Before President Jonathan, the rate of unemployment was pegged at 23.9% in 2011 which was further precipitated by the global economic recession at that time. This was the one of the major structural weakness of the economy.
In response to the high unemployment rate pegged at 23.9 percent in 2011, the structural weaknesses of the economy and the increasing number of people entering the job market, President Jonathan encapsulated a series of economic policies and programmes in his Transformation Agenda in the same year. The Transformation Agenda is hinged on three pillars – fiscal consolidation, private sector-led inclusive growth and job creation. Nonetheless, the overriding objective of the Agenda is the creation of job opportunities for Nigerians such that everyone capable and willing to work will be able to find work.
Prior to Jonathan administration, policies that necessitated the foundation for inclusive growth and Job creation were not present.
President Jonathan administration has emphasized sound macroeconomic policies of low and stable inflation, sustainable public finances and strong external position. The President Goodluck Jonathan administration views these policies as the necessary foundation for sustainable inclusive growth and job creation in the economy. Besides maintaining stability, many sets of reforms have been carried out in the last decade. Indeed, the recent growth trajectory of the Nigerian economy cannot be explained outside the tough but extremely beneficial economic reforms during the period. For instance, the 7 percent growth per annum recorded during the period, driven by non-oil sectors of the economy, is faster than the average growth rate for the Sub Saharan Africa region at 5 percent. The reforms pursued in the last decade were not only extensive, but also detailed and specific in addressing some critical and structural weaknesses of the economy.
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