Is there ever a remedy to the increment of unemployment in Nigeria? Will they ever be a remedy to the sudden rise of unemployment that leads our country to becoming a poverty-stricken country? Is there by any chance the rate of unemployment being reduced by entrepreneurship?
In 2022, the unemployment rate in Nigeria was estimated to reach 33 per cent. This figure was projected to at 32.5 per cent in the preceding year. That number reflects only those are actively seeking employment. Many Nigerians have given up looking for jobs. Chronological data show that the unemployment rate in Nigeria rose constantly in the past years. In the fourth quarter of the year 2020, over 33 per cent of the labour force was unemployed. According to the Nigerian methodology; the number of Nigerians living in poverty rose by 35 millions in 2022.
The alarming rate of unemployment will probably go on to increase as they’ll be no more or lesser need for labour force. Let’s take this as an example. When last did you go to a bank for a transaction? The present banking system where we can sit comfortably at our respective comfort zones and make transactions worthy millions of naira, is totally different from the system you and I have to get to the counter before we can make a transaction as little as a thousand naira. In years to come more banks will shut down as there will be no need for much labour forces. Some years ago, we would be needing a man in a helicopter to fly over a scene to film an event. Today the man (labour force) have been replaced with a drone. As technology tends to grow everyday, so as unemployment tends to increase.
A report on the, ‘ state of entrepreneurship in Nigeria 2021.’ has revealed that forty-three and sixty-seven percentages of entrepreneurs in the country are women and youths whose age brackets fall within 18 and 35 years respectively. The report, which was produced by the fate institute, also called for these business to enhance their growth and maximize their impact on the economy. It said: ‘Most business set up by entrepreneurs have been successful, with 66 per cent of respondents affirming that the business they have set up have been successful, as against 34 per cent that said their business failed.’
The value of entrepreneurship is best implied in our Nigeria of today, it had been propagated to all parts of the country. Even at the tertiary level of education, some institutions over the country had introduced entrepreneurship as part of their curriculum.
As the value of education seems to deteriorate, before now, a BSC. holder with his or her gold-lettered and silver-sealed certificate could attract royal posts and princely mansions on the Victoria Island. But today, the bitter truth is that those that graduated some years ago are yet to get their dream job, some couldn’t lay hands on any. But, dexterity can minimize the rate of unemployment as you won’t be seeking a job, but creating job opportunities for the unemployed.
Azeez Usman Okikiola,
Lagos state university, Nigeria.
