The Nigerian Unemployment Challenge
Nigeria’s unemployment rate is spiraling upwards, growing at 16% per year. The youth of the nation are the most impacted, with a youth unemployment rate over 50%.
Nigeria’s Spiraling Youth Unemployment
- Nigeria’s spiraling youth unemployment has been a significant contributor to the dramatic rise in social unrest and crime e.g. Niger Delta militancy, Boko Haram, Jos Crisis etc.
- If young people are provided with employment opportunities they can become productive assets and take their part in mainstream society offering the best of their skills and talents.
- Why are the youth of Africa unemployed in such high numbers?
I. High fertility rates – it is estimated that there are between 8- 10 million new entrants into the African labor market annually
II. Low literacy and numeracy rates – Africa has the worst education outcomes of
III. Investment in Africa remains low despite significant investment opportunities.
IV. There are information failures and a lack of targeted investments in key labor intensive areas.