Ethiopia Approves U.S.$86 Million to Create 161,000 Jobs
Ethiopia, one of the fastest growing non-oil producing economies in Africa is planning to create employment opportunities to cut the high rate of unemployment. Addis Ababa City Administration plans to create 161,000 jobs for its citizens. Their vision is in line with the 2017/18 financial year plan. The country’s economy is rapidly growing and should be able to execute its goal soon.
Addis Saving and Credit Institution and Youth Revolving allocated $86 million in financial aid for the success of the program. Youth unemployment rate was at the peak in 1999 where 12.4 per cent were unemployed in Ethiopia. There was a great recession between then and 2005 as the Government addressed the challenge and its socio-economic impact.
The Deputy Head of Addis Ababa City Administration Micro and Small Scale Enterprises Development Mikias Mulugeta said they had established a team to identify various sectors with job opportunities as well as the individuals with no source of livelihood.
Other than the foreign investments injected into the country, various sectors have business opportunities which could improve the entrepreneurial culture of the nation. As the Government strive for industrialisation, the industry sector has vast opportunities from manufacturing to construction.
Foreign companies have enquired of the investment prospects with their return on investments seeming to be rewarding. The sectors are a priority to draw the economic prowess and progress of the country and should productively stiffen the competition of Ethiopia in the regional market.
With the unemployment rate standing at 5.2 per cent in 2017, a slight increase from the previous year that recorded 5.09 per cent, Ethiopia has the resources to reduce poverty and dependency rate. Like most African countries suffering from this conundrum, this percentage has hindered the smooth progression of the economy and limited productivity output of the country.