Youth Unemployment In Nigeria: Shocking Statistics, Facts And Why The Future May Not Be So Bright Afterall
Unemployment has become a global concern and of more dire consequence is youth unemployment. Global youth unemployment rate was projected at 12.7 per cent in 2012.
Young people are the next generation of potentially productive economic and social actors. This growing youth demographic, in the context of developing nations, represents a once in a lifetime opportunity for locally led economic growth which can secure a prosperous future for some of the world poorest people.
In Africa, youth unemployment has become a threat to socio-economic peace and stability. Nigeria is Africa’s most populous country. Unemployment rate in Nigeria for the year 2011 stood at 23.9 percent with youth unemployment rate at over 50 percent.
In comparison to other African countries, the story does not get any better. Unemployment Rate in South Africa increased to 25.20 percent in the first quarter of 2013 from 24.90 percent in the fourth quarter of 2012.
Kenya Unemployment Rate reached an all time high of 40.0 Percent in December of 2011.
Ghana, Nigeria’s close neighbour, has an unemployment rate of 11% in 2012. The population in the 15-24 age group has an unemployment rate of 25.6 %, twice that of the 25-44 age group and three times that of the 45-64 age group.