Unemployment: Tech can be used to reduce youth unemployment – BOI

The FG disclosed that technology can be used as a catalyst to solve the youth unemployment crisis in Nigeria.

The FG disclosed that Technology can be used as a catalyst to solve the youth unemployment crisis in Nigeria, citing that embracing tech and infusing it into business processes will make organisations and the country more competitive.

This was disclosed by Mr Olukayode Pitan, Managing Director,  Bank of Industry (BOI), at the inauguration of BOI-UNILAG Incubation and Co-Working Hub, on Thursday in Lagos.

What Mr Pitan said

Tech can help solve some of Nigeria’s social problems particularly youth unemployment which has been further exacerbated by the pandemic.

At the Bank of Industry, we believe that corporate organisations that are privileged to be in business at these difficult times need to bring groups of like-minded young individuals together to help create wealth and prosperity for future generations.

Embracing tech and infusing it into business processes will make organisations and the country more competitive.

It can create exciting jobs that encourage our young people to stay in Nigeria even as they work and compete globally,” he said.

The BOI boss also revealed that 2 additional hubs have been completed in Kaduna and Kebbi, citing that the bank will also provide funding to support credible and bankable ideas that emerge from the tech hubs to enable them start operations and scale into viable businesses.

“At the Bank of Industry, we believe that with the collective will of our young people’s positive passion, the right government policies, mentorship, and private capital, this can become a reality in a short period,” he said.

Nigeria’s unemployment rate as of the end of 2020 rose to 33.3% from 27.1% recorded as of Q2 2020, indicating that about 23,187,389 (23.2 million) Nigerians remain unemployed.