The World Bank has urged the Federal Government to prioritise providing jobs for young Nigerians.
This was stated by the World Bank’s Country Director for Nigeria, Ndiame Diop in the wake of critical reforms made by the Bola Tinubu’s administration, which had thrown the country into increase in costs of living.
The skyrocketing cost of goods followed the President’s May 2023 declaration, which ended fuel subsidies and led to a significant price hike of Premium Motor Spirit (PMS) from N175 to N1,025 per litre at Nigerian National Petroleum Company Limited (NNPCL) stations in Lagos state.
Following the development, the world’s apex bank in its Nigeria Development Update Report, titled “Staying the Course: Progress Amid Pressing Challenges,” said going forward, it is most crucial for the government to provide jobs for its citizens, youths especially, to help them cope with the hardship.
“Nigeria took the bold and courageous move to undertake difficult but critical reforms. This against the backdrop of an already fragile economic position, high food and transport inflation, and other heightened uncertainties. If these reforms were not done, Nigeria would have fallen into a serious fiscal crisis that would have made it difficult for government to meet its obligations to citizens.
“It will be important to consolidate the improving fiscal outlook and scale up the support for the poorest households to cope with purchasing power losses and hardships, while expanding opportunities for growth and productive jobs, especially for young Nigerians is most urgent and crucial”.
