This revealed a marginal increase of 0.1% points compared to the same period last year.

The latest data, derived from the Nigeria Labour Force Survey (NLFS), revealed contrasting trends in unemployment across demographics, regions, and educational backgrounds. 

Men recorded a lower unemployment rate of 3.4%, while women faced a higher rate of 5.1%, disclosing gender disparities in job accessibility.

Urban centres were hit harder than rural areas, with unemployment in cities rising to 5.2% compared to a much lower 2.8% in rural regions. 

These differences point to the role of agriculture and informal sectors in rural employment, while urban areas continue to struggle with higher reliance on formal job markets.

Youth unemployment, specifically among individuals aged 15 to 24, showed improvement, dropping to 6.5% from 8.4% in the first quarter of 2024. This decline implies some success in initiatives aimed at addressing youth joblessness, although challenges remain in sustaining this progress.

Education and Employment Trends

Nigeria’s unemployment rate also varied significantly by educational attainment. Individuals with upper secondary education faced the highest unemployment at 8.5%, followed by those with lower secondary education at 5.8%. 

Surprisingly, those with only primary education recorded the lowest unemployment rate at 2.8%, suggesting that skill mismatches in the job market might be a factor.

On the other hand, those with post-secondary education fared better, with a comparatively lower unemployment rate of 4.8%. This trend reinforces the importance of tailoring education to meet labour market demands.

Labour Market Dynamics

The labour force participation rate—a measure of the working-age population actively engaged in the labour market—rose to 79.5% in Q2 2024. 

Rural areas led this metric with an 83.2% participation rate, compared to 77.2% in urban areas. Gender disparities were minimal, with male participation at 79.9% and female participation at 79.1%.

The employment-to-population ratio also saw an increase, climbing to 76.1% from 73.1% in Q1 2024. Rural areas again outperformed urban centres in this metric, with employment rates of 80.8% and 73.2%, respectively.

Self-Employment Remains Dominant

Self-employment accounted for an overwhelming 85.6% of total employment, up from 84% in Q1 2023 — informal work in Nigeria’s economy tops. 

The rural self-employment rate stood at 94.3%, compared to 79.7% in urban areas. Women were more likely to be self-employed, with a rate of 88.3% compared to 82.2% for men.

Meanwhile, the share of employees in the labour force declined to 14.4%, emphasising the limited availability of formal employment opportunities.

While the slight increase in unemployment is a challenge, improvements in youth employment and labour force participation provide a silver lining. 

However, the continuous gender gap and urban-rural disparities call for targeted interventions to create a more equitable labour market. 

The reign of self-employment and informal work points to the urgent need to expand formal job opportunities to stabilise Nigeria’s workforce and drive sustainable economic growth.

Also, ensuring education and training align with market needs will be necessary in tackling unemployment and enabling long-term progress.

According to the latest report from the National Bureau of Statistics on Tuesday, in urban areas, the unemployment rate remained unchanged at 6.0 per cent, while rural unemployment stood at 4.3 per cent.

“The unemployment rate increased to 5.3 per cent in the first quarter of 2024 from 5.0 per cent in Q3 2023.

“The unemployment rate among males was 4.3 per cent and 6.2 per cent among females. The unemployment rate in urban areas was 6.0 per cent in Q1 2024, the same in Q3 2023,” the NBS report read.

Among youths aged 15 to 24, the unemployment rate decreased to 8.4 per cent in Q1 2024, from 8.6 per cent in Q3 2023.

However, the percentage of youths not in education, employment, or training rose to 14.4 per cent, indicating growing disengagement among the youth population.

“The percentage of Youth Not in Education, Employment or Training (NEET Rate) was 14.4 per cent. Indicating a 0.7 percentage point increase from Q3 2023,” the report revealed.

The report also highlighted that time-related underemployment, which measures the proportion of workers available for additional work hours, decreased to 10.6 per cent in Q1 2024 from 12.3 per cent in Q3 2023.

Despite efforts to boost wage employment, the proportion of workers in self-employment remained high at 84 per cent, though it marked a decline from 86 per cent in Q1 2023. The data shows that rural areas had a higher self-employment rate at 91.9 per cent, compared to 78.2 per cent in urban areas.

“The proportion of persons in self-employment declined from 86 per cent in Q1 2023 to 84 per cent in Q1 2024. Disaggregation by place of residence, the rate of self-employed persons in rural areas was 91.9% and 78.2 per cent in urban areas,” the report revealed.

Meanwhile, Nigeria’s labour force participation rate dropped to 77.3 per cent in the first quarter of 2024, down from 79.5 per cent recorded in the third quarter of 2023.

