By Dayo Johnson, Akure

The House of Representatives has praised President Bola Ahmed Tinubu’s Renewed Hope Labour Employment and Empowerment Programme (LEEP), which was announced during the nation’s 64th Independence Day celebrations.

Hon. Adegboyega Adefarati, Chairman of the House Committee on Labour, Employment, and Productivity, stated in a press release that the introduction of LEEP represents a significant step toward revitalizing Nigeria’s labor market and addressing unemployment.

Adefarati noted that, according to recent data from the National Bureau of Statistics (NBS), the unemployment rate in Africa’s largest economy decreased from 5.3% in Q4 2022 to 4.1% in Q1 2023, based on new methodology. However, the rate increased to 5.0% in Q3 2023, highlighting the urgent need for sustainable job creation initiatives.

“A key aspect of LEEP is its alignment with one of the core mandates of the Federal Ministry of Labour, Employment, and Productivity—job creation,” he said. “This initiative marks a pivotal shift from the Ministry’s previous focus on labor dispute resolution to directly facilitating employment opportunities across the nation.”

By targeting the creation of 2.5 million jobs annually, LEEP aims to further reduce the unemployment rate and alleviate the existing economic challenges faced by citizens. The program emphasizes comprehensive job creation that will benefit both rural and urban areas, promoting economic growth and development across various sectors.

“The socioeconomic benefits of LEEP are significant,” Adefarati added. “As job opportunities increase, so will the disposable income of Nigerian households, leading to improved living standards and a reduction in poverty levels. This direct investment in human capital is anticipated to accelerate national development and foster a more stable economy.”

He further noted that the combined rate of unemployment and time-related underemployment, which rose from 15.5% in Q2 to 17.3% in Q3 2023, is expected to improve considerably with the implementation of LEEP. “This program will enhance the employment-to-population ratio, which was 75.6% in Q3 2023, and help balance the labor force participation rate recorded at 79.5% during the same period.”

Adefarati urged all stakeholders—including government bodies, private enterprises, and civil society organizations—to collaborate for the successful implementation of LEEP and related initiatives. “Together, we can create a sustainable path for economic prosperity and shared growth,” he said.

He also commended President Tinubu for his visionary leadership and commitment to creating a brighter future for all Nigerians, concluding, “Let us seize this opportunity and work collaboratively toward actualizing this vision of renewed hope.”