Tinubu plans to reduce unemployment to 18 percent by 2026

Tinubu plans to reduce unemployment to 18 percent by 2026

‘Seun Ibukun-Oni, Abuja

DAILY COURIER – The ruling All Progressives Congress, APC, presidential candidate Asiwaju Bola Ahmed Tinubu has made a bold economic policy to reduce unemployment to 18 percent from the current high of 33 percent if elected come 2023.

The 80-page document which was unveiled at the inauguration of All Progressives Congress Presidential Campaign Council (PCC) on Friday afternoon at the State House Banquet Hall in Abuja contained a multi-sectoral policy options, is tagged “Renewed Hope 2023 – Action Plan for a Better Nigeria.”

According to the document, the former Lagos State governor will cut unemployment from the current 21.5 million (2022) to 19.0 million (2023); 16.7 million (2024); 14.3 million (2025) and 11.9 million (2026) respectively when elected as President Buhari’s successor next February.

Tinubu also promises to facilitate easy access to credit by working with the CBN to develop suitable incentives to encourage commercial banks to target low-cost loans towards a given quota of youth-led enterprises.

He also stated that commercial banks will also be encouraged to ensure their loan application processes are simplified and give greater priority to young people with marketable ideas. Federally owned and affiliated banking institutions will immediately be mandated to develop similar schemes for young entrepreneurs.

Raise 2 million volunteer

To ramp up the employment rate, he planned to mentor youth in business by increasing intergenerational, business mentoring and cooperation with 2 million volunteer.

“Entrepreneurs and professionals across the nation committed to working with youth to find employment, hone job skills and create businesses” the document reads.

Another innovative pitch was to reform NYSC by strengthening it to become a job matching programme for graduates by reforming the NYSC program to enable more participants to enter the private sector during their service years and incentivising employers to retain corps members at the end of their service.

The document also plans to expand incubation centres to support youth innovators to acquire and protect, through patent and trademark registration, intellectual property and other proprietary rights over inventions and innovations.