President Bola Ahmed Tinubu has revealed that the federal government is set to launch the Renewed Hope Labour Employment and Empowerment Program (LEEP) later this month, which is expected to create 2.5 million jobs.
This was announced by President Bola Ahmed Tinubu during his speech marking Nigeria’s 64th Independence Anniversary.
“In addition, later this month, we shall launch The Renewed Hope Labour Employment and Empowerment Programme (LEEP). It is conceived as a comprehensive suite of interventions at job creation by the Federal Ministry of Labour and Employment that is aimed at facilitating the creation of 2.5 million jobs, directly and indirectly, on an annual incremental basis whilst simultaneously ensuring the welfare and safety of workers across the country.” He stated
Tinubu acknowledged the challenges many Nigerians face, especially with the rising cost of living and the search for employment.
He reassured citizens that the government is committed to alleviating these hardships and that patience is needed as reforms are gradually being implemented.
Nigeria’s unemployment rate has been a significant concern, as recent data shows a slight uptick in the first quarter of 2024. According to the National Bureau of Statistics (NBS), the unemployment rate rose to 5.3%, a 0.3%-point increase from 5.0% recorded in Q3 2023. This rise indicates the growing challenges in the labor market, despite government efforts to address unemployment.
One encouraging development, however, is the slight decline in youth unemployment. The rate dropped to 8.4% in Q1 2024 from 8.6% in the previous quarter, suggesting that more young people are finding work. However, this is still a high figure, indicating that youth unemployment remains a critical challenge.
Unemployment for those with secondary education stood at 6.9%, and individuals with only primary education experienced a 4.0% unemployment rate.
The President’s speech also touched on other key issues, such as improving security in the northern regions, where government forces have made progress in combatting insurgencies, and implementing reforms in various sectors to stimulate economic growth and improve the quality of life for Nigerians.
This new initiative forms part of the government’s broader goal to promote job creation, social welfare, and economic stability.
In a similar push for job creation, the government has previously unveiled other initiatives aimed at boosting employment in key sectors such as cotton, textile, and manufacturing..