The governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, believes that unemployment in the country is scary and can lead to a new economic recession. The CBN governor noted that the failure of the economy to grow after the nation’s general election is a huge disappointment for business.
Governor Godwin Emefiele said: “There is a big gap between the overall economic figures and the living conditions of the average Nigerian family. Growth in some sectors of the economy tends to obscure stagnation and is declining in other sectors. The continuing loss of jobs is considered an important front for spreading the multiplier effects of economic difficulties in the country. “The capacity to create jobs in the private sector has continued to weaken, as economic growth fails to secure even existing jobs. This is an indication that regulatory interventions in the economy do not register enough speed to generate job growth.
“The Nigerian economy needs a new impetus for growth in the post-election economy to return to a significant pre-election recession. This did not happen a year after the elections. Policies to turn the tide of unemployment still have to be put in the front burner and the overcrowded population of unemployed young people continues to grow. “
The CBN boss further noted that the Nation has a policy deficit that can stimulate growth. “This means that Nigeria is missing the current and future investments needed to push it towards an accelerated growth path. “It is unable to give Nigeria the investment impulse that will have the desired multiplier effect on the output,” he said.
“The nation suffered from the consequences of the government’s failure to act in 2016. Larger consequences can be expected this time, because the clock is still full of conversations but no action, and that keeps the economy waiting for the wings of” wait “which it has been for five years. The business community is again waiting for Nigeria to restore the confidence needed to stimulate the inflow of job-creating investment capital,” added Mr. Godwin Emefiele