Harsh economic policies worsening unemployment, OPS tells govt

Members of the organised private sector have stated that harsh economic policies from the government have exacerbated country’s unemployment rate.

In separate chat with The PUNCH, they warned that if the poor economic policies are not quickly addressed, more businesses would fold up and it would worsen the country’s unemployment.

The President of the Nigeria Employers’ Consultative Association, Adewale-Smatt Oyerinde, warned that the repercussions of inadequate economic policies and a hostile business climate would compel numerous businesses to cut their workforce to mitigate costs.

He recommended that the government implement optimal measures to enhance the business environment and bolster production within the private sector.

“Since the beginning of 2023, the government has been instituting policies unfavourable to the operations of the private sector, which happens to be the largest source of employment in the country,” Oyerinde said.

According to the National Bureau of Statistics in its Labour Force Survey, in the third quarter of 2023, the country’s unemployment rate rose to five per cent from 4.2 per cent in the preceding quarter.

The labour force participation rate, which gauges the proportion of the working-age populace actively involved in the labour market, declined to 79.5 per cent in Q3 from 80.4 per cent in Q2.