Rising Joblessness A Major Concern For The Nation

Nigeria's Unemployment Rate Hits Alarming 5.8%

Rising Joblessness a Major Concern for the Nation

Nigeria's unemployment rate has surged to a staggering 5.8% in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS). This represents a significant increase from the previous period's 4.2%, highlighting a growing problem of joblessness in the country.

The combined rate of unemployment and time-related underemployment, which measures the proportion of the labor force without work or working fewer hours than desired, has also risen considerably, reaching 5.8%. This indicates a substantial underutilization of Nigeria's labor force.

Experts attribute the rising unemployment rate to several factors, including a stagnant economy, a lack of new job creation, and a growing population. The situation is particularly concerning for young people, who make up a large portion of the unemployed.

The Nigerian government has acknowledged the severity of the unemployment crisis and has pledged to take measures to address it. These include investing in infrastructure, providing job training programs, and promoting entrepreneurship. However, the effectiveness of these measures remains to be seen.

The high unemployment rate in Nigeria poses significant challenges to the nation's economic and social development. It reduces productivity, increases poverty, and undermines stability. Addressing this issue is crucial for the government and requires a comprehensive approach that involves stakeholders from both the public and private sectors.