Ways To Reduce Youth Unemployment
Ways to reduce youth unemployment are of primary concern: It is an established fact that the economic development of a nation or a country is measured by the GDP of the country, which is directly influenced and determined by the size of the workforce.
It should be noted that the workforce does not only produce manufacturing goods or services or agricultural produce in direct proportion but increase purchasing power which in turn increases economic growth.
The increase in young people graduating from school on a yearly basis cannot correspond with the job available inthe country.
Unemployment has a reverse effect on a country’s gross domestic product GDP, in that it reduces the potential to country’s GDP.
With the growing unemployment, the gap between the rich and the poor grows progressively has a direct impact on the economy due to the unproductive labor force in terms of goods and services.
With no income tax to collect and the loss receipts from indirect taxes such as the value-added tax, it reduces the government takes in less in tax revenue.
The increasing unemployment has resulted in so many social ills and tension which has affected the entire country and restrict the free movement of good and person within the country,
Unemployment in the country should be given a priority in-country to curb insecurity and encourage the economic advancement of the country.
How can we combat unemployment in Nigeria?
Nigeria’s educational sector needs to be restructured, Universities and Polytechnics should be adequately funded so that both institutions could collaborate together and be innovative in creative ideas.
The educational system in nidgera has mainly be occupied with the purpose of just graduating with a certificate. It is recognized that most youths in Nigeria graduate from several universities in the country without being creative to invention.
The acquisition of certificates which has become the order of the day has prompt the increase in unemployment in the country, the more graduate we keep having in Nigeria all in the name of certificates the higher the unemployment rate in the country.
University and tertiary curriculum should be redesigned from the pre-colonial system to the post-colonial system, where student are not only trained for white-collar jobs but to enable the student to acquire skills where they could be relevant to the society and also become an entrepreneur who can create jobs and become employers of labours, because jobs are not available like in the ’80s.
Apprenticeship should be encouraged because with the growing population in Nigeria there is no job available to meet the increased graduate in the country and something need to be done about the population.
Have you asked yourself why countries like Japan, Canada, and Germany are doing so well that they have a low unemployment rate?
Nigerians have depended so much on certificates and it is unfortunate that the certificate has become the predicament for increased unemployment since there are no jobs available.
It is advisable, that as a young person in a developing country like Nigeria who has a vision of what you want to become, it will be of advantage for you to learn a skill from an experienced person apart from your formal education and also invest in a side hustle.
This is how a lot of people in third world countries survive, by having multiple streams of income. The truth is that there are so many candidates for the few jobs available.
Foreign Direct Investment:
To reduce unemployment in the country, the government should encourage foreign direct investment in the country, this will help the country’s economic growth and advancement, by creating a conducive environment, peaceful and secure for investors.
Foreign direct investment (FDI) takes place when a foreign firm or investor establishes a foreign business operation or foreign business assets in another country. This includes establishing ownership or controlling interest in a foreign company.
The government should put effort into technological advancement, improve infrastructure, and political stability in the country to motivate potential investors to move businesses down to the host country.
Some countries in Africa are having foreign investors more than Nigeria because they are more advance in technology and politically stable than Nigeria. For instance, BMW automobile company has a plant in South Africa because South Africa is more advanced and stable politically and security-wise than Nigeria.
Unemployment will be reduced to a minimum if the government takes a conscious effort in massive investment in the various sectors of the economy, a massive investment in the power sector, oil industry, communication industry, agricultural sector, expansion on the railway line, and road construction, etc.
If all these mentioned are above are strategically structured and developed in the economy, it will reduce the unemployment situation in the country.
The challenges faced by Nigerians for the increasing unemployment is the problem of mismanagement of government established industries, projects, and corruption which has sunk so deep in the system, government officials take advantage of their offices to loot public funds for economic development for selfish interest.
The lack of Maintenance culture and supervision of projects by ministries in the established projects has led to aboundoned project and the liquidation of most industries in the country like the Taraku Mill and the Jos still rolling, Ajakuta Iron company, etc. government can take action and remedy the situation to reduce unemployment in the country.
Entrepreneurship is gaining more ground presently in Nigeria due to the increased rate of unemployment in the country. The youth can create more jobs for themselves and learn more skills.
To be successful in Nigeria as a youth you don’t have to depend on formal education as a guaranty for an employment opportunity and you also need to have it at the back of your mind that university is not wholly or absolutely for you to get a job but to acquire knowledge so you can be creative and innovative.
When you learn a skill you become a sole proprietor and get to employ people, by this you have become an employer of labor and have solved a large part of the countries problem of unemployment. Youth should start looking more into job creation.
The youth have so many creative ideas to set up a business but the problem has been financial constrain or capital to set it up. The government should intervene in this regard to provide grants or loans to encourage youth entrepreneurs to reduce unemployment in Nigeria.
Exposure To Jobs That Are In Demand:
The educational curriculum should include practical courses that would expose the student to the realities of life after school or the labor market.
Technical colleges seem to be limited in the country but are more lucrative and it suits perfectly into the present industrial needs.
Young people should be provided with a better understanding of industry needs. That will increase the likelihood that the youth will find careers that will suit their interests, while they are being educated and trained on how to make use of their skills.
If students are exposed to several careers before and during their studies in school through internships, apprenticeships, classroom-based community projects. This has the potential to help students succeed after graduating from school
Conclusion and Recommendation
Nigerian youth have so much idea in their mind to explore but needs the government impact on the system of education being practiced that has not to elevate the challenge of gross unemployment in the country and the financial support from the government to make their ideas a reality.
The truth is, everyone has to be responsible to be valuable and productive not to depend on government support or formal education, but to think within because there are so many treasures in everyone to be productive and be successful.
The government should provide a secured environment for the inhabitant and also for foreign investors to encourage employment and to boost the economy, can not thrive in any economy.