Unemployment and its many consequences

Unemployment and its consequences

By Taye Samuel
The issue of unemployment is reaching a catastrophic proportion in Nigeria. It is a time bomb if not urgently addressed. It is one of the major factors affecting Nigeria today as many have turned kidnappers, ritualists, terrorists and some even committing suicide.

According to the Bureau of Statistics, 38 percent of the population that falls within the employable age are unemployed and 65 percent of Nigerian youths face unemployment as at 2016.

Another two million people are expected to be unemployed by the end of the year. The negative trend continues as government at all levels are not creating employment in the country.

Joshua Okere for nearly six years after graduation, has been seeking paid employment. He said: “You set out from your house in the morning not knowing where you are going to, you are just having that hope, that belief, that when you go out you will find something”. This is the real situation in the country now and it is not good for the image of the country.

Less than forty percent of Nigeria’s nearly 200 million are employed. An Economist, Eze Nyekpere, says, “unemployment cuts across Nigeria’s economy. He added, ”It’s also a product of the policy choice you make in your trade policy, labor policy, in your industrial, even in your education policy and health policy”.

Nigeria has overtaken India this year as having the largest number of people living in extreme poverty, according to the Washington based Blooming Institution.

To get out of this unimpressive and gloomy situation according to Brooking Institution, Nigeria needs to create four million new jobs per year to reverse the negative trend.

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Many believe that the basic cause of frictional unemployment is imperfect or incomplete information which prevent individuals from leaving one job and finding another instantly. Consider the situation where there are1,000 persons with the qualifications to fill  a vacant position, will there be unemployment ? It is likely that there will be, because not everyone of the 1,000 job seekers will know where an available job is.

Youth employment has been one of major plagues in Nigeria in recent years. It has continue to be linked to lack of power supply and financial empowerment for youths. The earlier this issue is tackled the better before it explode to crisis of monumental proportion or social revolution will take place in the country.

Corruption is one of the major causes of unemployment in the country. This one occurred when some government officials who are to use public money for building more industries embezzled it for their selfish use.

High and rapid population growth is another cause of employment in the country. This occurred when there is increase in the growth of the labor forces along with the inadequate supply of jobs.

This has increased the population in cities there by raising the level of joblessness.

Another key problem is poor leadership in Nigeria. The failure of government to perform its constitutional duties has resulted in the high level of unemployment in the country.

Most employers believe that Nigeria graduates are unemployable, this is as a result of education program which are all theories and lacking practical use of knowledge.

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Also most tertiary education courses lack Entrepreneurial training. For example, a graduate of agriculture course knows the theory but lack necessary practical in agricultural skills.

Unemployment in Nigeria has  worsened by the recent recession in the country’s economy. A lot of people have been laid off, while new jobs are not created. Most companies laid off employees because they can’t afford salary and the poor emergencies in the country.

Due to increasing unemployment rate in Nigeria, there have been adverse effects on both the economy and the society. The consequences of unemployment in Nigeria includes, reduction in national output of goods and services, increases in the numbers of dependent citizens and high rate of crimes.

To overcome unemployment in Nigeria, the government must be effective in performing its duties. A socio-economic environment should be created. The Government needs to foresee looming crisis and make all possible action to prevent it.

The educational system needs to be reformed in other to produce skilled graduates, innovators, and entrepreneurs.

Practice and research should be top priority, not just the theoretical learning.

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