In a disheartening trend, Nigeria’s unemployment rate continues to surge, despite its wealth of human and natural resources.
A perplexing annual occurrence unfolds as numerous graduates flood the job market, only to find themselves without prospects, while the streets teem with young hawkers who would otherwise be engaged in gainful employment. According to a recent report from multinational consulting firm KPMG, Nigeria’s unemployment rate escalated to a staggering 37.7 percent in 2022.
The grim prediction is that this rate will climb further to 40.6 percent, driven by the relentless influx of job seekers.
The firm points to the sluggish economic growth and the incapacity of the economy to absorb the 4-5 million new entrants that swell the Nigerian job market every year. Regrettably, Nigeria now leads the world in unemployment, as per the most recent data released by the World of Statistics.
The nation’s rate stands at an alarming 33.3 percent, surpassing even South Africa at 32.9 percent and Iran at 15.55 percent. While the Nigerian National Bureau of Statistics (NBS) is yet to release its figures for this year’s unemployment rate, the stark reality remains undeniable. Weak performance in job-elastic sectors and a low labour absorption rate in growth-driving sectors are pushing the nation towards a decline in real per capita income. The population growth rate, estimated at 3.2 percent, only adds to the complexity of this dire situation. Unemployment’s stranglehold has extended its influence beyond the economy, branching into the domain of crime.
Experts point to a correlation between rising youth unemployment and an uptick in criminal activities. As unemployment forces individuals into desperation, a basic survival instinct kicks in, leading to an escalation in criminal tendencies. Disturbingly, violent crimes such as murder, armed robbery, kidnapping, and terrorism have gained an alarming foothold. The increase in criminal activities can be attributed to the misguided energies of unemployed youth.
Ritual practices, violent acts, and a celebration of malevolent deeds have proliferated. It’s an unsettling fact that the criminal network in Nigeria is growing stronger by the day. Security agencies are grappling with incessant killings and criminal activities, prompting some state governors to relinquish their responsibility, leaving lives and property at the mercy of fate. Various forms of criminality, including thuggery, kidnapping, and extortion, have morphed into new dimensions. These developments only validate the age-old adage that “an idle mind is the devil’s workshop.”
In the considered opinion of this Newspaper, this unsettling trend has significantly hampered Nigeria’s development pace. Research, like that conducted by Ezeajughu Mary C. (PhD), highlights the deep-seated connection between unemployment and the surge in crime.
No doubt, a solution lies in tackling youth unemployment, which could not only curtail the crime wave but also usher in rapid development. In light of these stark realities, all levels of government must intensify their efforts to provide viable alternatives for the nation’s youth.
Given the prevailing economic precariousness, characterised by dwindling Small and Medium Businesses (SMEs) and the exodus of multinationals, entrepreneurship stands as a viable solution. By nurturing new businesses and job prospects, entrepreneurship holds the potential to reduce unemployment and drive economic growth.
Entrepreneurship, with its potential to nurture novel businesses and engender job opportunities, emerges as a beacon of hope within this tumultuous landscape. By kindling an environment conducive to entrepreneurial pursuits, policymakers can catalyse economic growth and stem the tide of unemployment. This might entail incentives such as tax breaks to stimulate business expansion, substantial investment in infrastructure, and the creation of a business-friendly ecosystem.
In grappling with the formidable challenge of youth unemployment, Nigeria stands at a crossroads. As an emerging global player, the nation must harness its untapped potential and channel its youth’s energies towards productive avenues. Only through multifaceted, coordinated efforts can Nigeria transcend its current predicament, forging a path towards a brighter future characterised by prosperity and security for all.
