Tuesday, December 24, 2013

Oil - there are no jobs

Oxford University Professor Paul Collier has said those clamouring for jobs from the nascent oil and gas sector in Uganda should not get their hopes too high, and should start looking elsewhere.Collier, also co-director of Centre for the Study of African Economies (CSAE), said oil could never be a solution to the bulging unemployment levels. Some estimates suggest that up to 62 per cent of the youths in Uganda are unemployed.

"Oil is an overly capital-intensive sector. There are no jobs," said Collier.

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