UNEMPLOYMENT WILL PERSIST IN NIGERIA---CBN GOV.

Governor of Nigeria`s Central Bank, Mallam Lamido Sanusi, has said that unemployment will persist in the country.

Mallam Sanusi stated this in Calabar, Cross River State, in a lecture titled Employment Skills, Values, Opportunities and Challenges of University Graduating Students at the annual University of Calabar lecture series.
He noted that with the expanding opportunities for university education in Nigeria, which are without corresponding increase in job openings, the unemployment situation in Nigeria can only get worse.
Increase
“From five Universities in the ’60s, the number has increased to over 100 and about 96 polytechnics and 47 monotechnics as at 2012.  Concomitantly, students enrolment has also been increasing significantly. In 2006 and 2007, the total enrolment in higher institutions in Nigeria stood at 12.37 million and 1.98 respectively,” he said.
He said that acquisition of knowledge had replaced the possession of natural resources in driving development equation world over and that any country that lagged behind in knowledge acquisition could not make commensurate progress compared to other countries.
Sanusi explained that changing trends in the global economy were knowledge based and driven by advances in information and communication technology, which had significantly raised the stakes in the labour market.