OFTEN described as a ticking time bomb, the explosive unemployment crisis in Nigeria has returned to the front burner with the revelation that 20 per cent of those in full-time employment lost their jobs after the COVID-19 pandemic hit the country last year.
More concerning is the impact on the informal sector, which has an outsized role in the economy. Informal businesses accounted for 62 per cent of the job losses where the absence of safety nets like pensions, gratuity and healthcare support added to the misery of the victims. Nigeria must overcome debilitating constraints to unleash production, investment, and jobs. The Buhari regime is too preoccupied with politics, sectionalism, religion, and patronage. The times require objective, pragmatic ideas to prioritise the economy and its revitalisation. Policies should target restarting the economy, boosting production, saving existing and creating new jobs and diversifying revenue sources and exports.