Warning! Unemployment Crisis Is On The Rise

Unemployment Crisis

Warning! Unemployment Crisis Is On The Rise

Did you see the unemployment crisis statistics as released by The National Bureau of Statistics (NBS)?

The latest report released by The National Bureau of Statistics (NBS) said Nigeria’s unemployment crisis worsened in the 1st quarter of 2016 rising to 12.1%.

The population of unemployed Nigerians increased by 518,000 to over 1.45 million.

While the economically active or working age population increased from 105.02 million in the last quarter of 2015 to 106 million by the end of March 2016.

Likewise the actual population of people able and actively looking for jobs increased by 1.99%, from 76.9 million in the fourth quarter of 2015 to 78.4 million in the first quarter of 2016.

The NBS said the total number people in full time employment or for at least 40 hours a week, decreased by 528,148 persons or 0.97%.

Unemployment Crisis

Huge Scale Layoffs

Additional 1.53 million economically active persons joined the labour force between January 1 and March 31, 2016.

Unemployment Crisis

No Job Experience – No Job

The number of underemployed or not fully engaged for at least 20 hours during the period, increased by 607,613 persons.

Coupled with that underemployment rate increased by 18.7% (14.41 million) in the last quarter of 2015 to 19.1% in the first quarter of 2016 (15.02 million persons).

NBS opined that the failure of government to meet its target of 1.5 million jobs worsened the unemployment crisis.

Consequently it would have kept the unemployment rate at a constant 10.4%

Entrepreneurs and Unemployment Crisis.

The present economic recession is as a result of a larger part of our population being employees not entrepreneurs.

History always repeat itself. The present economic situation is a repeat of the mid 80’s. Jobs were lost due to the Structural Adjustment Program (SAP).

Entrepreneurs contributed to salvaging the situation. Take a cue.

Having many entrepreneurs in a country ensures enough cash in circulation. Money in circulation translates to developmental projects.

Therefore problems such as high rate of poverty, youth and graduate unemployment, over-dependence on imported goods, Low economic growth and development stem from our inability to breed entrepreneurs.

Schumpeter (1947), who was probably the first major economist to analyze the role of entrepreneurship in economic development, attributed innovation to entrepreneurs. Little wonder we lack innovation.

At all levels we need to call for addition of entrepreneurial education to our school curriculum.

The educational system presently teaches students to be employees and not innovators. Education worldwide has moved beyond that. Ours is just archaic.

I have severally asked how significant what is taught in our schools is. Churning out graduates without creating employment is madness.

Insanity is also waiting for the government to provide jobs with statistics like these.

Presently the challenge is to provide willing young people with support (Finance and Structure) and the environment they need to make their ambitions realities.

In conclusion entrepreneurship will not solve our economic crisis in a flash but it is a step in the right direction.

Time to be an entrepreneur is NOW. Create jobs so you can reduce the numbers of the unemployed in our society.

Become an entrepreneur not a statistic.

PS: Be kind enough to share this article on social media. It starts with you.

 

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