The President, Major General Muhammadu Buhari (retd.), has said Nigeria’s economy recorded five percent growth in the second quarter of 2021, which is the highest in six years due to the focus on job creation, consistency in policy, and innovation.
Buhari said this at the State House in Abuja on Tuesday, during the launch of the Jubilee Fellows Programme which he said will further consolidate on the success recorded.
The President listed some of the key drivers of economic growth and diversification in the second quarter to include telecommunications, transportation, electricity, agriculture and manufacturing.
“Tuesday, 22nd June, 2021, I set-up the National Poverty Reduction with Growth Strategy (NPRGS) steering committee to coordinate our work to fulfil my promise to lift 100 million Nigerians out of poverty in ten years. This is building on the positive results from the Economic Recovery and Growth Plan and the targeted response to the effects of the COVID-19 pandemic with the Economic Sustainability Plan.
“These efforts have yielded results with Nigeria recording its biggest economic growth in six years with a GDP growth of 5 per cent in the second quarter of 2021. The sectors that drove this growth are trade, telecommunications, transportation, electricity, agriculture and manufacturing. Each of these sectors showed significant improvement and thus created more jobs for our populace.
“An important part of our policies and strategies is the focus on employment and creating opportunities for our people. When this government was elected in 2015, we committed to increasing job opportunities for Nigerians and as part of our social investments programme we recruited 500,000 graduates into our N-power programme,’’ he noted.
A statement issued by the Special Adviser to the President on Media and Publicity, Femi Adesina, said Buhari gave a directive in 2019 for the number of graduates to be increased to one million.
“These graduates are recruited to work in agricultural, health and education institutions across the country. The N-power programme also has a non-graduate component that provides skills to tens of thousands of Nigerians in areas such as technology, masonry, auto repairs, and carpentry.
“We estimate that about 2 million people join our labour force annually. We continue to work with our partners to provide more opportunities to create jobs and the Nigeria Jubilee Fellows Programme in partnership with the United Nation’s Development Programme being one of such opportunities,’’ he added.
The President said, “The jubilee programme will provide a pathway for young Nigerians to gain work experience in top tier organisations, gaining relevant skills and building the right networks for the future in various sectors including information and communications technology, financial services, trade, manufacturing, agriculture and agro-processing.
“Other sectors include mining, telecommunications, creative industries and technology, education, health, research and development, and public sector institutions. We believe that building the right skills and experiences across these sectors are important to sustain the economic growth we are experiencing.’’
He said the programme will build on other efforts of the government to support young Nigerians such as the N75 billion youth fund in the Ministry of Youth and Sports Development, which was created to support young Nigerians in business or with business ideas, with N25 billion released annually for three years.
“The Economic Sustainability Plan (ESP) was our response to the COVID-19 pandemic. We have set-up a survival fund which has helped many businesses stay afloat in the worst economic periods of the last 5 years, more than one million Nigerians have benefitted from the fund, with more than 500,000 benefitting from the MSMEs Payroll support track, approximately 270,000 beneficiaries of the artisan support track, and about 50,000 beneficiaries of the MSME grant scheme,’’ the President added.
He said the International Labour Organisation estimated equivalent of an unprecedented 255 million jobs being lost around the world as a result of the COVID-19 pandemic.