“Unemployment in Nigeria: A problem with little attention”

Nigeria, a nation located in West Africa and known for its vast cultural diversity, is among the largest countries on the African continent. Boasting an impressive population of over 200 million people – making it one of the most populous nations globally- Nigeria continues to experience severe challenges relating to high unemployment rates that have persisted for well over ten years. Despite its potential as an economic powerhouse and a significant contributor to global growth, Nigeria has continued to face social inequality due mainly to poor policies that fail to stimulate job creation effectively. This menace implies that graduate/youth unemployment has become a developmental problem for the continent.

According to recent studies conducted in Nigeria, there is a positive relationship between the rate of unemployment and inflation. The unemployment rate in Nigeria has continued to rise steadily, reaching an alarming rate of 18.8% in the third quarter of 2020, as identified by Adebayo et al. and Awogbenle and Iwuamadi

In addition to this, studies such as that of Onwuka et al. have found a link between unemployment and violent conflicts, indicating the severity of the issue. A major cause of the rising unemployment rate is the high population rate. Several factors contribute to this problem, including the lack of effective policies for job creation and low levels of industrialization, among others. Furthermore, social-economic marginalization, relative poverty, and environmental degradation have significantly contributed to the high rate of unemployment in Nigeria.

To address this challenge, the development of entrepreneurship skills among food marketers has been identified as a potential solution to enhance productivity, open up new business opportunities, improve the Nigerian economy and reduce the high rate of unemployment in Nigeria. Despite the efforts and contributions of previous and current governments to promote Nigeria, the contribution of this sector to the economy remains limited in terms of its influence on job creation and reducing the high unemployment rate in Nigeria.

In these challenging times, it is crucial for the Nigerian government to develop policies and programs that will stimulate job creation while addressing other factors that contribute to social inequality and unemployment. The lack of access to finance and basic amenities such as reliable electricity and clean water has hampered entrepreneurship growth and job creation in Nigeria. Therefore, the government needs to prioritize investment in infrastructure development, create favourable policies for small and medium-sized enterprises, and provide access to credit facilities for entrepreneurs. Additionally, it is essential for Nigeria to diversify its economy beyond crude oil and create job opportunities in sectors such as agriculture and manufacturing. Furthermore, the government must prioritize projects in underdeveloped areas as this will not only generate employment in these regions but reduce the rural-urban migration which exacerbates unemployment in urban areas.

In conclusion, unemployment remains a significant issue in Nigeria, and sustainable job creation can only be achieved through a combination of policy implementation, infrastructure development and investment in small and medium sized enterprises as well as diversification of the economy. It is critical that the Nigerian government recognizes the potential of entrepreneurship as an engine for job creation and implements policies to promote its development while addressing other underlying issues to resolve this growing problem.