How Nigeria plans to tackle unemployment during the COVID-19 crisis

Nigeria’s Vice President Yemi Osinbajo says prompt pre-emptive measures need to be taken otherwise Nigeria's unemployment rate could rise to about 33.6 per cent, by the end of the year. Osinbajo made this statement while presenting a post-COVID-19 Economic Sustainability Plan to President Muhammadu Buhari. Wilson Erumebor, Senior Economist at the Nigerian Economic Summit Group joins CNBC Africa for more.

Mon, 15 Jun 2020 11:35:22 GMT

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AI Generated Summary

The alarming projection of Nigeria's unemployment rate potentially reaching 33.6% by the end of the year underscores the urgency of preemptive measures to mitigate the economic fallout of the COVID-19 pandemic.
The Nigerian government has introduced an Economic Sustainability Plan to address the challenges posed by the pandemic and provide targeted support to businesses, especially those in the informal sector.
The lack of comprehensive data collection and analysis poses a significant challenge in measuring the impact of government interventions on employment and highlights the need for prioritizing data-driven strategies.

Nigeria, like many countries around the world, has been deeply impacted by the COVID-19 pandemic. The country's Vice President, Yemi Osinbajo, has warned that without prompt preemptive measures, Nigeria's unemployment rate could skyrocket to 33.6% by the end of the year. In response to this alarming projection, the Nigerian government has introduced an Economic Sustainability Plan aimed at mitigating the economic fallout of the pandemic. Wilson Erumebor, a senior economist at the Nigerian Economic Summit Group, discussed the impact of COVID-19 on Nigeria's employment landscape during a recent interview. Erumebor highlighted the multifaceted challenges facing the Nigerian economy, particularly in the face of the pandemic's disruptive effects. The interview shed light on the government's interventions and the need for targeted strategies to support businesses, especially those in the informal sector. One key issue raised during the discussion was the importance of data in formulating effective policy responses. Erumebor underscored the critical role of data in measuring the impact of government interventions on employment and emphasized the need for robust data collection and analysis. The interview also delved into the challenges of monitoring and enforcing interventions in the informal sector, which accounts for a significant portion of Nigeria's economy. Erumebor emphasized the need for incentives to encourage informal businesses to formalize their operations, thereby facilitating targeted support and policy interventions. Overall, the conversation underscored the urgent need for comprehensive and data-driven strategies to address Nigeria's unemployment crisis amid the ongoing COVID-19 pandemic.