Business
Unemployment Rate High Despite N50bn Job Creation Provisiona
Two experts on Tuesday said that the N50 billion earmarked for job creation in the 2011 budget had not impacted on unemployment rate in the country.
The experts said in Lagos that the prevailing environment could not support job creation.
The Federal Government earmarked N50 billion in the 2011 budget to provide new jobs, but available statistics indicate that unemployment is still high.
Mr Olumide Adegoke, the General Manager, Standard Alliance Insurance Company, said that poor budget implementation might have made it impossible for the budgetary provision to impact positively on unemployment.
“If the N50 billion has been released and properly managed, it could have changed the face of unemployment,’’ he said.
The manager also said that the poor power supply had also frustrated government’s efforts to provide employment.
Adegokesaid that the poor power supply was also one of the challenges facing small and medium-scale enterprises (SMEs) and appealed to the government to be proactive in revamping the sector.
“There is need to fast-track the provision of power supply so that SMEs can reduce cost of running their business and create job opportunities,’’ he said.
Mr Wole Olowu, the General Manager, True Bond Microfinance Bank, blamed policy inconsistency for the inability to reduce unemployment.
He advised the government to be consistent in its policy formulation, especially in granting loans to SMEs, provision of infrastructure and adequate security for SMEs.
“Improper disbursement of funds to the right channels can be a major problem hindering creation of new jobs in spite of provision of N50 billion in the budget of last year,’’ he said.
He said that the corruption might have also impacted negatively on the efforts to create more jobs last year.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
