Nigeria is grappling with severe unemployment rate notwithstanding that it has the potentials to create job opportunities for the large army of unemployed graduates and others.
Our country was once the pride of our continent as we absorbed both skilled and unskilled workers in sundry disciplines in the some decades past as the oil boom at the time created job opportunities and supported such influx of foreign workers. The story is not the same today.
The data from the National Bureau of Statistics, NBS, on graduate unemployment is not salutary enough. It does not appear we have been consistent in the drive towards job creation across the country.
According to the NBS recent report, unemployment rose marginally to 5.3% in Q1 2024, from 5.0% in Q3 2023. The data indicated a higher unemployment rate among females (6.2%) compared to males (4.3%). Urban unemployment remained at 6.0%, while rural unemployment stood at 4.3%.
However, it is indeed a disturbing scenario as many in trying to wade off the frustration of unemployment get involved in dubious and fraudulent activities even as many in desperation become under-employed doing just menial jobs and taking on roles despite their enormous learning and skills.
A damning statistics has it that 6.3 million Nigerians were unemployed as of 2021. The figure should be higher in 2024. The underemployed segment, those who do jobs far beneath their capacity or put in too few hours of work is ignored. In 2016, the World Bank put the percentage of unemployed Nigerians with advanced education at 13.69%; in 2019, it rose to 15.3% and it keeps growing.
However, President Tinubu in trying to situate the cause for the nation’s high unemployment rate said it is primarily due to its rapidly growing population, which has outpaced the creation of sufficient job opportunities.
He explained that the increase in population has not been matched by a corresponding rise in service providers and job opportunities, creating a significant gap between the number of people seeking employment and available positions.
Tinubu’s position was highlighted by the Secretary to the Government of the Federation, Senator George Akume, who represented him at the second edition of the National MSME Conference, themed “Grow Nigeria: Sustaining a Digital and Innovation-driven Economy” was though optimistic that there would change.
“For too long, Nigeria has underperformed, unable to harness the potential of its large population of hardworking citizens. Nigerians are not lazy; the problem has been lack of job opportunities. As the population grew, service providers did not expand proportionately. The steps we are taking now should have been taken long ago. People should have been incentivised to establish small and medium enterprises instead of seeking opportunities abroad”, he said.
The President further noted that the localisation of production processes and reducing costs are essential to tackling food insecurity and hunger in the country.
He also stressed the need for a shift from a crude-based economy, which has left the country burdened with debt, to one where the production and wealth-generating power is moved to the people, ensuring a more equitable distribution of resources.
The President made some inimitable submissions at the conference which includes the over-growing population which has outpaced job creation capacity, dependence on a mono-crop economy among others.
He struck the right chord when he affirmed that Nigerians are no means lazy by nature. That position is not contestable anywhere. What is lacking is an enabling environment that would unleash their potential. We need to move beyond rhetorics and do more through the various agencies related to job creation at various strata.
We must urgently revitalise government-owned institutions by involving the private sector and enhance opportunities for MSMEs to spring up so as to create jobs.
