During such a crash of the economy, another axe on its head is youth unemployment.
Nigeria is standing among the most remarkable demographic lead, which can hike up their economy like the waves of seas. More than 60% of Nigeria’s population are consists of young people under 25. And these stats are expected to increase massively by the year 2050.
But instead of pulling the country’s development rate, the youth are doing precisely the opposite of it.
During these hard times where Nigeria is going through the massive crash of its economy, unemployment is the most inspiring fear. And according to the estimation of the World Bank in 2019, the unemployment rate of Nigeria is 17.7%. And it is almost double the national unemployment rate—official stats of Nigeria on unemployment display only the part of the problems. More than 80% of Nigerians working in the low-productivity informal-sector work are regarded as the under-employed.
To inscribe youth unemployment, federal and state governments take many measures such as social investment programs, skills development programs, direct labor, loans for agriculture programs, etc. But still seeing the conditions, there’s a prediction for sure that every one of three Nigerian would be facing unemployment in the next four years.
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What’s the reason for youth unemployment?
Today in the 21st century, there’s been the highest demand for innovation and technologies in industrial economies. And skills like Robotics, programming,3d printing, etc., Nigerian’s don’t even possess.
And the problem of lack of skills just not only resides in Nigeria but also resides all over Africa. Well, this is the prominent reason for youth unemployment and labor migration.
The current need of global corporations is for skilled workers who can provide their hands productively.
Thus to decrease youth unemployment, it is necessary to focus on raising the skills primarily.
Instead of roaming globally in search of employment, the World Bank suggested building the pillars of domestic job opportunities in Nigeria itself. But this can only happen if Nigeria attracts employment intensives corporations to itself.
But as far as the decline of GDP of Nigeria from 6%i n the mid-1990s to about 0.5% in 2019, it doesn’t show that Nigeria is in interest with global value chains.
Why do many multi corporations such as Apple or global textile companies prefer to go to India, Taiwan, China, and the Philippines?. Because their young people poses those required skills which are relevant for those companies.
The way out for youth unemployment
Legal and safe migrations for the Nigerians will only be preferable if the following steps were undertaken.
There must be sudden reverse in the ongoing de-industrialization in Nigeria. From 20% of GDP to 10% of it shows a massive decline in the manufacturing value of Nigeria.
And this is the reason why many young’s of Nigeria are unable to use industrial and technological capacities.
The inevitable solution
According to the World Bank model, the government and the private sector would provide the training that will be relevant to the ongoing industries need for all migrants and non-migrants folks of Nigeria.
This model is theoretically a masterpiece, but still, there are many questions behind for it.
The first is How and who would manage and finance the training?
Second, private sectors are not very much willing to invest in the training of new workers. The training is very expensive. And also it isn’t easy to prevent migrant workers to another country with the training to move on.
Third, investment in training is the long-term process, whereas the firms are into short-term returns.
And the last, the bureaucracy in Nigeria, it will be challenging for the firms to conduct the raining in the region like Nigeria in between Nigerian governments.