In a move poised to address Nigeria’s persistent unemployment crisis, the federal government is to launch a ground breaking National Youth Unemployment Benefits Scheme soon.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during his opening remarks at the Media Activation/Townhall Meeting on the federal government’s loan scheme in Lagos over the weekend.
Speaking to a gathering of MSME stakeholders, the minister said: “To further underline these measures above, and incorporate the unregulated informal sector into the mainstream framework of our economy, our administration is in the final stages of designing a National Youth Unemployment Benefits Program.
“A comprehensive social welfare initiative designed to support the unemployed, the underemployed, and those struggling with self-employment.”
The initiative, according to the minister, is a vital step in addressing Nigeria’s unemployment challenge. This challenge it seems, has been compounded by the suspension of earlier social investment programs (now handed over to the new leadership at the Humanitarian Ministry).
The announcement comes at a critical juncture, as the country grapples with rising unemployment rates and a struggling informal sector.
