By Lukmon Oloyede.
With a population of 167 million people, Nigeria accounts for 47% of West Africa’s population which is supposed to impact positively in Nigeria’s revenue generation and standard of living.
Sadly a research by the Bureau of statics showed that the labour force population, comprising those within the working age, who are willing, able and actively looking for work, increased to 74.0 million in Q2 from 73.4 million in Q1, indicating an increase in the labour force by 0.81 per cent in 2015 and lack of job creation. In 2016 experts predict that over 3,000,000 jobs will be created in Nigeria.
The Nigeria industrial Revolution Plan (NIPR) was introduced to create jobs, generate wealth, diversify the economy, substitute imports, boost exports and broaden our tax base. According to the Nigerian Industrial Revolution Plan 2014, Nigeria is fast becoming a manufacturing hub for Africa. Already the country has over 50% of the installed manufacturing capacity within Ecowas region.
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Manufacturing is the core mover of industrialization. A focus on the manufacturing sector can guarantee creation of jobs in 2016. Critical restructuring, skilled man power, adequate infrastructure and security of investment will be the driving force of the manufacturing industry.
According to the Director General, National Automotive Council (NAC) Aminu Jalal, 2,500 parts are need to assemble a car meaning that 2,500 parts have to be manufactured locally along with spare parts. If such parts are manufactured in Nigeria and promoted online via advert platforms such as Carmudi Nigeria and other related e commerce websites, the production and sales of spare parts could provide over 400,000 jobs directly and indirectly.
The sector said to have a chance of reviving Nigerian economy is the Agricultural sector. To ensure food security, wealth creation and to drive agriculture in Nigeria plans to increase production of rice, sorghum, cocoa, maize, soybean, oil palm, cotton, cassava, livestock, fisheries and horticulture need to be implemented. The massive production and exportation of these agricultural produce will ensure food and nutritional security, generate employment and transform Nigeria into a global food market.
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Another sector is the banking sector. First Bank of Nigeria was named “safest banks by country in sub-Sahara Africa 2015” by Global finance. The methodology in choosing the winning banks was based on long term foreign currency credit ratings. First bank has also been hailed as an SME friendly bank. The banking sector plays a key role in job creation. By granting affordable loans to SMEs more banks will indirectly assist in creating employment. Statics show a significant rise in SME’s over the last 5 years and by the end of 2016 more SMEs will be established in Nigeria.
With the growth of information technology in Nigeria, IT has become another sector that can ensure job creation in 2016. One sector which seems to have found its footing in Nigeria is the ecommerce sector. With the establishment of ecommerce businesses in Nigeria, a very small percentage of the workforce have been able to find positions within the various organizations. In 2016 with the support of World Bank and UK Department for International Development, the National Information Technology Development Agency is targeting the creation of 460,000 more jobs across eight critical sectors in the Nigerian economy, with the ICT sector as topmost priority.
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