Whoever emerges as the next President has his job well cut out

THE CRISIS OF UNEMPLOYMENT 

With the emergence of the presidential candidates of the leading political parties in the country, one of the issues that will task them is the growing unemployment, especially among young Nigerians. According to the latest Labour Force report of the National Bureau of Statistics (NBS), unemployment among young Nigerians (15- 34 years) is the highest in the country, with 22 million or 42.5 per cent of the 30m youths in the labour force not meaningfully engaged, while the national unemployment rate stood at 33.3 per cent as of December 2020. 

Two years ago, the World Bank reported that Nigeria was currently undergoing the worst unemployment crisis in its history. Sadly, the situation has only since worsened. Titled, ‘Of Roads Less Travelled: Assessing the Potential for Migration to Provide Overseas Jobs for Nigeria’s Youth’, the report particularly raised the alarm over the nation’s expanding working-age population combined with scarce domestic employment opportunities amid dwindling resources. This, according to the report, was creating high rates of unemployment, particularly for youth.   

The bank particularly noted that the socio-economic challenges facing the country in the last 10 years have led to an astronomical increase in the number of Nigerian citizens seeking asylum and refugee status in other countries. A combination of rising unemployment, booming demography, and unfulfilled aspirations, according to the World Bank, result in increasing pressure on young Nigerians to migrate in search of gainful employment overseas. When you juxtapose the report against the background that there has been an 80 per cent drop in foreign direct investment, it is obvious that we have a serious challenge on our hands.   

Already, insecurity has driven away many multinationals to pitch tent in neigbouring countries like Ghana while targeting Nigeria’s large market. Several businesses have also cut back following the Covid-19 pandemic and the rising cost of doing business in the country. Meanwhile, the demand for young Nigerian graduates in both the United States and United Kingdom has increased. Nigerians are seen as aggressive, hardworking, achievement motivated among third world immigrants. The UK has adjusted its immigration policies, now allowing new Nigerian graduates a two-year window to work in the UK after graduation.    

 Taken together, these situations are increasing domestic unemployment and driving emigration. The situation is worse for those who live in rural communities. The Food and Agricultural Organisation (FAO) of the United Nations has harped on how insurgency deny farmers access to agricultural inputs in the area. But the problem is not restricted to the North-east. In virtually all parts of the country, many farmers cannot access their farms because of insecurity. This has started manifesting in the rising cost of food across the country. Despite the claims by government officials, the much-touted economic growth has not generated sufficient employment, nor has it addressed the growing gap between the rich and the poor. What makes the situation more worrisome is that the prospects of turning around the situation looks bleak given the mismanagement of the oil sector and cascading value of the Naira.    

While states and local governments seek oil rents and jeopardise internally generated revenue, successive national governments have also not adequately used oil revenue to lift the ordinary Nigerians out of poverty. Rather, and in addition to rent-seeking, these revenues have served as slush funds and continue to enrich a few corporations and individuals over the masses. The high rate of out-of-school children and poor output in the education sector also contribute to deepening the challenge of unemployment as the nation continues to churn out a crop of uncompetitive youth in a world driven by technology.  

Now that the presidential candidates have emerged in the parties, we hope they will get their teams together to find enduring solution to this churning problem.