Recent statistics by the World Bank indicate the unemployment rate in Nigeria is at 22 per cent, with youth unemployment recording a massive 38 per cent, whereby over 70 per cent of the West African nation population is below the age of 35.
“Nigeria is recognised as an economic powerhouse that is [showing] performance beyond expectation. It [Nigeria] is in the right direction and it needs to open to innovation and a key factor to innovation is to ensure there is access around PPPs and the voice of the youth,” Leroy Logan, Security Consultant at Neptune Mobile told CNBC Africa.
According to Logan, one of the priorities should be creating training and job opportunities for the youth alongside long-term job creation to benefit the community.
“We need young people to know where they can start up their businesses, how they can sustain their initiatives and how [PPPs] can assist them through social media, through contacts and relevant sources to ensure that they keep up the pace of greater change that we are seeing all over the world and Nigeria needs to be at the forefront,” Logan said.
The International Labour Organisation states that unemployment is one of the biggest threats to social stability and a fundamental development challenge in Nigeria. Therefore, in order to eradicate this vice there should be ‘sustainable and quality leadership’ that needs to be consistent.
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“Let us [PPP] bring in the innovation for the young people who in the past had no such opportunities and hopefully we will start to see the momentum growing that is key to driving unemployment,” said Logan.
During the Africonomie summit - a platform organised to rally common action to facilitate strategic funding efforts- in May, key stakeholders and players in the public and private sector acknowledged that a close cooperation and partnership is critical, to the sustained growth and development of the Nigerian economy.