The Chairman of the Federal Roads Management Agency (FERMA) and a former Deputy Governor of the Central Bank of Nigeria (CBN), Mr. Tunde Lemo, has warned against the effects of the rising rate of youth unemployment in the country.
He said this while speaking at the Risk Management Association of Nigeria (RIMAN), 18th annual international conference and training that took place in Lagos recently.
According to Lemo: “Recently Canada was seen to be the beneficiary of skilled labour in Nigeria. As our youths continue migrate in droves once the opportunity arises.
“This coupled with the lingering unemployment rate in the country, making external investments both monetary and in terms of human capital, more attractive.
“The worst hit sector used to the medical field, but more recently we are seeing this trend in the financial sector of the economy.”
He, however, said there was need for polices and procedures to encourage human capital development.
He added: “Nigeria is not immune to socio-economic risks and factors such as income, education and occupation affect risk management strategies and our ability to meet our objectives in our area of works.
“As a matter of fact, given our circumstances including growing population, ethnic and religious diversity, our exposure to such risk far exceeds others in sub-Saharan Africa.
“We have been unable to realise our potential in the past as a result of effects of such socio-economic risks.”
Earlier in his speech, the President of RIMAN, Mr. Jude Monye said the Nigerian economy, like many others was faced with socio-economic risks that affects businesses and the lives of citizenry. He said it had become imperative for captains of industries, subject matter experts, policy formulators and thought leaders to gather at the event and proffer ways of navigating the uncommon terrain in the journey to a greater, better and prosperous Nigeria.
According to Monye, RIMAN has been at the fore front of the best practice risky management in the country for over 17 years, noting that in building capacity in risk management, the association in collaboration with the Chartered Institute of Bankers in Nigeria (CIBN) has professionalised risk management in the country.
He urged corporates and risk managers to take the Certified Risk Manager (CRM) professional examinations.
He said: “We have commenced the Post Graduate Diploma in Risk Management in collaboration with the University of Lagos. At the same time, we are working tirelessly to create avenues for efficient risk mitigation across our existing domestic markets.
“Clearly, our achievements so far could not have come without the backing of regulators.
“In spite of our obvious achievements, the association is faced with many challenges. It is our appeal the you open your doors to us as we call for your input and support in moving the association to the next level.”