How Nigeria can tackle unemployment, economic hardship

The CEO of the Nigeria Communications Satellite (NIGCOMSAT), Nkechi Egerton-Idehen, has highlighted how Nigerians can tackle rising unemployment and end the country’s economic hardship.

Nigerians have been battling severe economic hardship in recent times as prices of commodities continue to increase.

The country’s unemployment rate surged to 5.0 per cent in the third quarter of 2023 from 4.2 per cent in the previous quarter, according to data released by the National Bureau of Statistics.

Addressing unemployment, economic hardship

Mrs Egerton-Idehen, an electronics engineer, said rising unemployment and biting economic hardship in the country can be tackled if Nigerians should utilise digital transformation and innovation.

Digital transformation is the use of digital technologies like robotics and the internet to transform existing traditional and non-digital business processes and services.

The NIGCOMSAT chief spoke while delivering the 20th Herbert Macaulay Memorial Lecture and Symposium at the University of Nigeria Nsukka (UNN) in Enugu on Saturday.

The lecture, themed “Harnessing Practical Engineering Solutions for Sustainable Economic Development,” was organised by the Faculty of Engineering of the university.

Mrs Egerton-Idehen noted that overreliance on crude oil in Nigeria had made the country’s economy vulnerable.

“Nigeria, as we know, is a nation brimming with talent and potential, stands at a crossroads. While blessed with abundant natural resources, particularly oil, our economy remained heavily reliant on a single sector for over five decades,” she said.

The guest lecturer urged Nigerians to embrace the digital transformation initiative to make Nigeria realise its potential, which according to her, will further enhance other sectors such AS financial institutions, trade; agriculture, manufacturing, construction; and real estate, among others.

“There are many ways we can frame our road to diversification and non-dependence in the oil sector.

“With our experience with ICT, we can safely assume we could reform, and impact various sectors driving economic growth through digital transformation,” she said.

“This could be done by addressing the challenges and harnessing the opportunities. Nigeria can leverage digital transformation as a powerful tool for economic diversification, job creation, and shared prosperity.”

‘Emulate Estonia, Finland, others’

Mrs Egerton-Idehen said Nigeria should emulate other countries, such as Estonia, Finland and Saudi Arabia, which have all transformed and diversified their economies by keying into digital skills to fight unemployment and boost their economies.

“I have identified some countries that have successfully achieved economic diversification journeys by leveraging digital transformation. In some cases, countries like Estonia, Finland and Saudi Arabia have used ICT as part of broader reforms to reduce their dependence on a dominant sector or entrenched structure.

“Economic diversification would not only fight off economic collapse in the global markets, but also help ease Nigeria’s unemployment problem, increase consumer spending, encourage investors, and prevent numerous other social problems,” she said.

The NIGCOMSAT chief, however, acknowledged that a lack of educated workforce and capital could be a stumbling block for Nigeria in its diversification efforts.

VC speaks

The Vice-Chancellor of UNN, Charles Igwe, said Herbert Macaulay, one of the first Nigerian nationalists, used his opposition to many colonial policies to pave the way for the independence of Nigeria from Britain in 1960.

Mr Igwe, a professor, challenged engineers in the university to embrace digital transformation and also proffer immediate solutions to the energy crisis in the institution and the state.