Senator Shekarau who noted that socio-economic conditions determine the well-being of citizens, said it tells exactly how citizens fare in terms of income, safety and security jobs, access to health care facilities, access to education, and electricity among others.
Shekarau spoke on Saturday at the 5th Annual Conference of the International Islamic University Malaysia Association, Nigeria Chapter tagged: Nigeria’s Social Economic Conditions: Realities and Remedies”.
At the virtual programme were also the Emir of Keffi in Nasarawa State, Dr. Shehu Chindo Yamusa III, President, IIUM Aluminin, Nigeria Chapter, Professor Bashiru Adeniyi Omipidan and director, IIUM Alumni Relations Division, Br. Illmyzat Bin Ismail.
Senator Shekarau who was represented by a renowned economist, Dr Muhammad Sagagi, said that Nigeria’s socio-economic condition is poor.
He lamented that despite the abundant resources in the country, leaders are not able to provide the development and living standards that Nigerians expect and Nigeria’s demand.
The former governor, in his submission, noted that Nigeria has a low per-capital income, which he described as a major setback for the nation’s development.
He said, “Currently, we have more than 23 million unemployed people, and maybe 20 million more under-employed to a total of about 15 million people who are either unemployed or underemployed. But what is also most important here is that this unemployment is more acute amongst the youth.
“Unfortunately, the growth in the economy has been erratic and small. Growth rates are small and erratic. If you calculate it from 1999 to 2024 or maybe take an even shorter period of 11 years, the average growth rate of the economy was about 2.4%. The highest ever was 6.2% in 2014. And then the lowest was minus 1.92. In that session. Now, the implication is that these cross rates are not enough to create jobs and fight poverty. They are not enough to provide the social, economic, the kind of socio-economic conditions that are appropriate for this country.
“Therefore the character of growth in this country would contribute immensely, to job losses, to poverty, and to the inability of the state to provide socio-economic, the kind of social economical condition that we expect or that we demand.
“So, because socioeconomic conditions are sensitive to real GDP growth. They are sensitive to economic growth. The first focus for any sensible policymaker will be to grow the economy, bigger, stronger, and more dynamic economies will be better placed to provide democratic dividends. Therefore, Nigerian policymakers optimize the potentials of the key sectors, sectors that have high growth potentials, and sectors that have the capacity for opening chains to grow. And to contribute to the overall growth sector that can create jobs.
“We must recognise that Nigeria does not Despite the vast resources that we have we must accept that Nigeria is the fiscal resources that are required to develop the country and therefore you have to extend the how to leverage private sector resources, skills, and technology. This can be achieved through business environment reforms to attract private investment.
“The third aspect of your strategy is that governments at all levels must pay attention to poverty, inequality, and joblessness. Economic growth by itself would not trickle down to the bottom of the pyramid without concerted efforts. You cannot expect this to trickle down to the bottom of the pyramid. Nigeria must design a robust redistribution program efficient enough to tackle the problems of poverty, and joblessness.
“Also, a serious country that has poverty of this magnitude must adopt poverty eradication, at the centerpiece of its development. And what does that mean? That means that economic performance will be measured by the number of jobs that you create, and the number of people that you lift out of poverty every year.”
On his part, the Emir of Keffi appealed to wealthy Nigerians to make positive contributions to long-term sustainable peace and development by working directly with people affected by humanitarian crises.
He said the principles of neutrality, impartiality, and independence are fundamental to human and humanitarian actions, adding that humanity means that human suffering must be addressed wherever it is found, with particular attention to the most vulnerable.
Emir of Keffi stated, “We should enforce policies and social protection system for youths and women. Women are less likely to have access to social protections, like pensions, unemployment benefits, maternity protections, and equal pay.
“For our youth, empowerment is important because empowerment means that people are equal citizens. They are respected and confident in their communities. You can empower someone to act or make someone empowered. It is about ways of working and supporting someone that means they can take control or responsibility for their own lives.”
Earlier in his remarks, the President of IIUM Aluminin Nigeria Chapter expressed hope that Nigeria will speedily come out of the current economic challenges.
