SOLUTIONS TO ECONOMIC RECESSION IN NIGERIA
by Ajimoko odunayo
The economic recession we find ourselves in Nigeria is due to few people who hold the wealth of this nation which caused inequality distribution of wealth of this nation.The gap between the rich and poor is too wide.Inequality of wealth of this nation has negatively affected gross domestic products(GDP.On the basis of which countries are the most developed nations,countries with high infrastructural development advancement and the modern economy are considered to be developed nations.Low income people have been prevented from their human capital potentials which is bad for economy.
Federal government should develop policies targeting non-standard work from informal sector through innovative approach that will guarantee equality of wealth that will vanish poverty in Nigeria through these two key strategies:
(1) subsidized employment:Basically, it's a program that gives employers incentives to provide on-the-job-training to prospective employees. There are two "levels" to this: Work Experience and On-the-Job Training.
Through the Work Experience program, a government agency pays the entire cost of an employee's wages on behalf of the employer for a fixed period of time (usually 3-6 months). In exchange, the employer agrees to train the employee during this time period. Typically, job seekers in this program have little or no work experience, or have been out of the job market for an extended period of time. They tend to be highly motivated and eager to learn, offering employers a great chance to screen and train quality applicants, or simply to benefit from temporary extra help. The employer has no obligation to hire the applicant when the Work Experience ends, and simply offers their expertise
in exchange for the trainee's services.
Through On-the-Job Training, a government agency pays half of a trainee's wages for a fixed period of time (usually 3-6 months). The employer provides training, and at the end of the period hires the trainee as a regular employee. The employer has the advantage of having found a great employee, and additionally had half of the training wages paid for.
Both programs offer the employer an additional resource, because the agency that sponsors the trainee also lends expertise and advice, working extensively with the employer to find the best possible candidate, and taking an active role throughout the duration of the program to ensure that things go smoothly.
(2)subsidized housing:Subsidized housing is when you get help paying your rent from the government or a private organization.
The purpose of subsidized housing is to provide affordable housing for people who don't have a lot of money. You pay rent based on what you can afford, not on the size or type of housing you live in.
Usually, the amount of rent you pay is determined by your income and is called rent-geared-to-income housing. Generally, you pay about 30% of your monthly income on rent and the rest of the rent is subsidized by the government or a private organization. This is called a subsidy. If your subsidy is not determined by your income, it is called a rent supplement.
Finally, massive access to qualitative employment and housing that guarantee standard of living are best strategies and solutions for this economic recession in Nigeria.To God be the glory.
written by Ajimoko odunayo Tel-09035897018