“The labour force participation rate among the working-age population declined to 77.3% in Q1 2024 from 79.5% in Q3 2023,” the report reads.

The labour force participation rate measures the proportion of a country’s working-age population that is either employed or actively seeking employment. The working-age population includes individuals aged 15 years and above.

Disaggregated by residence, the data shows a higher participation rate in rural areas at 82.5 per cent, compared to 74 per cent in urban areas. By gender, male participation stood at 77.5 per cent, while female participation was slightly lower at 77.1 per cent.

“Disaggregation by place of residence shows 82.5 per cent in rural and 74.0 per cent in urban areas. The participation rate among males was 77.5 per cent and 77.1 per cent for females,” the report reads.

The employment-to-population ratio, which indicates the percentage of the working-age population that is employed, also declined to 73.2 per cent in the first quarter this year, down from 75.6 per cent in Q3 last year.

This reflects a contraction in job opportunities across sectors, particularly in urban areas where the employment ratio dropped to 69.5 per cent from 71.1 per cent. In rural areas, the ratio fell to 78.9 per cent from 80.7 per cent.

In February, Nigeria’s unemployment rate surged to 5.0 per cent in the third quarter of 2023 from 4.2 per cent in the previous quarter. [Source: Punch]

While the President attempted to convey empathy and address the pressing issues facing the nation, many Nigerians felt his words fell short of addressing their genuine concerns.

President Tinubu’s Speech: A Disconnect?

In his speech, President Tinubu highlighted various initiatives, including oil production, foreign direct investments, and the compressed natural gas (CNG) initiative. However, Gbadebo Rhodes-Vivour, the 2023 Labour Party gubernatorial candidate for Lagos State, described the address as a “flaccid attempt at empathy,” stating that the administration is trapped in its propaganda. Speaking to Arise TV, Rhodes-Vivour mentioned the lack of concrete action plans and tangible solutions.

Dr Folaseye said: “I listened 3 times to see if I missed anything and I realised your president Tinubu did not address a single demand of the protesters.”

Despite the government’s mention of progress, the issue of inflation surge makes lots say otherwise. Reaching 34.19% in June 2024, high costs are driven by high food prices and energy costs. 

In President Tinubu’s speech, he addressed employment initiatives through several programs aimed at supporting youth and stimulating job creation. These included the establishment of the Consumer Credit Corporation with over N200 billion to help Nigerians acquire essential products without immediate cash payments, which he said would reduce corruption and create ease for millions of households. 

He also mentioned the 3 Million Technical Talents scheme under the Digital and Creative Enterprises (IDiCE) program, aimed at creating IT and technical jobs. The Skill-Up Artisans Programme (SUPA), the Nigerian Youth Academy (NIYA), and the National Youth Talent Export Programme (NATEP) were introduced as part of his administration’s initiatives to enable young people and create employment opportunities.

As seen in the disruption of Kano ICT Park, however, the effectiveness of these initiatives in addressing Nigeria’s high unemployment rate depends on resolving the root problems such as insecurity, lack of food and education, inadequate infrastructure, and economic instability that continue to hinder job creation efforts. 

As of the latest data, Nigeria’s unemployment rate is counting in mllions​, with more than 40% of the population living below the poverty line. While these programs look good at addressing employment, their capacity to greatly reduce unemployment depends on successful implementation, scalability, and the ability to match the skills provided with the needs of the job market.

Social media platforms have been hot on this topic, with citizens feeling the President’s address did not adequately address the #EndBadGovernanceInNigeria protests demands. 

Anonymous NG said the speech failed to address key demands such as the arrest of officers responsible for killing protesters, reducing government costs, and reversing education and fuel subsidy cuts. Instead, it highlighted unverifiable achievements, leading to further outrage among the people.

Responses that followed pointed out the absence of discussion on issues such as refineries and the transmission of election votes, while another noted the lack of mention of insecurity affecting farmers. 

“Nothing about refineries or IREV transmission of election votes. Only paragraph 30 which is on agriculture makes sense. But it’s just a promise. Imagine talking about housing in Abuja where about 60% of the estates are empty. Mtchew”

“Neither did he mention insecurity which is preventing our farmers from going to their farm”

Inibehe Effiong described the speech as “a pack of empty words” and “a time-wasting load of irrelevancies.” He pointed out the political class for being “intentionally deaf and willfully blind” to the sufferings of Nigerians. He stated that President Tinubu is disconnected from the realities of everyday Nigerians, living in an “imaginary Nigeria.”

Effiong further noted that the President failed to address specific demands, such as electoral reform and reversing economic policies. The speech was seen as ignoring the needs of the masses and offering no concessions or credible dialogue mechanisms.

