Former Deputy Governor of the Nigerian Central Bank, Dr. Obadiah Malafia has said the country’s development and growth may miscarry if youth unemployment and social integration is neglected.
Speaking in an African Independent Television Program, “Nigeria Economy; Exiting Recession,” hosted by Nancy Nnaji, Monday morning, he said though the country is potentially wealthy, the potential must be transformed into reality for the youths.
He said, “Unemployment is a time bomb. The National Bureau of Statistic recently said youth unemployment is 45 per cent. This is dangerous. In the North, especially the Northeast, it is between 65 to 70 per cent. Here desertification, climate change and insecurity has compounded the problem”
Explaining that he had traveled the length and breath of the country, the ex-CBN chief said existing social and economic problems in the countryside “are heartbreaking”, adding that everything is not about economic but a vision of the manifest destiny of the country.
“What is happening is that we have very brilliant young men and women, who look around and see they are being ruled by those not as intelligent as them”
He however faulted the Arewa Youth’s quit order on Igbos residing in the North and the agitation for secession by the Independent People of Biafra, IPOB on the grounds of misplaced priorities.
“There is a feeling of lack of confidence. But heating up the polity is not and cannot be a solution. Hate speeches has a deep effect because local and foreign investors may hold back and watch how these problems play out, which is not good for us.
Obadiah, who is a member of the recently inaugurated National Economic Advisory Board, said the government is making some strides to develop and grow the economy. He mentioned programs such as the Anchor Borrowers Program; the Ease of doing business order recently signed by Acting President Yemi Osinbajo and hoped that the effects on the economy of similar intervention would start yielding fruits by next year when “the country would be self-sufficient in rice production”
But he insisted more still needs to be done. “We have to recalibrate politics, leadership and politics for the country to see lasting peace and development”, he submitted
