Nigeria, mentioned to be large of Africa and with a strong inhabitants of over 150 million, can boast of bountiful provide of human sources, each expert and unskilled, made up of women and men, account for the capital base of the nation. Nevertheless, it could be pertinent to notice that the variety of expert however idle far outweighs the unskilled and dealing (Rotimi Ige, Tribune Newspaper; Tuesday sixth July, 2010. ). The above cited work represents the view of most Nigerian populace on Nigeria and the extent of unemployment in its financial system. Earlier than we are going to disclose extra into the discourse, tell us what the idea ‘unemployment’ connotes. Ewa Udu and Agu (2000) outline unemployment as a state of affairs through which individuals succesful and prepared to work are unable to seek out appropriate paid employment ibe kachikwu
Unemployment may very well be seasonal, frictional, internationally transmitted or structural. Seasonal unemployment happens in industries which are seasonal in nature. Such industries have interaction labour briefly throughout the peak intervals and lay them off within the off-peak seasons. Once more frictional unemployment exists when specific occupation has surplus staff in a single a part of the nation whereas areas for related jobs are very a lot out there and will not be crammed in different geographical areas of the identical nation. Poor data of the existence of job alternative elsewhere and labour immobility are the most important issue that give rise to this sort of unemployment. Furthermore, in export-oriented industries, if demand within the industries falls off because of deterioration of commerce of the importing nation, most staff within the industries might be laid off. Typically, there could also be adjustments within the sample of combination demand and within the methods of within the business. When this happens in an antagonistic method, some staff could also be affected and they are going to be retrenched. That is termed structural unemployment.
In 2006, the speed of unemployment was solely 2. 9%. It rose to an outrageous fee of 5. eight% in 2007. Thereafter, it fell barely to four. 9% in 2008. Since then, it remained static at that stage until the current 2010 (CIA World Factbook). These statistics don’t painting Nigerian financial system within the optimistic as regards employment of human sources as a result of in a rustic like Britain, 2% fee of unemployment of the labour power is taken into account very excessive. Latest launch by the Nationwide Bureau of Statistics studies that over 20 million graduates are unemployed in Nigeria. An off-the-cuff go to to any heart the place employment aptitude check is being carried out will present one the precise stage of unemployment on this nation. The check carried out by WAMCO Consulting Agency on behalf of 1 Dutch firm final 12 months witnessed greater than 30 thousand candidates. One other check carried out by the identical agency on behalf of Honeywell recorded extra quantity.
These candidates have been solely those that met the screening standards (ie 2nd Class Higher), am not speaking about those who utilized however have been rejected. When most banks carried out their very own assessments, safety males (illiterates) have been used to drive graduates up and down. Some have been flogged, maltreated and humiliated; simply because they wanted some job. One hardly passes ten individuals on the street with out coming throughout at the very least one unemployed graduate. A few of these graduates have migrated spherical all of the cities of Nigeria in the hunt for jobs; all to no avail. They’ve moved from Lagos to Port-Harcourt, to Kaduna, to Kano, to Onitsha and all different locations undeserving of mentioning.
This socio-economic drawback of unemployment might be attributed to many and various causes. A few of the conspicuous roots of the issue embody inhabitants, tutorial curriculum, alternative in fact of examine, laziness, greed, authorities insurance policies, employment discrimination and authorities poor implementation of its employment insurance policies.