Determined to diversify the economy from the oil sector, the federal government said it intends creating about 1 million direct and indirect jobs within the next three years through its Growth and Employment, GEM, project from five sectors of the economy.
Coordinator and the Director in charge of GEM, in the Ministry of Industry, Trade and Investment, Mr. Sani Labaran who made this known in Abuja, named the sectors to include entertainment industry, ICT, hospitality and tourism, and added “light manufacturing and agro processing as well as construction/real estate from 2015 to 2018”.
According to him, “through the project, government is targeting between 600,000 and one million jobs within the next three years through the Growth and Employment GEM, Project”.
Labaran said the five sectors were identified based on their growth and employment potentials, noting that the project is very important to the Federal Government and the Nigerian economy, as it will help to address high unemployment rate.
He said the project is supported by the World Bank and the UK Department for International Development, DFID, and is being implemented by the Federal Ministry of Industry, Trade and Investment.
The World Bank is providing a loan of about 160 million dollars, while the DFID is providing a grant of about 100 million dollars.
The study identified key sectors with potential growth in the economy and with high potential to generate a lot of jobs.
He noted that the project had three pillars of investments, developing new business models and improving the business enabling environment.
The first pillar is that the project will provide investments to address gaps that prevent key growth centres from expanding and hiring more Nigerians, in particular, the young and poor.
The project will also support Small and Medium Enterprises, SMEs, develop new business models, train the labour force to enable Nigerian businesses to participate successfully in national and global supply chains.
It will also improve the business enabling environment so that businesses can grow faster and become more profitable.

READ ALSO  Plateau LGA boss to provide Youths soft loan for farming