Inibehe Effiong described the address as a collection of empty words, highlighting the disconnect between the administration and the lived realities of Nigerians. 

The responses that followed included accusations of the President of obfuscating real issues and failing to understand the seriousness of the #EndBadGovernanceInNigeria protests. There were calls for renewed mobilisation and demands for a more direct engagement with the President, including suggestions for a press conference titled “One on One with Tinubu.”

“Very adeptly ignored the specific demands of the people and generalised it in a way that obfuscated the real issue,” a user wrote.

“President Tinubu doesn’t think that we are serious. He is obviously looking down on us the masses.

From Monday, we shall mobilise massively and speak in the loudest voices.”

“This speech is very embarrassing, insensitive to the plight of suffering & hungry Nigerians.

If the Nigerian people demanding End to Bad Governance in Nigeria withdraws because of this speech, then all the good efforts made in the past 3 days & the fallen heroes amount to nothing.”

“It’s uncalled for I think there is need for a press conference tagged 

One on one with Tinubu!!!!!!!!”

The #EndBadGovernanceInNigeria protests demands, such as reducing fuel prices, improving security, and implementing electoral reforms, contrast with the government’s speech on economic recovery. 

The emphasis on long-term economic policies does not align with the immediate needs of Nigerians struggling with inflation, unemployment, and insecurity. This disconnect makes more visible the challenge for the government in bridging the gap between policy pronouncements and tangible improvements in citizens’ lives.

Same Old Stories!!! But for How Long Shall We Continue

Nigeria’s economy reportedly suffered a loss of over ₦500 billion in just one day. This massive economic blow is attributed to the widespread disruption of business activities, the imposition of curfews in several states, and the general atmosphere of instability that has gripped the nation.

Again, in the last 72 hours or so, goods worth no less than ₦6 million were affected. The Nigeria Police Force also noted that it arrested at least 681 protesters, excluding journalists.

According to NPF records, 44 people were arrested in Abuja, 17 in Gombe, 75 in Jigawa, 24 in Kaduna, 326 in Kano, 7 in Katsina, 50 in Nasarawa, and 81 in Sokoto.

People seem to be tired of old fables that do not bring practical, measurable, and clear-cut results. The leadership has spoken, and all we can do for now is expect action-oriented results.

There have been various ideas regarding the presidential speech. The overall summation is that President Tinubu’s address neither takes into account the demands of the #EndBadGovernanceInNigeria protests nor provides a clear path to the future the nation or her citizens envision.

But what are the demands of the protesters, and by extension, the masses? A cut in the size of government, a return of the petrol subsidy regime, food security, fiscal discipline, government intervention in the skyrocketing price of goods and services, and an end to insecurity, among others.

A close look at the Presidential address seems not to touch on these critical issues specifically, nor does it appear that the masses are pleased with the government’s response.

For us, what led to the #EndBadGovernanceInNigeria protests is a set of interconnected issues the government seems to be neglecting, such as the insecurity challenge and its effects on agriculture and the economy at large.

According to a report from the National Bureau of Statistics (NBS), prices of food and basic items have skyrocketed, hitting over 250% in one year. Data from the latest Food Price Watch from the NBS showed that the price of beans soared by 252% between June 2023 and June 2024.

The prices of major staple foods in Nigeria, such as beans, yam, potato, plantain, and tomato, rose by over 250% in the last year. A year-on-year comparative analysis indicates the average price of 1 kg of brown beans stood at ₦2,292.76, representing a 252.13% increase from ₦651.12 in June 2023 and a 14.11% increase month-on-month from ₦2,009.23 in May 2024.

Tomatoes also saw significant price increases, rising by 320.67% year-on-year from ₦547.28 in June 2023 to ₦2,302.26 in June 2024. On a month-on-month basis, the average price of tomatoes increased by 55.59% from ₦1,479.69 in May 2024. There are more alarming data and figures depicting how our naira is becoming useless, thereby reducing the purchasing power of the masses.

Furthermore, Nigeria’s insecurity challenge has grown beyond the activities of Boko Haram into a hydra-headed monster that is chronic in many areas, exacerbated by rising inflation and worsening unemployment.

Nigeria is currently dealing with a variety of security issues, including banditry, kidnapping, farmer-herder clashes, livestock rustling, separatist agitations, and the continuous insurgency of Boko Haram. The situation has deteriorated substantially, with most incidents occurring in the middle belt and northern Nigeria, which represent the country’s farming belt.

