Nigeria’s Central Bank Chief Worried Over ‘Developmental Challenges’

VENTURES AFRICA – Nigeria continues to face adverse “developmental challenges” as continuous rise of unemployment hinders economic progress, the country’s Central Bank Governor, Sanusi Lamido has said.
“It is evident that we as a nation are confronted with a wide range of developmental challenges.”
Quoting the 2012 general household survey conducted by the National Bureau of Statistics, Sanusi said 23.9 percent of the adult working population in Nigeria are unemployed.
“More worrisome is the fact that the unemployment rate has exhibited a worsening trend, rising from 8.2 per cent in 1999 to 23.9 per cent in 2011,” adding that the rate of unemployment in Cross River was also increasing astronomically from 7.9 percent in 2002 to 18.2 percent in 2011.”
“This is obviously not only having significant effect on the psychology of the individuals concerned but have a destabilising impact on the wider society.”
Sanusi said all these at the inauguration of the CBN South-South Entrepreneurship Development Centre (EDC) in collaboration with the Cross River State Government in Calabar on Monday.
On the development of EDCs over the years, Sanusi said 41,828 entrepreneurs were trained under the CBN-EDC programme between 2008 and 2013, while 13,124 jobs were created under the scheme. Out of this number, 1,743 had been linked with financial institutions from which they obtained loans amounting to N227.84 million ($1.4 million) to start and expand their businesses.
Entrepreneurship Development Centres (EDCs) were launched in 2008 for unemployed youths in Nigeria to assist in job and wealth creation, promote growth and development.
Meanwhile, Sanusi said due to the success recorded in the first phase of the project, CBN is in the processes of putting together the second phase of the programmes for the South-East, North-West and South-West zones.
The first phase of the CBN-EDC initiative ended in April 2013.