Nigeria Not Showing True Representation of Unemployment, it's Worse Than Reported, Says World Bank
- Nigeria's unemployment is grossly misrepresented by the Nigerian government, according to a new report from the world bank
- The bank stated that young Nigerians within the employment range are battling to get gainful jobs and are fast relocating abroad
- The report stated that Nigeria's employment ratio is disproportionate between its male and female populations
The World Bank has disagreed with Nigeria's unemployment figures which it caps statistically at 33 per cent.
Since 2014, Nigeria's working-age population's unemployment rate and inactive workforce have spiked drastically.
It has led to increased pressure on young Nigerians to relocate in search of gainful employment abroad, which has increased the number of refugees and asylum seekers from the West African country over the last 20 years.
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Women are more vulnerable to unemployment than men
According to the report, the United States, United Kingdom and Cameroon had the largest international migrants from Nigeria in 2019.
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Business Insider said the report states that Nigeria's labour market has not grown in tandem with the burgeoning labour force entrants in recent years.
The report also built upon and pulled from similar assessments of relocation trends and data conducted by the Washington-based bank.
In recent years, the bank said, data revealed that the number of Nigerians who are in the working-age population but are not active in the labour force has gone up from 29 to 52 million between 2014 and 2021.
It also stated that educated Nigerians are struggling to find employment opportunities there. While unemployment rates have increased greatly for educated Nigerians to find employment opportunities, it is tasking for them to find gainful employment.
Women are the most hit and vulnerable in the country's labour market.
In comparison to 46.4 per cent of the male population who are fully employed, about 40.6 per cent of women are fully employed.
In addition, the report stated that the percentage of significantly employed Nigerians is lower in the rural areas compared to the urban areas.
The World Bank expressed concern about Nigeria's rising unemployment and said it is creating migration pressure on the economy.
Disappointed Nigerians moving abroad to meet unfulfilled aspirations
It also said that a combination of rising unemployment, growing demographics and unfulfilled dreams are pilling pressure on young Nigerians to move to other countries in search of a better life.
The number of first-time asylum seekers from Africa and Nigeria to Europe plateaued in 2016 at the height of the European migration crisis before declining in late 2017. Nevertheless, Nigeria represented the largest group of migrants from Sub-Saharan Africa to get to Europe in 2016 and 2017.
Governors okay the sack of 12,000 FG workers to save N450 million
Legit.ng reported that close to 12,000 federal government workers have been pencilled down to be sacked if the Nigerian government enforces the recommendations made by all the 36 state governors, a BusinessDay report said, citing Premium Times.
According to the report, the governors recommended to the federal government that workers from 50 years and above should be retired and given a one-off retirement pay to exit the service, a move expected to reduce the government's cost.
The governors also indicated that they should be replaced with lower-cost, tech-savvy youths and female graduates.
Source: Legit.ng
