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Unemployment: Over 8 Million Jobs lost in 3 Years

National Bureau of Statistics, NBS, in its unemployment reports showed that unemployment has become an alarming problem under the Buhari regime. Unemployment figures have worsened from 8,036 million in 2015 to 15.998 million in of 2017 and still continue

High unemployment indicates less productivity and less contribution to the economy because jobless people are spending less. Consequently, the government ends up borrowing money because of low revenues and high spending. Rise in employment rates also affects other areas, such as quality of health services and living standards.

The NBS report also showed that the rate of unemployment was highest for persons between the ages of 15-24 and 25-34, which represent the ‘youth’ population in Nigeria.

You will have noticed that the number of crime and insecurity in the country is also increasing as unemployment increases. Frustration has found fertile ground in the hearts of many unemployed Nigerians youth; no job, no means of livelihood and a very high level of poverty. The young graduates are seeking employment along with their parents who have been stripped off their jobs as a result of companies cutting jobs.

There is increase in the number of theft, robbery, vandalization, internet scam, prostitution etc. Unemployment so dealt with Nigerians that at late 2016, ponzi schemes became their employers, and when these ponzi schemes crashed with lots of their money. Suicide rates increased.

Some who are fortunate with jobs have nothing to show for it because of a hopeless minimum wage and an outrageous increase in the price of commodity. Government inability to pay salary have further plunged many into very high level of sufferings, poverty and bitterness across the country.

What does the future holds for Nigerians? That is the question that remains in the minds of many.

 

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