According to the National Bureau of Statistics, there is a huge cause for the government to be concerned about the current unemployment situation because it is not only a major challenge but also a noticeable rising trend among the youth.
For example, in 2010, the rate of unemployment stood at 21.4 per cent and rose to 27.4 per cent in 2012 and declined to 24.7 per cent in 2013.
These high rates clearly indicate that the economy has an unemployment problem.
These rates are quite at variance with the 5-5.5 per cent full employment rates.
Unemployment rate jumped by 7.5 per cent in the first quarter of 2015 while 12.2 million Nigerians are underemployed.
17.7 million aged 15 to 65 are either unemployed or underemployed.
44.3 per cent of the youth are unemployed or underemployed.
Unemployment and underemployment more pronounced in women than male.
Sam Onigbanjo looks at the unemployment rate in Nigeria and suggests ways of reversing the jump.
Sam Onigbanjo is the author of 37 business thoughts, and 98 business thieves. Business books that are currently buzzing in the “entrepreneur circuit.”
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