Nigeria’s rising youth unemployment is now a major source of worry with the World Economic Forum (WEF) and the Lagos Business School saying the country sits on a ‘time bomb.’
Government says the situation is under control and efforts to curb joblessness will pay off in 2017. The country’s unemployment rate rose from 13.3 per cent in the second quarter of 2016 to 13.9 per cent in third quarter, according to the National Bureau of Statistics’ Unemployment/Under-employment Report released in October last year.
The rising rate of unemployment will enlarge existing risk of insecurity and militancy in major parts of the country and undermine government’s efforts at fighting insurgency in the Northeast, uprisings in the Southeast and other serious crimes in parts of the country. Past President of the Nigeria Employers Consultative Association (NECA), Mazi Sam Ohuabunwa, in agreeing with the WEF/LBS’ report, said Nigeria is experiencing insecurity largely due to joblessness and perceived marginalization. He added that unemployment rate has been rising consistently since 2014.