Addressing Job Creation, Energy Needs, and Business Challenges in Nigeria

Feranmi Olaseinde

Feranmi Olaseinde

Sep 01, 20233 min read

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Addressing Job Creation, Energy Needs, and Business Challenges in Nigeria

Introduction:

In recent news, the President of the World Bank, Mr. Banga, has announced his visit to Nigeria, where he will meet with a successful entrepreneur who has created over 1500 jobs. This visit aims to identify opportunities for job creation, address energy needs, and explore the potential for digitization. However, amidst these efforts, businesses and customers in Lagos State are facing challenges due to increased Point of Sale (PoS) transaction costs, which exacerbate the already high inflationary pressures and economic downturn. In this article, we will delve into these issues, find common points, and provide actionable advice to tackle these challenges.

Creating Jobs and Addressing Energy Needs:

The World Bank's focus on job creation for young people and women aligns with the efforts of the entrepreneur in Nigeria who has successfully created over 1500 jobs. This highlights the importance of supporting entrepreneurship and small businesses, which are vital for economic growth and employment generation. By identifying and nurturing such opportunities, not only can we alleviate unemployment, but we can also empower marginalized groups and promote social inclusivity.

Additionally, the World Bank's emphasis on addressing energy needs and renewable energy further complements the goal of sustainable job creation. Access to reliable and affordable energy is crucial for businesses to thrive and expand. By investing in renewable energy sources, Nigeria can not only meet its energy demands but also contribute to global efforts in combating climate change. This transition to clean energy can also foster the development of new industries and job opportunities, particularly in the renewable energy sector.

Challenges in Lagos State: Increased PoS Transaction Costs:

While the World Bank's visit focuses on positive development, it is essential to acknowledge the challenges faced by businesses and customers in Lagos State. The recent increase in PoS transaction costs has created difficulties for both parties, particularly amidst the prevailing high inflationary pressures and economic downturn. These increased costs may further exacerbate the financial burden on businesses and hinder customer spending, ultimately impacting economic growth.

Actionable Advice:

  • 1. Collaboration for Policy Review: To address the challenges posed by increased PoS transaction costs, it is crucial for relevant stakeholders, including government bodies, financial institutions, and business associations, to collaborate and review existing policies. By reassessing the cost structures and exploring innovative solutions, such as reducing transaction fees or introducing subsidies, it is possible to strike a balance between supporting businesses and ensuring fair service charges for financial institutions.
  • 2. Investment in Financial Technology: Embracing digitization and financial technology (fintech) can significantly alleviate the challenges faced by businesses and customers. By promoting the use of digital payment platforms, such as mobile wallets or online banking, the reliance on PoS terminals can be reduced, thereby minimizing transaction costs. Furthermore, fintech solutions can enhance financial inclusion, particularly for underserved communities, by providing access to affordable financial services and expanding the customer base for businesses.
  • 3. Entrepreneurship and Skill Development: The World Bank's emphasis on job creation and youth empowerment resonates with the need for entrepreneurship and skill development programs. By equipping young people and women with the necessary knowledge, resources, and mentorship, they can become successful entrepreneurs who not only create jobs but also contribute to the overall economic growth. Moreover, focusing on skill development can address the demand for a diverse workforce in emerging sectors such as renewable energy and digitization.

Conclusion:

As the President of the World Bank visits Nigeria to explore opportunities for job creation, address energy needs, and promote digitization, it is essential to address the challenges faced by businesses and customers in Lagos State. By collaborating, investing in technology, and supporting entrepreneurship and skill development, we can foster an environment conducive to sustainable economic growth and social progress. By finding common points and connecting these issues, we can work towards a brighter future for Nigeria and its people.

Resource:

  1. "World bank president to visit entrepreneur in Nigeria creating over 1500 jobs, address energy needs, others", https://nairametrics.com/2023/08/02/world-bank-president-to-visit-entrepreneur-in-nigeria-creating-over-1500-jobs-address-energy-needs-others/ (Glasp)
  2. "Increased PoS Transaction Costs in Lagos State Pose Challenges for Businesses and Customers", https://investorsking.com/2023/07/05/increased-pos-transaction-costs-in-lagos-state-pose-challenges-for-businesses-and-customers/ (Glasp)

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