But what has been the response to this challenge? We leave you to provide suitable answers, but what is evident is that if appropriate, not cosmetic, action had been taken, we would have breathed a sigh of relief by now. Instead, we are grateful and count as an achievement the reception of 25,000 tonnes of wheat from war-torn Ukraine and the removal of stamp duty on food for some months.

Meanwhile, Nigeria’s wheat production has been so dismal that for a decade, the country only managed to produce about two percent of all the wheat it consumed.

At approximately 2.5 million metric tons, Nigerian wheat production is not great for a country that prides itself as Africa’s giant. For comparison, Pakistan is the eighth largest wheat-producing country in the world, with an annual production of around 24 million metric tons. Nigeria doesn’t even make it into the first 20 largest wheat-producing countries in the world.

Another central issue akin to the #EndBadGovernanceInNigeria protests demands is the removal of the fuel subsidy and its unquantifiable effect on the masses. While the government has proven to the masses that the years of “Father Christmas” are gone, Nigerians have yet to see in practical terms the benefits of these reforms, which seem like waiting in vain.

While the debate over the subsidy has been laid to rest, it is public knowledge with evidence that it has found its way back into the economy. So, “who is fooling who?”

We must also mention the fact that the masses seem unclear about why they must bear the brunt of the challenges and reforms bedevilling the economy at all times. Leadership is supposed to be by example, in practical terms.

If this is so, the extremely expensive democracy we operate as a country needs to be interrogated. The undefined personal assistants with unspecified job descriptions and advisers to advisers must go. These, among others, may convince the masses that we are on the path to success as a nation.

Our “Kobo” Advice

We appeal to the government to return to the fundamentals of policymaking, emphasising immediate and remote measures. All that has been seen thus far seems futuristic and looks good, but with many gaps in reality and sometimes skewness towards policy somersault.

The masses deserve to see the price of garri, rice, beans, nkwobi, ekpang nkukwo, tuwo shinkafa, vegetable soup, and ogbono soup reduced drastically. We also demand an end to long queues in our respective filling stations and a more practical approach to addressing insecurity, inflation, and other teething problems staring us in the face.

Nigeria Shall Succeed!

He gave the hint when he received leaders of Afenifere, the Yoruba socio-cultural organisation, at the State House in Abuja, on Wednesday.

According to the National Bureau of Statistics (NBS), Nigeria’s unemployment rate in Q3 2023 was 5%.

The figure represents a slight increase from Q1 2023, when the rate was 4.1%.

Tinubu acknowledged the high rate of unemployment in the country, pledging that his administration is examin­ing what to do with the high degree of job seekers.

“We must help vulnerable people by providing social security. We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citi­zens with the consumer cred­it scheme. If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land,” President Tinubu told the visitors.

He said his administration remains undeterred in its pursuit of comprehensive economic security for the country while addressing foundational challenges and creating a fair and equitable system in which all Nigerians can thrive.

According to the president, government is re-engineering Nigeria’s finances and seek­ing to boost the purchasing power of citizens, and spread prosperity down the line, by instituting a credit system where the element of cash is not an impediment to a sig­nificantly enhanced standard of living for all citizens.

He said Nigeria must se­cure itself economically first before it can achieve any of its more sophisticated objectives.

“We are committed to the economic survival of our country. To re-engineer the finances of our country, we must start in earnest. So first, retool, revamp the economic opportunities available, and resolve to continue taking the firm and steady baby steps that are necessary.

“Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths. We have seen the problems parents face in training their children in school; it is the reason why we established the National Student Loan Programme, which is taking off well.”

Speaking on security, the president declared that those who threaten the sovereignty of Nigeria would pay a heavy price.

“I am irrevocably com­mitted to the unity of Ni­geria and constitutional democracy. Constitutional democracy is reflected great­ly here since we assumed office. What we face now is the challenge of terrorism. Security of life and property is very necessary for devel­opment. I can tell you we are achieving success. We have degraded terrorism to a lev­el that they cannot threaten the sovereignty of Nigeria any longer.

“Banditry and kidnapping will be defeated. And there is no payment of ransom what­soever. We are taking the bat­tle to them. We are getting results more rapidly than before. We are working hard on intelligence gathering. Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent,’’ the president af­firmed.

The president thanked the esteemed delegation for their prayers and support, assuring them that he would not re­lent in his resolve to advance Nigeria.

“God bless Nigeria. God bless our unity; our diversity must bring prosperity for all for the sake of Nigeria,” President Tinubu said.

This piece intends to reveal these opportunities one after the other and subsequently guide you into making effective decisions whilst taking advantage of the benefits of the crypto world.

The under-listed opportunities among others are offered by cryptocurrency and can put a stop to Unemployment among Nigeria’s teeming youth.

