Sanusi: Unemployment Rate Doubled over Past 5 Years

Governor of Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, has disclosed that while the Nigerian economy grew at the rate of seven per cent for the past five years, unemployment has actually doubled at same period. Sanusi also said the current security upheaval and internal insurrection all over the country were as a result of severe poverty and rising unemployment, especially in the north. He stated this yesterday while speaking at the Annual Lecture/Dinner and Awards Night organised by the Ahmadu Bello University Alumni Association, Abuja Branch.

The CBN governor noted that the present development and economic reality in Nigeria, where unemployment is widening at a time of economic growth, is an aberration. He said: “According to data from the National Bureau of Statistics (NBS); unemployment rate in 2011 is 29.3 per cent. This means that unemployment has doubled since last five years. Unemployment in Yobe is 60.6 per cent, Kano is 67 per cent and that is why when you go to Kano you will see a sea of people without work. We must make sure we did not begin to see our demography as a curse.

“There is a serious problem when a country is growing at seven per cent and yet could not provide jobs for its citizens. It is like a broken record; a country that produces oil yet imports refined fuel, a country that is in the tomato belt and yet imports tomatoes.”
Sanusi said government needed to rethink and restructure the economic system of the country by creating the enabling environment that encourages industrialisation.


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