Reps propose bail out for ailing and collapsed industries

Lawan Hamidu, Abuja

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The Nigerian House of Representatives has called on the Executive Arm of Government to introduce a bail out strategy to public and private ailing and collapsed industries in the country.

This followed the adoption of a motion under matters of urgent public importance on the need to bailout ailing industries to absorb the teeming unemployed graduates and create wealth.

Presenting the motion, Mr. James Faleke, from Lagos State said an alarming 1.3 million new graduates pass out every year from over 170 accredited Universities without available jobs.

This according to him “does not include those who are excluded from National Service on account of age or those with OND or NCE.

Majority of the graduates lack the technical knowledge and capacity to become self-employed or to create employment opportunities for others.”

While commending the government for introducing empowerment programmes such as the Trader Moni, N-Power, and Out grower scheme to cushion the effects of unemployment, Mr. Faleke described the scheme as “Is like a drop in the ocean in comparison with the number who do not have access to those opportunities.”

Other members who contributed to the debate on the motion stressed the need for a holistic approach to revive all the ailing industries in the country for economic growth.

They all agreed that un-employment remained part of the causes of insecurity and youth restiveness in many parts of the country.