An expert on globalisation and emerging markets, Dr Anil Gupta says a high unemployment rate whether individually or in a society is highly unacceptable.
Gupta, who was one of the speakers at The Platform a programme convened by Pastor Poju Oyemade of Covenant Christian Center, on Tuesday said estimates show that a huge number of Nigerian youths are unemployed a situation which he said is capable of ‘feeding’ xenophobia.
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According to him, the high rate of unemployment among young South Africans gave room for xenophobia, hence Nigeria should not treat unemployment with kids glove.
“There is a lot that Nigeria needs to do. For example, the figures according to several estimates from 15 to 35 age groups the level of unemployment or underemployment in Nigeria is well higher than 25% and that clearly tells us that something needs to be done.
“At the society level, high unemployment level runs the risk of feeding xenophobia,” Gupta said, adding that this is responsible for the recent developments in South Africa where foreigners, especially foreigners from other African countries including Nigerians are attacked.
He concluded that “a high unemployment rate is highly unacceptable individually or at the level of society.
“Looking at where Nigeria is coming from and where we are going, a lot more lies ahead.”
Gupta also pointed out that Nigeria’s GDP growth rate has been slower than the population growth rate, according to him, what this means is that per capita income in real terms in Nigeria has declined over the past years.