Cybersecurity experts: This profession requires an advanced comprehension of cybersecurity best practices as well as experience with threat detection and incident response. Compensation can be comparable to blockchain developers.

Product managers: They are responsible for understanding market needs and defining product strategies.

Product managers in the blockchain industry need to have a deep understanding of blockchain technology, stay up to date with market trends.

In Nigeria’s capital, Lagos, the job data aggregation site Glassdoor estimates that product managers make the local equivalent of more than $15,600 a year, which is considered an upper middle-class salary.

Of course, professionals that work with international clients can command much higher rates as well.

Blockchain Developer: The applications, protocols, and underlying infrastructure that support Bitcoin transactions are designed, programmed, and maintained by blockchain developers.

They program the consensus algorithms, wallets, decentralized applications (dApps), smart contracts, and other essential elements sustaining blockchain networks in languages like Solidity and Vyper.

Additionally, expert blockchain engineers are essential as cryptocurrency strives to be the cornerstone of Web 3.0.

According to hired.com, the average salary for blockchain developers has increased to $132,000 due to demand.

Cryptocurrency UX/UI Designer: Applications in the crypto/web3 space are enhanced and optimized by user experience (UX) and user interface (UI) designers for seamless accessibility, usability, and aesthetic appeal.

An important competitive advantage for Bitcoin systems competing for mass adoption is an intuitive and appealing design.

User experience and user interface (UX/UI) designers use techniques like wire framing, prototyping, and user research to create experiences that make sophisticated blockchain applications feel natural and simple.

In the cryptocurrency industry, UX/UI designers can earn lucrative salaries that range from $70,000 to $150,000 per year, depending on experience and specialization.

Cryptocurrency Security Architect: Security is of the utmost importance in the blockchain and cryptocurrency industries because billions of dollars worth of digital assets are at stake.

To protect cryptocurrency businesses, security architects create, test, and put into place strong cybersecurity processes, threat monitoring systems, and disaster recovery mechanisms.

Furthermore, to be successful as a crypto security architect, you need to have a deep understanding of blockchain security, networking knowledge, and programming skills.

Cryptocurrency Analyst: Crypto analysts forecast prices, analyze trends, simulate scenarios, and direct strategic investment decisions by using currencies, tokens, protocols, DeFi applications, and blockchain initiatives.

Success as a cryptocurrency analyst is mostly dependent on having strong analytical skills, financial modeling expertise, and an instinctive understanding of market mood.

Additionally, data gathering, technical analysis, fundamental research, competitive benchmarking, portfolio optimization, and creating insights that may be put to use are all possible aspects of the job.

Crypto Marketing and Communications Manager: There is a growing need for marketers, communicators, and PR experts who are conversant with cryptocurrencies as crypto companies try to appeal to mainstream audiences.

Through positioning, messaging, community involvement, and focused advertising made specifically for the crypto/Web3 industry, they promote brands.

Additionally, copywriting, content creation, social media marketing, press relations, and community involvement are important duties.

Blockchain Recruiter: In a job market that is fiercely competitive and expanding quickly, blockchain recruiters find and entice top talent.

To discover employment needs, create role specifications, screen prospects, and match individuals to openings, they work closely with blockchain startups and cryptocurrency businesses.

Therefore, it’s crucial to have experience building employer branding, evaluating specialized skill sets, and networking in crypto networks.

Crypto Technical Writer: For average consumers, blockchain technology can seem impenetrable. Tech writers produce training materials, FAQs, guides, tutorials, and documentation to make the adoption and use of Bitcoin products easier.

They simplify complicated blockchain applications. Writers who can effectively explain complex information and demystify cryptographic concepts will be in high demand.

But what is cryptocurrency? Cryptocurrency is a decentralized digital money that’s based on blockchain technology. You may be familiar with the most popular versions, Bitcoin and Ethereum, but there are more than 9,000 different cryptocurrencies in circulation.

It is a digital, encrypted, and decentralized medium of exchange. But, unlike the U.S. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency. Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet which is made majority of people more often than not doubt the authenticity of this financial instrument.

Bitcoin was the first cryptocurrency,and  first outlined in principle by Satoshi Nakamoto in a 2008 paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” Nakamoto described the project as “an electronic payment system based on cryptographic proof instead of trust.”

Meanwhile, Nigeria is a note a newbie, nor can it be ignored when it comes to Cryptocurrency and it dealings, study revealed that Nigeria ranks highest as the country most curious about cryptocurrency With a total search score of 371, Nigeria topped the list for the highest search levels for the phrases ‘cryptocurrency’, ‘invest in crypto’ and ‘buy crypto’ worldwide. Additionally, the population of Nigeria searches for the cryptocurrency ‘Solana’ the third most worldwide.

