Stella Dimoko Korkus.com: Atiku Reacts Bloomberg's Report That Nigeria Has The Highest Unemployment Rate In The World

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Sunday, March 28, 2021

Atiku Reacts Bloomberg's Report That Nigeria Has The Highest Unemployment Rate In The World

Former Vice president Atiku Abubakar has reacted to a report of Nigeria reportedly emerging as the country with the highest unemployment rate in the world.






In a post on his official Twitter handle, he wrote;


''World’s Highest Unemployment Rate: Time To Help This Government Help Nigeria.


I have never felt so bad at being proven right, as I am by the report from Bloomberg Business on Saturday, March 27, 2021 that Nigeria is to emerge as the nation with the highest unemployment rate on Earth, at just over 33%.


We warned about this, but repeated warnings by myself and other patriots were scorned. And now this.


How did Nigeria get here? We got here by abandoning the people centred leadership and free trade and deregulatory policies of the Obasanjo years (which saw us maintain an almost single digit unemployment rate), and implementing discredit command and control policies that have led to massive capital flight from Nigeria.


And with the paucity of funds, we continue to ramp up government involvement in sectors that ought to be left to private sector, with the latest being the ill advised $1.5 billion so called rehabilitation of the Port Harcourt Refinery that has failed to turn a profit for years.


What this government must realise is that the unprecedented insecurity Nigeria is facing is the result of youth unemployment.


Idleness is the worst feature of unemployment because it channels the energy of our youth away from production, and towards destruction, and that is why Nigeria is now the third most terrorised nation on Earth.


Now, how do we address this challenge?


In 2020, I recommended that to immediately and drastically bring down youth unemployment, every family in Nigeria with at least one school age child, and earning less than $800 per annum should receive a monthly stipend of 5000 Naira from the government via their BVN and NIN on the condition that they verifiably keep their children in school.


My recommendation still stands, and stands even stronger now that we have crossed the rubicon in youth unemployment.


If we can get the 13.5 million out of school Nigerian children into school, we will turn the corner in one generation. If we do not do this, then the floodgates of unemployment will be further opened next year, and in the years to come.


We can no longer say we cannot afford this. We can.


As a nation, we are better off privatising our refineries and the NNPC through the time-tested LNG model in which the FG owns 49% equity and the private sector 51%.


Recall that in 20 years ending 2020, the NLNG had delivered $18.3 billion dividends to government irrespective of taxes and other benefit accruals to the country.


This will not only free the government of needless soendings, but also clean up the infrastructure mess in the petroleum downstream sector.


I say this because the fastest way to bring down a world record unemployment rate is via incentivised education. An educated citizenry are more employable and more self employable.


Increased education has been scientifically linked with lower rates of crime and insecurity, along with lower infant and maternal mortality, and a higher lifetime income.


We must then incorporate those youth who are above school age into a massive public works programme. There was talk of 774,000 Special Public Works jobs for the youth, which was to have started in January of 2021.


This is a commendable step, but it must be done with proper agenda, rather than propaganda.


Perhaps we may want to consider the Malaysian model, whereby with the exception of very few highly specialised jobs, foreign contractors are not allowed to import labour into the country.


And we also need to do three things urgently to encourage capital inflow and foreign direct investment.


First, Nigeria must move towards a single exchange rate to be determined by market forces. Secondly, the federal and state governments must reduce taxes, to make Nigeria more business friendly.


And finally, financial and monetary institutions, like the Central Bank of Nigeria, and the Securities and Exchange Commission, must be free from the type of political influence that resulted in the prohibition of Bitcoin and other cryptocurrencies.


We are at a precipice as a nation and the truth is that all stakeholders and elder statesmen have to speak up on time, while there is still a Nigeria to save.


This government obviously lacks the capacity to address our current challenges, and we must help them, not because of the government, but because of our people.


In a situation where we are simultaneously the world headquarters for extreme poverty, the world capital for out of school children, and the nation with the highest unemployment rate on Earth, there is a very real and present danger that we might slip into the failed states index - God forbid!

33 comments:

  1. Replies
    1. We have many problems and we are working out solutions to them, admittedly our current president has not been very helpful. That said, biko where and how did Bloomberg get their statistics from? Nigeria is worse than war torn countries like Syria and Yemen?! This reeks of continous western calumny to politically, psychologically and economically debase Africa as a continent, with emphasis on Nigeria as the most populous country in the region. So no, I do not support Buhari's lackluster performance, but we can't just believe these people, they need to show proof that we can verify. They also need to face poverty in their own region, yes poverty in places like northern America.

      Delete
  2. Atiku, when you were VP for 8 years and you were the chairman of privatization and investments, what did you use that position to do?
    How many jobs did your create?
    How much gains did you make for yourself and cronies in power?

    Yes, Nigeria needs help, every help it can get. But you are not the solution. You had the chance to make a change when OBJ gave you the freehand just like he gave to Akunyili, Ezekwesili, Nuhu Ribadu and co and they delivered. Did you deliver?
    Think about it.
    πŸ™„πŸ™„πŸ™„πŸ™„πŸ™„πŸ™„πŸ™„πŸ™„πŸ™„πŸ™„πŸ™„πŸ™„

    ReplyDelete
    Replies
    1. You too make sense! *clapping*

      Delete
    2. Atiku is not the answer we understand, then who do we need to move Nigeria forward?

