Senator Ibrahim Shekarau, the Former Governor of Kano State, has emphasized the imperative for both the Federal and State Governments to tackle issues of poverty, inequality, and unemployment as crucial elements for Nigeria’s economic progress.
Shekarau underscored the significance of socio-economic conditions in determining citizens’ well-being, stating that these conditions directly influence aspects such as income, safety, job opportunities, access to healthcare, education, electricity, and overall quality of life.
Speaking at the 5th Annual Conference of the International Islamic University Malaysia Association, Nigeria Chapter, themed “Nigeria’s Social Economic Conditions: Realities and Remedies,” held virtually on Saturday, Senator Shekarau expressed concern about the state of Nigeria’s socio-economic conditions.
The event also featured notable figures such as the Emir of Keffi in Nasarawa State, Dr. Shehu Chindo Yamusa III, President of IIUM Aluminin, Nigeria Chapter, Professor Bashiru Adeniyi Omipidan, and the director of IIUM Alumni Relations Division, Br. Illmyzat Bin Ismail.
Represented by the distinguished economist Dr. Muhammad Sagagi, Senator Shekarau lamented the inadequate development and living standards provided by leaders in the country, despite Nigeria’s abundant resources.
He highlighted Nigeria’s low per-capita income as a significant hindrance to the nation’s overall development.
READ ALSO: Shoprite to Shutdown in Kano from January 2024, Blames ‘Poor Business Climate’
He said, “Currently, we have more than 23 million unemployed people, and maybe 20 million more under-employed to a total of about 15 million people who are either unemployed or underemployed.
But what is also most important here is that this unemployment is more acute amongst the youth.
“Unfortunately, the growth in the economy has been erratic and small. Growth rates are small and erratic. If you calculate it from 1999 to 2024 or maybe take an even shorter period of 11 years, the average growth rate of the economy was about 2.4%.
The highest ever was 6.2% in 2014. And then the lowest was minus 1.92. In that session. Now, the implication is that these cross rates are not enough to create jobs and fight poverty.
They are not enough to provide the social, economic, the kind of socio-economic conditions that are appropriate for this country.
“Therefore the character of growth in this country would contribute immensely, to job losses, to poverty, and to the inability of the state to provide socio-economic, the kind of social economical condition that we expect or that we demand.
“So, because socioeconomic conditions are sensitive to real GDP growth. They are sensitive to economic growth. The first focus for any sensible policymaker will be to grow the economy, bigger, stronger, and more dynamic economies will be better placed to provide democratic dividends. Therefore, Nigerian policymakers optimize the potentials of the key sectors, sectors that have high growth potentials, and sectors that have the capacity for opening chains to grow. And to contribute to the overall growth sector that can create jobs.
“We must recognise that Nigeria does not Despite the vast resources that we have we must accept that Nigeria is the fiscal resources that are required to develop the country and therefore you have to extend the how to leverage private sector resources, skills, and technology. This can be achieved through business environment reforms to attract private investment.
“The third aspect of your strategy is that governments at all levels must pay attention to poverty, inequality, and joblessness. Economic growth by itself would not trickle down to the bottom of the pyramid without concerted efforts. You cannot expect this to trickle down to the bottom of the pyramid. Nigeria must design a robust redistribution program efficient enough to tackle the problems of poverty, and joblessness.
“Also, a serious country that has poverty of this magnitude must adopt poverty eradication, at the centerpiece of its development. And what does that mean? That means that economic performance will be measured by the number of jobs that you create, and the number of people that you lift out of poverty every year.”
The Emir of Keffi urged affluent Nigerians to actively contribute to enduring peace and sustainable development by engaging directly with individuals impacted by humanitarian crises.
Emphasizing the core principles of neutrality, impartiality, and independence, he underscored the importance of addressing human suffering wherever it exists, placing special emphasis on aiding the most vulnerable populations.
Emir of Keffi stated, “We should enforce policies and social protection system for youths and women. Women are less likely to have access to social protections, like pensions, unemployment benefits, maternity protections, and equal pay.
“For our youth, empowerment is important because empowerment means that people are equal citizens. They are respected and confident in their communities. You can empower someone to act or make someone empowered. It is about ways of working and supporting someone that means they can take control or responsibility for their own lives.”
In his earlier statements, the President of the IIUM Alumni Nigeria Chapter expressed optimism about Nigeria swiftly overcoming its present economic challenges.