Nigeria also has the largest crypto market on the African Continent and ranks third behind only the US and Russia on the global stage.

The country generated more than $400million in transaction volume, according to Statista.

This is despite a ban by the Central Bank of Nigeria on cryptocurrency usage. Meanwhile, Nigeria and Kenya are the only African countries on the list of the top 15 countries most interested in cryptocurrency.

As a digital payment system that doesn’t rely on banks to verify transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions.

With the world tilting towards the adoption of cryptocurrency as evidenced in the recent happenings across the world, the army of unemployed Nigerian youth cannot afford to overlook the many opportunities offered by the cryptocurrency.

Stating that the unemployment rate by the National Bureau of Statistics (NBS) does not make sense anymore, they argued that it is not useful for planning purposes.

The NBS said that Nigeria’s unemployment rate increased to 4.2 per cent, from 4.1 per cent recorded in the first quarter (Q1) 2023, indicating an increase of 0.1 per cent.

This was contained in a report titled, ‘Nigeria Labour Force Statistics Report Q2 2023, which was released yesterday by the Bureau.

According to the revised methodology made public in August, the NBS defines employed persons as individuals who have worked for at least one hour in the last seven days.

It said the unemployment rate among youth aged from 15 to 24 years increased to 7.2 per cent in the Q2 of 2023, stressing that the increase was 7.2 per cent from 6.9 per cent in Q1 of 2023.

The NBS said it enhanced its methodology of collecting labour market data through the Nigeria Labour Force Survey in line with International Labour Organisation (ILO) guidelines.

The report stated that 80.4 per cent of Nigeria’s labour force in the working-age population participated in the survey.

The Nigeria Employers’ Consultative Association (NECA) has said in the last three years, over 15 organisations with a combined value-chain staff strength of over 20,000 employees have either divested or partially closed down, adding to jobs lost.

Reacting to the statistics, Chris Onyeka, assistant general secretary of the Nigeria Labour Congress (NLC), said rather than building on false data, NBS should embrace the reality of the unemployment rate in Nigeria, which put the rate at 33.3 per cent before embarking on the new methodology.

He said as the labour centre is concerned, unemployment has grown exponentially in Nigeria beyond the NBS’ 4.1 per cent.

He said that independent research has shown that youth unemployment is over 60 per cent while general unemployment is over 35 per cent.

Mentioning many multinational companies that have divested lately, he said that had automatically widened the unemployment rate, even as jobs have not been created.

“That is the reality. The rate is so bad that it is easy to recruit people into criminality. Government must address the macroeconomic challenges,” he said.

Also, a professor of economics at the Lagos Business School (LBS), Bongo Adi, said the NBS position suggests that the unemployment rate is less than the natural rate of unemployment, which is considered normal for the economy.

Explaining what the five per cent natural rate of unemployment is, the don said: “People leave one job and there is an interval of time within which they are searching for a new job, so before they get a new placement, they remain temporarily unemployed, which is a very short one.

“During this period, it is structural unemployment, which is a technological shift, which means there would be new jobs but you wouldn’t have the matching skills until training meets such new skills.

“Within that period again, you are bound to have some layer of unemployment. So, if you put those frictions of unemployment together, that is what makes up the five per cent called Natural Rate of Unemployment.

“So, the NBS is telling us that unemployment is even below the natural rate. That is to make nonsense of the field; it is completely nonsensical.”

Dr Tommy Okon, the deputy president of the Trade Union Congress of Nigeria (TUC), , said that the government needed to think outside the box to create clear-cut policy direction to attract investors so that Nigeria would not perpetually remain in a job deficit.

He said there is a need for the government to also strategize to ensure the enabling environment is created for industries to strive for, which would give an account for the Renewed Hope Agenda of President Bola Tinubu to create massive employment. (Guardian).

Nigeria has seen a sharp increase in unemployment over time, with a current estimate of 33%.

All age categories in Nigeria are affected by a serious unemployment problem, with young people bearing a disproportionately high share of the burden.

When people don’t have work, it makes life difficult for them and their household. Note that this causes labor migration, as people leave the country in quest of better opportunities and income sources abroad. Unemployment is one of the key reasons why its citizens migrate their labor to other countries.

Nigeria’s economy has struggled to produce enough jobs to accommodate this expanding workforce due to the country’s high population growth rate, which causes a large number of job seekers to enter the labor market each year.

SMEs could be essential in reversing this trend and creating jobs, but they face challenges such as restricted access to capital, inadequate business support services, and a challenging business climate.

