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President Bola Tinubu has identified Nigeria’s rapidly growing population as a key factor behind the country’s high unemployment rate, stating that job creation has not kept pace with population growth. Speaking at the second edition of the National MSME Conference in Abuja, Tinubu, represented by Secretary to the Government of the Federation, Senator George Akume, emphasized the need to expand job opportunities through support for micro, small, and medium enterprises (MSMEs).
Tinubu pointed out that Nigeria’s large population has not been matched by a proportional increase in service providers or job opportunities. “Nigerians are not lazy; the problem has been a lack of job opportunities. As the population grew, service providers did not expand proportionately. The steps we are taking now should have been taken long ago,” he said.
The president highlighted the importance of MSMEs, which account for 90% of businesses in Nigeria and employ over 60 million people. He noted that supporting these enterprises is crucial for poverty alleviation and rural industrialization. To this end, the government has allocated N9 billion through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to enhance access to capital for MSMEs.
The National Bureau of Statistics recently reported a slight increase in Nigeria’s unemployment rate, rising to 5.3% in Q1 2024 from 5.0% in Q3 2023. Female unemployment stood higher at 6.2%, compared to 4.3% for males.
Tinubu also stressed the need to localize production processes to combat hunger and food insecurity. “Nigerians are experiencing hunger because we have not fully localised production processes and reduced costs effectively. Innovation and digitalisation are vital to achieving this goal,” he noted.
In her remarks, the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, emphasized the role of digital transformation in driving MSME growth, highlighting its potential to increase productivity and reduce costs. SMEDAN Director-General, Mr. Charles Odii, reiterated the agency’s commitment to supporting MSMEs, calling for collaboration to address challenges such as high operating costs and limited infrastructure.
