Unemployment: Tech can be utilized to cut back youth unemployment – BOI

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The FG disclosed that Technology can be utilized as a catalyst to unravel the youth unemployment disaster in Nigeria, citing that embracing tech and infusing it into enterprise processes will make organisations and the nation extra aggressive.

This was disclosed by Mr Olukayode Pitan, Managing Director,  Bank of Industry (BOI), on the inauguration of BOI-UNILAG Incubation and Co-Working Hub, on Thursday in Lagos.

What Mr Pitan stated

Tech may also help clear up a few of Nigeria’s social issues notably youth unemployment which has been additional exacerbated by the pandemic.

At the Bank of Industry, we imagine that company organisations which are privileged to be in enterprise at these tough occasions must deliver teams of like-minded younger people collectively to assist create wealth and prosperity for future generations.

Embracing tech and infusing it into enterprise processes will make organisations and the nation extra aggressive.

It can create thrilling jobs that encourage our younger individuals to remain in Nigeria at the same time as they work and compete globally,” he stated.

The BOI boss additionally revealed that 2 extra hubs have been accomplished in Kaduna and Kebbi, citing that the financial institution may also present funding to help credible and bankable concepts that emerge from the tech hubs to allow them begin operations and scale into viable companies.

“At the Bank of Industry, we believe that with the collective will of our young people’s positive passion, the right government policies, mentorship, and private capital, this can become a reality in a short period,” he stated.


What it’s best to know

Nigeria’s unemployment price as of the tip of 2020 rose to 33.3% from 27.1% recorded as of Q2 2020, indicating that about 23,187,389 (23.2 million) Nigerians stay unemployed.

According to the final Gross Domestic Product Report, launched by the National Bureau of Statistics (NBS), the data and communication sector grew by 13.8%% in full-year 2020 in comparison with 11.08% recorded in 2019 and 9.65% in 2018.

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