How To Curb The High Rate Of Unemployment In Nigeria?

 

The high rate of unemployment has become a critical issue in Nigeria. According to the National Bureau of Statistics, the unemployment rate in Nigeria was 27.1% in the second quarter of 2020, which is an increase of 12.7% from the same period the previous year. This crisis has caused immense economic loss, poverty, and social unrest in the country. This blog post outlines some solutions that can help curb the high rate of unemployment in Nigeria. 

1. Increase in the number of jobs: The government and private sector should strive to create more employment opportunities. This can be done by encouraging new entrepreneurs through tax and monetary incentives, providing employment opportunities in the agricultural sector, and investing in technological innovations that can help create better jobs. 

2. Invest in human capital: The government should invest more in education. Human capital is the backbone of economic growth, and investment in education and job training can help develop the skills needed to be competitive in the job market. This will help improve the employability of graduates, reduce the number of unemployed individuals in the country, and boost the economy. 

3. Create an enabling environment: The government should work on creating an environment that is conducive to doing business. This includes improving infrastructure, providing access to finance, and reducing bureaucracy. This will make it easier for entrepreneurs to start businesses, create jobs, and contribute to economic growth. 

4. Reduce poverty: One of the main causes of unemployment is poverty. To combat this, the government should increase access to public services such as healthcare and education. This will provide the necessary resources to help people get out of poverty and have better access to job opportunities.

The above mentioned solutions offer a comprehensive approach to reducing unemployment in Nigeria. It is essential for the government, private sector, and other stakeholders to work together to make this a reality. With the right policies and investments, Nigeria can curb its high rate of unemployment, thereby boosting the economy and reducing poverty.