Nigeria appears to have quite a lot in its hands to handle, and President Bola Tinubu is the one to lead this course. Currently, the nation is heading towards yet another record unemployment rate.
Among its challenges are inflation rate and the soaring debt profile.
What could be done? A company makes suggestions that could help the nation come out of these predicaments.
Sadly, the “suffering and smiling” of Nigerians may not come to an end anytime soon.
Why? you may want to ask. The answer is not far.
KPMG’s Report On Unemployment
A multinational consulting firm, KPMG, in a recent report, projected that the Nigerian unemployment rate may rise to a worrisome 40.6% in 2023.
The multinational consulting firm, gave the continuing inflow of job seekers into the job market as it’s reason.
Explaining further, it said that unemployment would continue to be a challenge due to the slower-than-required economic growth.
According to the KPMG, the inability of the economy to absorb the 4-5 million new entrants into the job market every year is a challenge.
For instance, in 2022, unemployment rate rose to 37.7%.
What Does This Mean?
Unfortunately, a huge chunk of Nigeria’s productive citizens is jobless or not gainfully employed.
It also means that these set of individuals who are supposed to be independent at a certain period or age are still dependent.
These individuals may become frustrated or depressed and start doing drugs or fall into bad gangs.
It is a known truth according to the holy book that “an idle hand is the devils work tool”.
The population that ought to be contributing to the nation’s gross domestic product (GDP) are roaming the streets aimlessly, without support.
Worse still, the number will increase yearly.
Sadly, the government has not got a clue on how to solve this problem.
According to the World of Statistics, Nigeria ranks top on global unemployment rating list.
Nigeria led with 33.3%, followed by another African country, South Africa 32.9%, and Iran 15.55%.
The countries with the lowest rate of unemployment, according to the report, were Qatar: 0.1%, Cambodia: 0.36%, and Niger 0.5%.
What will reverse this trend?
Experts recommend further deepening of ease of doing business’ policies to aid inflow of new companies.
Have You Read: Adopt PPP, Revamp The Economy, Analyst Tells Govt
Also, they say with a stable power supply and tax reforms, the nation will see new companies spring up and be able to absorb job seekers.
President Bola Tinubu is putting forward some policies that are tough on the citizens.
Since palliatives were not put in place to cushion the effect of this new road the nation is walking, more persons are losing their jobs and businesses.
Also, a period without petrol subsidy has forced prices up, pushing inflation further up and weakening the Naira.
