High Unemployment Rate Worries NECA

The Nigeria Employers Consultative Association (NECA), has expressed worry over the rising  figure of 12 million unemployed Nigerians by the National Bureau of  Statistics (NBS).
In a statement issued recently to celebrate the 60th anniversary of NECA in Lagos by its President, Mr Larry Ettah, the body said that the high youth  unemployment for a country in recession is now a great concern to the government and  the Organized   private Sector (OPS), not only in terms of social level  but on security issue which  if left unchecked  could undermine the stability of the nation.
Ettah  explained that governments at all levels  must ensure that they embrace a political  structure and culture that will enthrone multiple centres of Gross Domestic Product, adding that, there should  be  the promotion of  good governance, massive  infrastructural  development, unemployment focused policies  and constructive cross sartorial local content  development policy and programmes as helpful  gender that would naturally provide  needed  million of jobs for Nigerians.
He urged the ops to think outside the traditional government rhetoric on what to do and what government intend to do as the private sector can complement government efforts in finding solution to this high rate of unemployment.
The NECA boss added that, the current fixed exchange  rate  dispensation with its attendant  multiple  rates does not augur well for right pricing and effective means of resources.
He said that the current  high  interest  rate  negates growth and development, adding that it seems lately to have provided some reprieve for the value of the local currency,   it is very doubtful  if this is  sustainable  in the long term.
He explained  that the lessons from other world economies  were clear and compelling to the effect  that floating exchange rate system enable economies respond best to declines in the value of export and  provide a natural  adjustment mechanism to preserve forex reserves and change incentives  and behavior of economic actors.
He said that the best way for the nation’s economy is for the government to allow market forces to determine the value of the naria and urged the government  to abolish the multiple rates system  operating now.

Philip Okparaji