The Chairman of the House Committee on Labour, Employment, and Productivity, Hon. Adegboyega Adefarati, has expressed commendation and full support for President Bola Ahmed Tinubu’s groundbreaking initiative, the Renewed Hope Labour Employment and Empowerment Programme (LEEP), announced during our nation’s 64th Independence Day celebrations.
In a statement made available to Newsmen on Wednesday, Adefarati said, “The introduction of LEEP represents a significant stride towards revitalizing Nigeria’s labour market and addressing unemployment.
“According to recent data from the National Bureau of Statistics (NBS), the unemployment rate in Africa’s largest economy decreased from 5.3% in Q4 2022 to 4.1% in Q1 2023, based on the new methodology. However, the rate increased to 5.0% in Q3 2023, highlighting the crucial need for sustainable job creation initiatives.
“A key aspect of the LEEP is its alignment with one of the core mandates of the Federal Ministry of Labour, Employment, and Productivity—job creation. This initiative marks a pivotal shift from the Ministry’s previous focus on labor dispute resolution to directly facilitating employment opportunities across the nation. By targeting the creation of 2.5 million jobs annually, LEEP aims to further reduce the unemployment rate and mitigate the existing economic challenges faced by our citizens.
“This initiative’s emphasis on comprehensive job creation will benefit both rural and urban areas, promoting economic growth and development across various sectors.
“The socioeconomic benefits of LEEP are significant. As job opportunities increase, so will the disposable income of Nigerian households, leading to improved living standards and a reduction in poverty levels. This direct investment in human capital is anticipated to accelerate national development and foster a more stable economy.
“Furthermore, the combined rate of unemployment and time-related underemployment, which rose from 15.5% in Q2 to 17.3% in Q3 2023, will see considerable improvement as LEEP is implemented.
“This program will enhance the employment-to-population ratio, which was at 75.6% in Q3 2023, and help balance the labor force participation rate, recorded at 79.5% during the same period.
“I urge all stakeholders, including government bodies, private enterprises, and civil society organizations, to collaborate towards the successful implementation of LEEP and related initiatives. Together, we can create a sustainable path for economic prosperity and shared growth.“
Adegboyega Adefarati also commended President Tinubu for his visionary leadership and commitment to creating a brighter future for all Nigerians.
“Let us seize this opportunity and work collaboratively towards actualizing this vision of renewed hope,“ He said.
