- Unemployed youths in Algeria get N41,500 monthly allowance and also free medical checks until they can find a job
- The announcement follows a new report confirming that unemployment in the country is at 15 percent
- Algeria, just like Nigeria is an oil-producing country and the president believes with oil prices on the rise this is the best time
In big lessons for Nigeria, Algeria's president, Abdelmadjid Tebboune has announced unemployment benefits for youths, as the country struggles with a jobless rate of almost 15 %.
The president disclosed on Tuesday, February 15, 2022, that the payments to jobseekers aged between 19 and 40 would begin in March and it is aimed at preserving “ the dignity of young people”
Just like Nigeria, Algeria relies on revenue from oil and gas to run its economy and is reported to have over 600,000 unemployed Algerian youths.
Other unemployment benefits
Those who are eligible will be able to collect the payments of about $100 (£73) which is about (N41,500) a month, as well as some medical benefits until they find work.
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In addition to the monthly allowances, taxes on consumer products for unemployed youths will also be suspended.
Making the announcement, Mr Tebboune said that Algeria was the first country outside Europe to introduce such a benefit.
Lessons for Nigeria
According to data from OPEC, Algeria in January produced 970,000 barrels of crude oil which when pegged at $90 comes to about N35.9 billion sales.
While Nigeria produced 1.39 million barrels per day which is worth over N51.5 billion daily using an exchange rate of N412 to a dollar
According to the National Bureau of Statistics' most recent publicly available data, Nigeria's unemployment rate stands at 33 percent translating to some 23.2 million people the highest level in over 13 years.
What this means is one in every three Nigerian willing to work had no job as of the fourth quarter of 2020 when the data was released.
In the last few years, the various scheme has been provided by the Nigerian government to ensure many youths are gainfully engaged.
One of such is the Npower, among several others.
Most recently, in September 2021, the federal government launched the Nigerian Youth Employment Action Plan (NIYEAP 2021-2024).
The plan is aimed at mobilizing the energies and capacities of the youth to minimize the risks to national security posed by rising unemployment, TheCable reported.
Fund to empower youths
The commendation was handed to the lawmakers by a civil society group, Open Society for Good Governance.
The group said the action of the lawmakers will help ensure the improvement of skills and entrepreneurial development of Nigerian youths.