Utomi: Unemployment is Nigeria’s Biggest Challenge

Solomon Elusoji

Political Economy and Management Expert, Professor Pat Utomi, has singled out the high unemployment rate in the country as the biggest obstacle standing between Nigeria and economic prosperity.

Utomi made this observation yesterday in Lagos during a CEOs Summit on Youth Employment in Nigeria, an event organised by the Centre for Values in Leadership (CVL), a non-profit organisation he pioneered.

“Nothing is a bigger challenge to the prosperity of this country as the challenge of unemployment,” Utomi said.
According to the National Bureau of Statistics (NBS), the unemployment rate rose to 14.2 per cent in the fourth quarter of 2016, from the 13.9 per cent recorded in the preceding year. Also, the underemployed rate rose from 21.0 per cent from 19.7 per cent. These numbers are expected to rise.

However, Utomi noted that skilling up the country’s teeming young population can provide a way out of the unemployment crisis. His reasoning was echoed by the speakers and panelists at the CEOs Summit.

Representing the President of the Chartered Institute of Personnel Management (CIPM), Mr. Udom Inoyo, CIPM’s Registrar and Chief Executive Officer, Mrs. Ajibola Ponnle, gave a riveting presentation on “The Challenge of Skills-Mismatch in Nigeria Labour Market”, where she challenged the value of university education in a world where information is readily available to anyone ready to learn.

A former instructor at the Lagos Business School and accomplished Researcher and Training Consultant, Professor Franca Ovadje also gave a lecture on “The Roles of CEOs in Tackling Youth Unemployment in Nigeria,” where she urged elite business leaders to scale up their Corporate Social Responsibility roles as it pertains to education and health. “CEOs should be involved in developing a talent pool,” she said, while stressing the importance of on-boarding and training for new recruits.

A panel discussion, moderated by the Human Resources Director at Nigerian Breweries, Mr. Victor Famuyibo, was populated with interesting thoughts from several top business leaders: CEO of Leading Edge Consulting, Dr. Ije Jidenma; CEO of Inspiro Consulting, Mr. Jide Tewe; CEO of The Knowhouse, Mr. Olukayode Olusope; CEO of WAVE, Ms. Misan Rewane; and Coordinator of the German Dual Vocational Training Programme, Engr. Kayode Awoyele.

The CEOs Summit was organised by CVL with the support of the Ford Foundation. “We are trying to understand demand in the labour market and what sort of skills already exist,” a Ford Foundation Program Officer, Dabesaki Mac-Ikemenjima, said. “We think this is important because it will help us understand what CEOs require and help pull a lot of people out of unemployment.”