Additionally, highly qualified individuals leave Nigeria in quest of better opportunities abroad, depleting the country’s talent pool and widening the skills gap in critical industries.

It is important to emphasize that because of the interdependence of these factors, a multidimensional and all-encompassing approach is required to address labor migration and unemployment.

To mitigate unemployment and labor migration in Nigeria, a variety of actions can be taken. A few of these include:

Job Creation and Economic Diversification: 

Nigeria is extremely vulnerable to variations in the price of oil because of its dependency on the fuel. Through the promotion of companies and sectors other than oil, economic diversification can boost job chances and reduce dependency on a single industry.

In Nigeria, it is crucial to increase the variety of employment options. The establishment and growth of various businesses and sectors can also encourage the emergence of new occupations and positions. There is a higher chance of employment for people when there are more businesses.

Provision of Adequate Infrastructure: 

Infrastructure improvements have the potential to boost economic growth and draw in industries that can employ workers. For businesses to invest in and create jobs, they need a strong infrastructure that includes a dependable power supply, efficient transportation systems, and digital connection.

Support for Small and Medium-sized Enterprises (SMEs): 

Encouragement of entrepreneurship and assistance for small and medium-sized enterprises (SMEs) can promote innovation, generate job opportunities, and boost economic growth.

Agriculture is a sector with a lot of SMEs. It has a great deal of potential to boost food security, minimize rural-urban migration, and create jobs.

By giving farmers access to funding, cutting-edge farming techniques, and market connections, production can be increased and jobs created throughout the value chain of agriculture.

Programs for training, mentoring, and access to financing and business development services also support these businesses.

Changes in Business Policy: 

The development of many successful firms, especially SMEs, has been hampered by culpable policies and deregulation laws. Business owners, producers, and other market participants take advantage of policy gaps to perform arbitrary functions.

Therefore, reviewing and updating corporate policies, regulatory frameworks, and labor laws can help to foster a climate that encourages investment and job growth. In addition, employment prospects may increase as a result of streamlining administrative procedures, lowering corruption, and guaranteeing fair competition for all enterprises.

Conclusion

Although it is a difficult problem to solve, mitigating unemployment and labor migration is crucial for Nigeria’s economic progress. Another strategy for this development is to strengthen the institutions of the labor market, lower company costs by streamlining regulations and lowering taxes, improve the business environment, and improve education, safety, job accountability, and security. By doing this, employment opportunities will be generated, and the general public’s professional development will be encouraged.

Lastly, addressing societal issues, attracting investment, enhancing skill development and business climate should be the government’s main priorities for sustainable solutions.

About the writer:

Emmanuel Otori has over 10 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

Whether you’re just starting out in your journey or you’re a seasoned professional looking to take your skills to the next level, it’s important to understand what matters most to you and how you can achieve those goals.

PROMAD Foundation understands the value of youth inclusion and empowerment in accelerating youth civic participation and overall development in Nigeria. 

That’s why the company carried out a survey which helped put together this list of the most common needs and priorities encountered among young people in these areas.

Speaking during a press conference to launch the research policy memo on Accelerating Youth Civic Participation and Development held in Abuja on April 4th, Mr Daisi Omokungbe, the Founder and Executive Director of PROMAD Foundation, said they believe in using data and technology to investigate and analyse development problems and proffer policy related solutions to help stakeholders and government gain clarity on what must be done.

PROMAD’s report read: “On needs and their priorities in terms of a number of career, political, and other personal development goals: 

• “Get a job” = 67 counts
• “Acquire or develop my skills” = 49 counts
• “Get scholarship opportunities” = 39 counts
• “Contribute to my community through civic participation” = 37 counts
• “Run for an office” = 5 counts”

1. Get a Job

Unsurprisingly, the need to secure a job is at the top of the list for many young people in Nigeria. 

According to the research, “Get a job” was mentioned a whopping 67 times when young people were asked about their priorities. 

This is understandable as unemployment rates in Nigeria remain high, and securing a stable job is often seen as the first step towards financial stability and independence.

2. Acquire or Develop My Skills

In a rapidly changing job market, it’s no surprise that young people are placing a great deal of importance on acquiring and developing new skills. The research found that “Acquire or develop my skills” was mentioned 49 times as a top priority. This is a wise move as possessing the right skills can give you a competitive advantage when it comes to securing a job or even starting your own business.

3. Get Scholarship Opportunities

Education is a key factor in personal and professional development, which is why many young people are focused on securing scholarship opportunities. 

The research found that “Get scholarship opportunities” was mentioned 39 times as a top priority. Scholarships can help young people access higher education and acquire the skills they need to achieve their goals.

