, the unemployed in the country, especially the youth, might be in for a hard time. If the working class is not actually finding things easy with the present harsh economic reality, without a doubt, the growing populace of the unemployed might just as well be on a journey to Siberia. Sadly, the unemployment situation has become worse with the low-productivity rate of the manufacturing sector. The power situation isn’t helping matters either. The inability of subsequent administrations to improve the nation’s power condition spells greater doom for the unemployed in the country as most manufacturing firms with the fair prospect of creating jobs are either relocating or folding up. Curiously, multinational firms, that hitherto held great job prospects for Nigerians, are equally not left out of this gloomy trend.
With the present scenario, our nation is certainly sitting on a keg of gun powder. With the rampaging and heartless Boko Haram sect destabilizing the economy of the North-east, and by inference depleting the already dwindling national economy by engaging the nation in a needless war, we cannot afford to be at peace with the current unemployment situation in our nation. The implication of having a large percentage of unemployed youth aimlessly lurking around is not, by any means, palatable. To make ends meet, a hungry and disenchanted jobless youth could easily be lured into embracing vicious anti-social options. And any nation that allows its youth to go astray has already mortgaged its future. As a nation, we cannot afford to toe such an ignoble path.
Any nation that denies its youth the necessary enabling environment to thrive does so at its own peril. Youths are the dynamo of every society. Their energies, inventions, character and orientation define the pace of development and security of a nation. Through the aggregate of their creative talents and labour power, a nation makes giant strides in economic development and socio-political attainments. In their dreams and hopes, a nation finds her motivation; on their energies, she builds her vitality and purpose. And because of their dreams and aspirations, the future of a nation is assured.
Without doubt, the youth represents the most vibrant and adventurous group in any society. In the words of late Dr. Nnamdi Azikiwe: “If you want to know the future of any nation, take a look at what the youths are doing presently.” Usually, if the prevailing condition in a given society does not offer the youth the needed platform to channel their burstling energy into positive use, they readily embrace rebellious predisposition. It is a well-known fact that nature abhors a vacuum.
Therefore, if there is anything that government at all levels needs to focus primarily on now, it is youth empowerment through various job-creation platforms. It is, indeed, in this respect that the Lagos State Governor, Akinwunmi Ambode must be commended for coming up with a far reaching creative and institutionalized framework to address the pathetic and appalling unemployment situation in the state. Since his assumption of office, Ambode has so far taken several steady strides that clearly demonstrate his resolve to take Lagos to new heights. However, in fulfillment of his campaign promise, the most audacious and positive steps he has taken, thus far, was the recent institution of a N25bn Employment Trust Fund to address unemployment and promote wealth creation through entrepreneurial development.
The beauty of it all is that the initiative is a carefully thought out project that will definitely outlive the Ambode administration. It is a huge gift to Lagos, in particular, and the entire nation as a whole. By providing a legal and institutional framework for the laudable initiative, Ambode has gone a step further ahead to secure a better and brighter future for our youths. When he eventually leaves office, what he is bequeathing to the coming generation would speak volumes for him in years to come as a visionary and passionate leader. One would also like to commend the leadership and members of the Lagos State House of Assembly for the thorough and speedy work it did in making the Employment Trust Fund bill to see the light of the day.
One salient quality of a reliable leader is the ability to make promises and keep it. Thus far, Ambode has come out as one leader who loves to keep his words. The establishment of the Employment Trust Fund was in line with keeping faith with the promise he made to the people during the electioneering campaign. The fund is to be reimbursed by the state government with an annual contribution of N6. 25billion. It is projected that the fund would hit ambitious N25billion mark over a period of four years.
Already, a 10-man board comprising of seasoned professionals, under the leadership of former chairman of the Federal Inland Revenue Service, Mrs. Ifueko Omoigui-Okauru, has been put in place to manage the fund.
With this initiative, the Lagos State government has thrown a big challenge at the youths of this country and it is not exclusive to the unemployed. It is a salvo to fire their imaginations, direct their energies and discover talents. The state is all out to back the evolution of value-generating ideas that may as well be what Nigeria requires to get out of the threatening economic quagmire.
It is hoped that more of such forward-looking and resourceful initiatives would come up from the stable of the Lagos State government. If our people are to be freed from the shackles of poverty and hopelessness, this is the path we must continue to tread. It is the only path to economic emancipation. It is, indeed, the right path to prosperity.
- Lateef, a public affairs’ commentator, writes from Ikeja.
