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Beyond Breaking Point: Nigeria’s Unemployed Youths Demand Change, By Preye Tambou

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28th January, 2025

 

The Society for the Welfare of Unemployed Youths of Nigeria (SWUYN) led by its National President, Comr. Preye V. Tambou, is deeply concerned about the alarming rate of manufacturing companies shutting down in Nigeria. According to the Manufacturing Association of Nigeria (MAN), 767 manufacturing companies closed their doors, while 335 faced distress in 2023. This trend is attributed to various economic difficulties, including exchange rate volatility, rising inflation, and a worsening investment climate.

 

We strongly condemn the introduction of the Expatriate Employment Levy (EEL), which contradicts President Bola Tinubu’s Renewed Hope Agenda and Fiscal Policy and Tax Reform initiative. The EEL imposes a hefty fee of $10,000 for staff and $15,000 for directors, significantly increasing the cost of doing business in Nigeria. This levy will exacerbate the already challenging conditions for manufacturers, leading to further shutdowns and job losses.

 

The decline in capacity utilization to 56%, rising interest rates, and scarcity of foreign exchange have resulted in an inventory of unsold finished products valued at N350 billion and a real growth drop to 2.4%. These statistics are not just numbers; they represent the livelihoods of millions of Nigerians who are struggling to make ends meet.

 

The shutting down of manufacturing companies and folding up of businesses will have far-reaching and devastating consequences, including not only job losses but also a significant increase in unemployment rates, starvation, and crimes. This is unacceptable, especially considering that we are already fighting an uphill battle against a youth unemployment crisis.

 

As an organization dedicated to the welfare of unemployed youths, we are appalled and deeply displeased by the government’s policies that are exacerbating the already dire situation. Nigeria is facing a critical moment, and it’s imperative that the government takes immediate action to address these issues. We urge the government to reconsider its policies and work towards creating a more conducive business environment that promotes job creation, economic growth, and development.

 

We demand a change in course, one that prioritizes the needs and well-being of Nigerian youths and citizens. The government must avoid implementing policies that will destroy our struggles and cause more hunger and poverty. Nigeria can hardly eat and live well under this government. We will continue to advocate for the rights and interests of unemployed youths and Nigerians as a whole.

 

Write by Comrade Preye Tambou, National president SWUYN

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