Business

Youth unemployment reaches all-time high

Published

9 years ago

April 11, 2018

Youth unemployment rate in Nigeria reached an all-time high of 33.10 per cent in the third quarter of 2017 as against the 29.50 per cent recorded in the second quarter of 2017, according to tradingeconomics.com data.

In the data, youth unemployment rate in Nigeria averaged 21.73 per cent from 2014 until 2017, reaching an all-time high of 33.10 per cent in the third quarter of 2017 and a record low of 11.70 per cent in the fourth quarter of 2014.

Increasing number of unemployed graduates is threatening the sustainability of the nation’s economic development and sending disturbing signals to the global environment, according to one source.

While the Guardian of London says, high youth unemployment causes immediate and long-term economic damage, it means young adults take longer to get married, buy homes and begin families.

In the long run, it means slower economic growth and lower tax receipts. Countries with prolonged high levels of youth unemployment risk social instability.

These dangers are real for Nigeria especially as major unrests are championed by the younger people who roam the streets.

The much-maligned millennial generation isn’t feckless. They aren’t lazy. They want to continue their educations, receive employment training and participate productively in the workforce. But they’re hampered by weak economies, discrimination and inequality of opportunity, says the Guardian of London.

Though referring to the EU and the Unites States, the Guardian recommends that ‘policymakers, businesses and nonprofits need to begin today to address the youth unemployment crisis by creating jobs; helping young people build skills needed for work, including technical and vocational skills and entrepreneurship; and ensuring youth receive an adequate education.

Socioeconomically disadvantaged youth are more likely than their wealthier, better-educated peers to be unemployed, so policymakers must deliberately target efforts to reach those groups’.