adminLAGOS. — Unemployment in Nigeria is one of the most critical problems the country is facing. The years of corruption, civil war, military rule, and mismanagement have hindered economic growth of the country.
Nigeria is endowed with diverse and infinite resources, both human and material.
However, years of negligence and adverse policies have led to the under-utilisation of these resources.
These resources have not been effectively utilised in order to yield maximum economic benefits. This is one of the primary causes of unemployment and poverty in Nigeria.
As per the report of the World Bank, the GDP at purchasing power parity of Nigeria was $170,7 billion during 2005. Unemployment in Nigeria is a major problem both economically and socially. Unemployment in Nigeria has resulted in more and more people who do not have purchasing power.
Less consumption has led to lower production and economic growth has been hampered. Unemployment also has social consequences as it increases the rate of crime.
The secondary-school graduates consist of the principal fraction of the unemployed accounting for nearly 35 percent to 50 percent. The rate of unemployment within the age group of 20 to 24 years is 40 percent and between 15 to 19 years it is 31 percent.
Under employed farm labour, also referred as disguised unemployed, makes the rural unemployment figures less accurate than those for urban unemployment. Almost 2/3 of the unemployed rural population is secondary-school graduates.
Economic growth is not the only solution to curb unemployment in Nigeria, as the official statistics illustrate that previously unemployment did not always decline with the economic growth. Other solutions such as the provision of right skills to the people to help them tackle the problems and lead a more prosperous life should also be given importance. — Economy Watch.
Online Reporter