4. Contribute to My Community through Civic Participation

Many young people have a desire to make a positive impact on their communities, and civic participation is a great way to do that. 

The research by PROMAD found that “contribute to my community through civic participation” was mentioned 37 times as a top priority. Whether it’s through volunteering, community service, or advocacy, civic participation can help young people make a difference and build valuable connections.

5. Run for an Office

Finally, the research found that only five young people mentioned running for office as a top priority. While this may seem surprising, it’s important to note that political participation among young people in Nigeria is still relatively low. However, we believe that youth inclusion and empowerment can help change that and encourage more young people to get involved in politics and work towards positive change.

In its report titled “Global Economic Outlook,” the professional services firm said the figure is based on its estimates.

“Unemployment is expected to continue to be a major challenge in 2023 due to the limited investment by the private sector, low industrialization, and slower than required economic growth, and consequently the inability of the economy to absorb the 4–5 million new entrants into the Nigerian job market every year,” KPMG said in the report.

Although it lagged, the National Bureau of Statistics recorded an increase in the national unemployment rate from 23.1% in 2018 to 33.3% in 2020.

“We estimate that this rate has increased to 37.7% in 2022 and will rise further to 40.6% in 2023.”

According to KPMG, Nigeria’s GDP will continue to grow at a relatively slow three percent annual rate in 2023.

This, in the report, is due to the typical slowdown in economic activity that characterizes periods of political transition in Nigeria.

Based on the firm, the spillover from an expected slowdown in the global economy, as well as the implications for trade and financial flows, will likely drag on the country’s GDP.

KPMG said that key non-oil sectors such as manufacturing, trade, accommodation, food services, and transportation would be negatively affected by the naira redesign policy introduced by the Central Bank of Nigeria (CBN), further slowing down overall GDP growth in 2023.

“Nevertheless, we expect telecommunications, trade services, as well as an expected recovery in the oil sector, on account of measures being taken to tackle security issues, to drive our forecast of 3% growth in 2023,” the firm said.

KPMG further projected that the incoming administration would face a deeply rooted and challenging environment characterized by fragile and slow economic growth and challenges in the foreign exchange market.

This call comes as The ONE Campaign launches “Vote Your Future 2.0,” a nonpartisan governance campaign aimed at uniting citizens across the country in the run-up to the general elections.

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In 2019, ONE collaborated with UNICEF’s U-Report to survey 170,000 Nigerians across every state to ascertain the issues that were most important to them.

More than half of the respondents wanted the government to address the issue of decent job creation to lift Nigerians out of extreme poverty, as well as healthcare accessibility and affordability.

In its 2020 survey of Nigerian youth, the United States Agency for International Development (USAID) found that the priorities of young people across Nigeria have not changed, with most of them still demanding decent jobs and healthcare improvement.

According to the Nigeria Bureau of Statistics, Nigeria’s combined unemployment and underemployment rate was 56% in 2020. Experts have also estimated that between 2 to 3 million young Nigerians will enter the workforce annually between now and 2030. With more than 60 percent of Nigerians estimated to be poor, creating decent jobs can ensure more economic productivity and go a long way in lifting many Nigerians out of poverty.

Similarly, reports have shown that Nigeria’s health indicators are among the worst in Africa, dragging down the socio-economic indicators of the entire African continent due to its huge population.

Health stakeholders and ordinary Nigerians have continued to voice concerns about the need to prioritise universal health coverage and ensure that basic healthcare is accessible to all Nigerians.

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Stanley Achonu, Nigeria Country Director at The ONE Campaign, said: “The 2023 elections offer Nigeria a fresh start to address the issues that matter to its citizens, especially the millions of extremely poor and vulnerable. ONE’s Vote Your Future campaign aims to bring the issue of jobs for young people and universal health coverage for all citizens to the attention of the candidates and help the electorates prioritize them in deciding who gets their vote. As the 2023 general election campaigns continue, candidates at the federal and state levels must listen to the yearnings of the youth, who constitute the largest voting bloc, and discuss plans to effect the changes they are clamouring for around job creation and health systems strengthening.”

“Nigerians are eager to see ideas that tackle structural challenges hindering investment, entrepreneurship and private sector development, as well as plans to scale up investment in young people, redesign existing empowerment programs, and improve the business environment. Similarly, in healthcare, COVID has already exposed some gaps in Nigeria’s healthcare system and the need for emergency preparedness. Candidates must demonstrate their commitment to improving healthcare by discussing plans on healthcare financing and strengthening primary healthcare across the country.”

Nigerians can join the citizen’s call to hold Nigerian leaders accountable for resolving the country’s issues via the website.