Nigeria’s FDI flow hits $6.7bn

01 October 2014, Abuja – The Representative and Regional Director, United Nations Industrial Development Organisation  (UNIDO), Dr. Patrick Kormawa yesterday said between last year and this year, investment flow into the country hit $6.7billion mark.

He lamented that in spite of this, unemployment gap kept increasing, adding women were worst hit by the scourge.

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Kormawa who spoke during the inauguration of the project advisory group for Industrial Training Fund (ITF) and UNIDO project on National Industrial Skills Gap study in Abuja,  said  the meeting is part of a large study which ITF under the Ministry of Industry Trade and Investment is conducting.

He said:  “We are all aware that Nigeria has been growing at about seven per cent per annum over (the past) 10 years,  but despite the growth, unemployment has been on the rise. Certain sectors of the economy are still importing labour from outside the country, yet  we have people crying for job but when people come to the job market, they don’t meet up to the standard.

“In 2011 the unemployment rate as reported by the National Bureau of Statistics in Nigeria was 23.90 per cent from 5.30 per cent in 2006. The National Population Commission states that about half of the population is made up of youths, defined as individuals between 15-34 years of age. Unfortunately as the youth population grow so does the unemployment rate.

“In terms of gender,  available statistics show that majority of unemployed youth are female.  Women accounted for more than 50 per cent of the unemployed. “One of the reasons for rising unemployment is the mismatch between available skills and the needs of the labour market in general.

“Another is the inadequacy of the educational curricular to adapt quickly to changing industrial needs, while attitude to work and lack of entrepreneurial acumen are other factors.”




– The Nation

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