The World Bank says the unemployment rate in Nigeria rose
five-fold in the last 10 years.
From 6.4 percent in 2010 to 33.3 percent at the end of 2020,
the Bank said the significant increase affected Nigerian youth in their quest
to find gainful employment opportunities.
In March, the National Bureau of Statistics (NBS) reported
that Nigeria’s unemployment rate climbed to 33.3 percent in the fourth quarter
(Q4) 2020 from 27.1 recorded in the second quarter (Q2) 2020.
The NBS had said a total of 23.18 million persons in Nigeria
either did nothing or worked for less than 20 hours a week, making them
unemployed during the fourth quarter (Q4) 2020.
According to StatiSense, a data technology company, with
33.7 percent, Nigeria ranked top among the list of countries with the highest
unemployment rate globally.
In its recent report, titled, ‘Of Roads Less Travelled:
Assessing the Potential for Migration to Provide Overseas Jobs for Nigeria’s
Youth’, the World Bank said the labour market has significantly worsened following
the 2016 recession and COVID-19.
The Bank said the acute jobless crises caused socio-economic
challenges for the rising working-age population resulting in an increase in
the number of citizens seeking asylum and refugee status in other countries.
“A combination of rising unemployment, booming demographics,
and unfulfilled aspirations is increasing the pressure on young Nigerians to
migrate internationally in search for gainful employment,” the report said.
“With limited legal migration options, young Nigerians are
increasingly choosing irregular alternatives to find better work opportunities
overseas.
“The Government of Nigeria (GoN) has developed institutional
and policy frameworks that recognise international labour mobility as a tool to
address unemployment, increase remittances, and facilitate the transfer of
knowledge and investments from its diaspora, and has simultaneously worked on
initiatives that curtail irregular migration.”
The Bretton wood institution said Nigeria’s working age
population grew from 102 million to 122 million, growing at an average rate of
approximately 3 percent per year.
“The expanding
working-age population combined with scarce domestic employment opportunities
is creating high rates of unemployment, particularly for Nigeria’s youth,” the
report added.
“Since 2018, the active labour force population has
dramatically decreased to around 70 million—lower than the level in 2014— while
the number of Nigerians in the working-age population but not active in the
labour force has increased from 29 million to 52 million between 2014 and 2020.
“Similarly, Nigeria’s active labour force population, that
is, those willing and able to work among the working-age population, grew from
73 million in 2014 to 90 million in 2018, adding 17.5 million new entrants to
Nigeria’s active labour force.”
The Bank advised Nigerian institutions to promote managed
migration approaches that help create opportunities for prospective job seekers
to find employment internationally.
It also added that Nigeria to implement and support schemes
that increase the returns to human capital investments for youth.
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