      Delete
    3. Thank u anon. I was just going to ask what he did when he was Vp. He needs to take a seat and keep quiet I beg. He had his chance to change Nigeria and he did nothing. He changed himself instead.

      Delete
    4. Thank you Anon 1906. He thinks we have amnesia. He needs to go sit down somewhere, he can't do ish but enrich his pockets and that of his friends.

      Delete
  3. When Bloomberg reported about the Halliburton probe and the jailed American counterparts, did Atiku jump to comment on that?

    ReplyDelete
  4. Ana Akosasi! You will not be president!

    ReplyDelete
    Replies
    1. Even the Northerners won’t vote for him.

      Delete
  5. Talk is cheap finally sha.

    ReplyDelete
  6. Sadly, You are not a viable option as well, your mindset is short term and capitalist, which would give some brief respite before everything tumbles down. Currently Nigeria is undergoing the worst form of governance. Over 33trillion Naira in debt and whatever frightening arrangement with the Ill-intentioned Chinese and the free for all insecurity disaster.

    Any government that comes close to taking Nigeria out of it's fast approaching implosion will need a team that, genuinely loves Nigeria and the potentials of a working Nigeria for the entire black race , a pan Africanist, immensely frugal and no nonsense, political will, zero Godfatherism, indigenization/nationalistic /socialism posture, introduce severe punishment for acts of corruption from zero to top,genuine restructuring, aggressive exploration and exploitation of our massive resources with a no leakage/wastage mindset and most importantly... Scrap our democracy, demystify the glamour of it,the cost of governance is disgusting.

    It's very far fetched but very possible if we truly desire it. Sadly time is running out. More sane people are being corrupted, the few transparent people are losing hope. We have barely months for Nigeria to reach the realm of irredeemable.

    ReplyDelete
    Replies
    1. Peter Obi only comes to mind to fit the persona you described up there.
      Truly, that's the kinda person Nigeria needs now.

      Delete
    2. God bless you real good for it.
      I love your comment.

      Delete
    3. I so much like this comment you expressed what I have in mind too, any human that has been in the corridor of leading in Nigeria before has no say in how to run it again cos they have ruined their chances in the name of building themselves instead of building the Nation...Atiku go and preside over your School isn’t that enough for you anymore. Bunch of wicked souls that ruined the hope of Nigeria.

      Delete
  7. Facts but NO ACTION!


    How would the country get on the development train?

    BACK TO REGIONAL GOVERNMENT!

    1. Get every past and present leader from or before 1960 to date out of the seat and corridors of power. 99% of you RUINED the country!

    2. Free standardized education and compulsory from primary to Secondary/Techincal School.

    3. No "youth is above School age" - Bring back adult education.
    Some of these Street hawkers and artisans desire to go back to school.

    4. No quota system. No region is disadvantaged. It is their elites that deliberately keep them ignorant to make them subservient.

    5. No more polygamy especially for those who cannot afford proper childcare and upkeep till age 18. For every polygamous home, no more than 8 children.

    6. State control of their natural resources with 20% contribution to the centre.

    ... So much more....

    ReplyDelete
  8. Thumbs up on this wonderful write-up. You nailed it.

    ReplyDelete
  9. Who be diswan? All this ranting is because of 2023 bah? You have found your voice, baba, bubby will be the last if your old, expired, selfish politician. Go home and spend time with your grand children

    ReplyDelete
  10. We have many problems and we are working out solutions to them, admittedly our current president has not been very helpful. That said, biko where and how did Bloomberg get their statistics from? Nigeria is worse than war torn countries like Syria and Yemen?! This reeks of continous western calumny to politically, psychologically and economically debase Africa as a continent, with emphasis on Nigeria as the most populous country in the region. So no, I do not support Buhari's lackluster performance, but we can't just believe these people, they need to show proof that we can verify. They also need to face poverty in their own region, yes poverty in places like northern America.

    ReplyDelete
  11. The alternative president has spokenπŸ˜‚πŸ˜‚πŸ˜‚

    ReplyDelete
  12. Smh...no be Una do us like this

    ReplyDelete
  13. Atiku shut up! You're guilty too.
    Imagine building many houses in UAE on your name with our money, enriching yourself while the poor masses suffer. Shebi UAE that don't value Nigerians is your second home, all of you should continue and think you're deceiving us unfortunately you're deceiving yourselves. One by one all of you will go down!

    ReplyDelete
  14. Whoever wrote this for this guy isn’t smart. He wants a fellow in Kwarruption to sell NNPC to the same band of looters? What about your own loot? If you all return what you stole to the country, it will build manufacturing facilities and fix our infrastructure. Not a pmb or apc fan as you are different sides of the same coin but help us return the small one you and your cronies took. Then pamb” & APC can return their own and we will have $trillions of capital flight returned to us. Then let us appoint some youths to oversee infrastructure and see if things won’t change. We need you in the other place sir, not the recycle one. People are tired of recycling the same old ideas that don’t work. Thank you and God bless you as you do so.

    ReplyDelete
  15. The reactor onye adamawa!

    ReplyDelete
  16. Coming from an overbloated black pig who looted the Nigeria ports authority dry. Ewu kpofukayizi idiot

    ReplyDelete
  17. He should react all he wants. Hes not smelling that seat

    ReplyDelete
  18. We that are employed as bank worker "contract staff" the government is taken 5% tax from our incentive and commission.

    ReplyDelete
  19. Atiku is even worst than buhari

    ReplyDelete

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