The President of African Development Bank (AfDB), Dr. Akinwumi Adesina, recently deplored the high rate of unemployment in the country, especially among Nigerian youths, put at over 40 per cent. Dr Adesina lamented that Nigerian youths “are discouraged, angry and restless” as they look at the future that does not seem to give them optimism. Nonetheless, he believed that the youths can still play a pivotal role, if the country gives them the opportunity to do so. Creating jobs for the youths, according to the AfDB boss, will enable them realize their aspirations. Undoubtedly, the AfDB President’s concern should make the government to urgently address the problem.
According to the National Bureau of Statistics’ Labour Force Report, unemployment among young Nigerians (15-34 years) is the highest in the country, with 21.72 million or 42.5 per cent of the estimated 29.94 million young Nigerians in the labour force unemployed, while the national unemployment rate stood at 33.3 per cent as at December 2020. It is estimated to have reached 45 per cent since the outbreak of the COVID-19 pandemic two years ago. With youth population estimated at 60 per cent of Nigeria’s total population of about 215 million, it means that over 48 million Nigerian youths are jobless. This rate is the highest when compared to other age groupings.
Nigeria must not toy with the future of its youths. The time to engage the youths productively is now because, as the AfDB President noted, “the future of Nigeria depends on what it does today with its dynamic youth population.” We align with Adesina that this demographic advantage “must be turned into a first-rate and well-trained workforce for Nigeria and the world. Therefore, we call on the government to prioritise investments in the training of youths with the requisite knowledge for jobs of the future. Apart from youth investment, there is need to open up the social and political space to enable youths to unleash their talents and create youth-based wealth as done in other countries that have successfully tackled youth unemployment.
Youth unemployment is a time bomb waiting to explode with dire consequences. The problem is noticeable in both the formal and informal sectors. Currently, Nigeria has the highest youth population in Africa, where young people account for two-third of Nigeria’s unemployed and underemployment. According to the 2016 Global Youth Development Index, Nigeria was ranked 158th out of 183 countries in the area of employment opportunities.
If the problem is not addressed now, it is estimated that 135 million of active population may be jobless in the future. This is in view of the annual population growth rate of four per cent, which outpaces economic growth rate of two per cent. This can explain why the World Economic Forum (WEF) cautioned that Nigeria’s youth unemployment could pose a big threat if not tackled. Government should not pretend that the problem of youth unemployment does not pose a serious threat. Youth unemployment can lead to social discontent, unrest and violent crimes. Unfortunately, government’s job creation programmes have not been effective. The government should evolve pragmatic policies that will create incentives for jobless graduates to set up start-up businesses, with access to loans at low interest rates. Digital technology is one area that youths have shown tremendous talent. The AfDB last year approved $170 million for Nigeria to support government’s programme to expand digital and creative industry. We assume that the government judiciously utilised the fund. It is laudable that the AfDB is exploring the establishment of Youth Entrepreneurship Investment banks for young people to drive youth-wealth creation.
Nigerian youths deserve to be gainfully employed. They should have no pact with poverty and joblessness. We still believe that the development of agriculture will create the needed jobs for the youths and other Nigerians. This is the right time to mechanize our agriculture and make it more attractive to young people. In the First Republic, regional governments took advantage of agriculture and developed their regions. Agriculture then was the largest employer of labour and major contributor to the Gross Domestic Product (GDP). The feat can be replicated today if government can prioritize the development of agriculture.
PROF. ANTHONY EZE,
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