Economic hardship: Nigerians yearn for FG’s additional 2m jobs, as unemployment rate hits 5.3% in Q1 2024
…Graduates express frustration, demand action as job crisis deepens
…Experts urge immediate action to avert social instability, as multinational exodus continues
…Nigeria’s energy transition set to create 100,000 jobs
By SodiqAdelakun
As Nigeria grapples with an economic downturn, the demand for government intervention has intensified.
With unemployment rates rising to 5.3 percent in the first quarter of 2024, many citizens are calling on the federal government to fulfil a pledge of creating an additional 2 million jobs to alleviate the growing joblessness.
This rising unemployment not only threatens livelihoods but also worsens social tensions, prompting urgent discussions on effective strategies to boost job creation and economic stability.
This alarming surge has left millions of Nigerians struggling to stay afloat, as the job market shrinks and the future looks increasingly uncertain.
The latest figures have brewed widespread concern, with many fearing that the country’s economic downturn is spiralling out of control.
Yesterday, the country’s unemployment rate rose to 5.3 percent in the first quarter of the year (Q1 2024) compared to 5 percent in Q4 2023, the National Bureau of Statistics (NBS).
According to the Nigeria Labour Force Statistics Report, Q1 2024, the employment-to-population ratio was 73.2 percent, a decrease of 2.4 percent compared to 75.6 percent in the preceding quarter.
The ratio in urban areas was 69.5 percent and 78.9 percent in rural areas compared to 71.1 percent and 80.7 percent respectively in the preceding quarter.
The proportion of workers in wage employment rose to 16.0 percent in Q1 2024, indicating 3.3 percent increase from 12.7 percent in the preceding quarter.
According to the statistical agency, 20.1 percent of males were in wage employment, compared to 12.1 percent of females. Wage employment was also higher in urban areas at 21.8 per cent compared to 8.1 percent in rural areas.
Recall that President Bola Tinubu has assured Nigerians that the sacrifices made through recent economic reforms, including the removal of fuel subsidies, will yield positive results in the near future.
Speaking at the 2024 Annual National Management Conference in Port Harcourt, he emphasised the necessity of these tough decisions to stabilise the economy he inherited.
Tinubu, represented by Head of Service DidiWalson-Jack, acknowledged the difficulties faced by citizens due to these reforms but expressed confidence that the Bola Tinubu-led administration has announced an ambitious plan to generate approximately 2 million jobs in Nigeria.
The Ministry of Arts, Culture and Creative Economy outlined four key components driving this initiative for massive job creation in the creative industry.
…Graduates express frustration, demand action as job crisis deepens
In an interview with Nigerian NewsDirect, a series of heartfelt accounts from young Nigerians, frustrated by promises unfulfilled, lays bare the reality of a generation desperate for opportunities.
Madam Temitope, a recent graduate from OlabisiOnabanjo University, declared, “I’m disheartened by the President’s promises. I spent years studying hard, but after graduation, I still can’t find a job. It feels like my education was a waste, and the government doesn’t believe in us. We’re losing hope every day.”
The sentiments of despair echo throughout the ranks of the nation’s youth. Johnson Akinade, an Electrical Engineering graduate, voiced his frustration: “It’s frustrating to see our leaders talk about reforms when many of us are still struggling to find basic jobs. I now do petty electrical work just to survive, and it feels humiliating after spending so much time and money on my education. Does the government even care about us?”
Moreover, Ronke, another university graduate, lamented, “I’m tired of Nigeria and life in general. I depend on my parents and boyfriend just to get by, and it’s exhausting. I had dreams of a bright future, but now it seems like nothing matters. The President’s words feel empty when so many of us are left behind.”
AkingbadeSemiu, holding a degree in Business Administration, articulated a shared sense of betrayal: “It’s heartbreaking to hear the President say we’ll reap the benefits of reforms. I’ve been searching for a job since I graduated, and every rejection letter just chips away at my hope. I feel like the government has forgotten us, the youth who invested everything into our education.”
Also, Michael Thompson, who earned his degree in Computer Science two years ago, expressed his disillusionment: “I’m disillusioned by the constant talk of economic recovery. I graduated two years ago and have yet to secure a decent job. The only thing I feel is despair. The government talks about investing in the future, but what about the youth who are already here and struggling? It feels like we don’t matter.”
In a related development, the ongoing departure of multinational corporations from Nigeria is exacerbating an already critical youth unemployment crisis, raising alarms among economists and policymakers.
Recent reports indicate that while the overall unemployment rate has marginally decreased, a significant number of young Nigerians remain disengaged, fueling concerns over potential social unrest and economic stability.
Dr. Vincent Nwani, a noted economist and former Director of Research and Advocacy at the Lagos Chamber of Commerce and Industry, emphasised the implications of this trend. “The exodus of multinationals has cost Nigeria N94 trillion in output over the past five years,” he remarked, cautioning that without significant reforms, “I foresee at least 10 more notable multinational companies leaving our shores in the near future.”
Despite reports indicating a drop in the unemployment rate—from 33.3 percent in 2021 to 32.5 percent in 2023—many youths remain outside of formal employment, education, or training. The National Bureau of Statistics revealed that an alarming percentage of the youth population is classified as NEET (Not in Education, Employment, or Training), leading to a rise in criminal activities and a sense of hopelessness among the affected demographic.
The situation is further aggravated by cultural and gender biases, which disproportionately affect young women, limiting their access to education and employment opportunities.
Many are forced into early marriages or constrained by domestic responsibilities, which stifles their potential.
…Nigeria’s energy transition set to create 100,000 jobs
Meanwhile, in a significant move to revamp Nigeria’s economy, the Federal Government has announced that its energy transition plan will generate approximately 100,000 direct jobs.
This initiative, spearheaded by the Presidential Compressed Natural Gas Initiative (P-CNGi), aims to create opportunities for Nigerians and drive economic growth.
According to Engr Michael Oluwagbemi, Programme Director of P-CNGi, the government plans to achieve this by enabling 25,000 technicians across 1,000 conversion centres.
Also, the government intends to establish 2,300 refuelling stations, despite currently having only three. Oluwagbemiemphasised the need for mini LNG plants in strategic locations and over 2,500 vector pipeline trucks to support the initiative.
The Federal Government’s energy transition plan is designed to make Nigeria’s economy more competitive, reduce debt, and correct economic distortions.
