Nigerian Govt Wants IMF Aid On Job Creation

NIGERIA has asked the International Monetary Fund (IMF) to initiate policies that will boost employment generation in the country.

Labour and Productivity Minister, Adetokunbo Kayode, stated this yesterday in Abuja while receiving the Resident Representative of the IMF to Nigeria, Mr. David Nellor, in his office.

Also, to strengthen its collaboration with the United Kingdom and build its adaptation and mitigation capacity in addressing the impact of climate change, the Federal Government and British Council have signed a Memorandum of Understanding (MoU) on global warming research.

Besides, about $300 billion would be borrowed by some African countries to help cushion the effects of the global cash crunch.

According to the minister: "It is quite true that Nigeria has had some relationship with the IMF over the years maybe the relationship has not been rosy as expected. In the late 80s and 90s, the IMF was known for harsh economic policies maybe it has moved from there now to a more beneficial approach but I can tell you that right now we have serious economic problems as a result of the global economic crisis. What Nigeria requires from the IMF is strong support. The recent World Bank report revealed that though Nigeria has indeed recorded some economic growth in the last 10 years, this does not reflect in the number of employment opportunities created during the period. I am worried because my ministry is responsible for making sure that employment is created and here we are having a seven to eight per cent economic growth without any impact on the employment generation. This situation has been compounded by the global economic meltdown. So our economic deficit is very huge. So, the IMF and other international bodies should come to the aid of Nigeria to tackle unemployment."


Posted To The Web: Tuesday, June 09, 2009 - Collins Olayinka and Florence Oretade, Abuja

Chai!So the yaradull's brain don block so tey na to call imf to help am on job creation.

This is the most stupid idea i have ever heard imagin a government with brain asking the imf for policies to stimulate job creation.
This government e bad o.
So what is the minister for these particular ministery doing.
This is why am say nigerians are bloody brainless and brain dead.
what is so hard in creating jobs in nigeria.
Daft mother F@@@rs.
Stupid individuals
Hausa man brain dead.
Thank God after yara dua it will be 50yrs before anothe malu will touch that place ewu.

Ibime you have a very good brain.

Remember SAP

What makes you it is going to be different with yaradua?

It is a known fact that Yar'Adua cant do jack, the guy has been in power for how long now and nothing has been done and nothing to show that he even know what he is doing.
Any update on the governor of CBN, any change of policy yet?

The problem is, we've been here before. In 1999 Obasanjo took on the initiatives as per the guidelines of the IMF, however in 2002 he had to abandon them due to powerful self interests within the ministries, union threats of mass strikes, and general incompetence or outright refusal of their implementation.

IMF has good medicine for economic stimulation, but as a pharmacist tells you when  you when get your prescription medicine, "Take it regularly or it won't work".

The policies are always the same, and they are proven to work:

1 - Cut down the public sector size to minimize corruption and bureaucracy
2 - Privatize major government revenue generators to also minimize corruption and increase market efficiency
3 - Increase local revenue base by liberalizing the land market, allowing for easier purchase of property for the average citizen
4 - Tackle inflation, preferable target for inflation should be 2%-8%, anything over will create overheating of the economy
5 - Reduce trade barriers with neighbours (already done).


So, look at the list, tell me which one we can tackle without some form of riots, destruction, mass action industrial strikes, sabotage, or outright wilful negligence of implementation due to self interest.

I'm all for IMF help, but it comes down to our will in implementing its recommendations.

I can see this turning into the Uwais report.