MON, DECEMBER 24 2018-theG&BJournal-The consensus is overwhelming. 89 percent of Nigerians polled by the leading polling firm in the country, NOIPolls, say the country has not fared well mostly in the area of Job creation. 65 percent suggest its score card on infrastructure development is abysmal while 63 percent say the economy didn’t fare well either, despite the marginal increase in the county’s GDP in quarter 1, 2018 as reported by the National Bureau of Statistics.
Infrastructural development is not only a crucial driver for progress, but is also a critical enabler of productivity and sustainable economic growth. For example, the constant electricity shortages, housing issues, rail lines, lack of proper road networks both inter and intra state, water and sanitation infrastructure have a direct impact on the overall economic growth of the country.
According to the Federal Mortgage Bank of Nigeria (FMBN), the country needs to build 720,000 units of houses per annum at a cost of N56 trillion per annum to close our housing gap. In the same vein, electricity, rail systems, airports, seaports are equally begging for financial attention and the implication of these is that the country needs several trillions of naira to address its infrastructural deficits.
On the economy, the National Bureau of Statistics (NBS) reported that the nation’s Gross Domestic Product (GDP) grew by 1.81% (year-on-year) in real terms in the third quarter of 2018, however, the average Nigerian is yet to feel the impact of this marginal increase, NOIPolls said in apparent reference to poll’s outcome.
It said, for instance, the African Development Bank report on Nigeria’s Economic Outlook 2018 revealed that about 152 million Nigerians live on less than 2 dollars a day, representing about 80 percent of the country’s estimated 190 million population.
The report further indicated that the country still faces significant challenges in foreign exchange shortages, disruptions in fuel supply, power shortages and insecurity in some parts of the country amongst other challenges.
On the high unemployment rate faced by Nigerians, NOIPolls noted that it is essential that the issue of infrastructural deficit is addressed in order to create an enabling environment for job creation.
‘’This will in turn help increase financial security and promote better standards of living of Nigerians, stimulate economic activities as well as reduce poverty and crime in the country.’’
Job creation as a burning issue comes as no surprise considering the rising rate of unemployment in Nigeria. According to a National Bureau of Statistics (NBS) unemployment rates rose from18.8 percent in Q3. 2017 to 23.1 percent in Q3, 2018.
On a brighter note, 69 percent of Nigerians believe that the country has fared well in the area of agriculture in 2018.
‘’The government and concerned stakeholders must synergize to address these critical challenges especially as another year approaches,’’ NOIPolls said in its End of Year Poll conducted in the week of December.
‘’For instance, fixing these infrastructural challenges will attract more foreign direct investments, create millions of jobs, help to create new markets, foster competition, spur innovation, lower prices, raise productivity and in turn leads to increase in standard of living. Due to the high cost of infrastructural development, it is advisable that a public private partnership should be adopted to make needed funds available to tackle these challenges.’’
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