How to wrestle youth unemployment this time around 

The National Bureau of Statistics has it that over 53% of the nation’s youth population are either unemployed or underemployed. This simply means that youth unemployment has become one of Nigeria’s most pressing challenges so the trading down must commence as soon as yesterday.

CSR REPORTERS reminds you that 53% is not just a staggering figure nor mere statistic; it represents the dashed hopes and unfulfilled potential of millions of young Nigerians.

A.N.D. the consequences of this unemployment crisis are far-reaching, contributing to increased poverty, social unrest, and a burgeoning crime rate. The urgency to address this issue cannot be overstated, and while the government has made efforts to tackle the problem, the private sector, through Corporate Social Responsibility (CSR) initiatives, has a critical role to play in creating sustainable solutions.

The youth of Nigeria are its most valuable asset, representing over 60% of the population. However, this demographic dividend can quickly become a demographic disaster if their potential is not harnessed. Corporates operating in Nigeria have both the resources and the responsibility to contribute to solving the youth unemployment crisis. By embedding youth empowerment into their CSR strategies, companies can help create a future where young Nigerians are not just job seekers but job creators and innovators.

One of the most effective ways corporates can address youth unemployment is through skills development programs. Many Nigerian youths, even those with formal education, lack the skills that are in demand in the job market. This skills mismatch is a significant barrier to employment. Corporates can bridge this gap by offering training programs that equip young people with practical, marketable skills. These programs should be designed in collaboration with industry stakeholders to ensure they meet current and future labor market needs. For example, companies in the tech industry could offer coding boot camps or digital marketing training, while those in manufacturing could focus on vocational training in areas like welding, carpentry, or machine operation.

Beyond training, corporates should also invest in entrepreneurship development as a key component of their CSR initiatives. Given the scarcity of formal job opportunities, entrepreneurship offers a viable alternative for young Nigerians to generate income and create jobs for others. Corporates can support this by establishing or funding incubators and accelerators that provide budding entrepreneurs with the resources they need to succeed, such as seed funding, mentorship, business development services, and access to markets. Additionally, corporates can create innovation challenges or hackathons that encourage young people to develop creative solutions to societal problems, with the best ideas receiving funding and support for commercialization.

Another critical area where corporates can make a significant impact is through job creation initiatives. While skills development and entrepreneurship are essential, there remains a need for immediate job opportunities for the youth. Corporates can create internship and apprenticeship programs that offer young people on-the-job training and experience. These programs not only provide youths with much-needed work experience but also give companies access to a pool of young, energetic talent that can be molded to meet their specific needs. Moreover, corporates should consider partnering with other companies, NGOs, and government agencies to develop large-scale job creation projects, particularly in high-growth sectors like agriculture, technology, and renewable energy.

In addition to these direct interventions, corporates should leverage their influence to advocate for youth-friendly policies. This could involve lobbying for better educational reforms that align curricula with industry demands, pushing for policies that make it easier for young entrepreneurs to access finance, and supporting initiatives that promote youth inclusion in governance and decision-making processes. By advocating for an enabling environment, corporates can help create the conditions necessary for sustainable youth employment.

Corporates should also consider integrating social impact investing into their CSR strategies. This involves investing in businesses or projects that generate social and environmental benefits alongside financial returns. For example, corporates could invest in social enterprises that focus on providing affordable education or healthcare services to underserved communities, thereby creating jobs while addressing critical social issues. By adopting a social impact investing approach, corporates can contribute to the broader goal of inclusive economic growth that benefits all Nigerians, particularly the youth.

The importance of mentoring and role modeling cannot be overstated. Young people need to see examples of success and learn from those who have navigated the challenges of the job market or entrepreneurship. Corporates can facilitate this by setting up mentorship programs where experienced professionals offer guidance and support to young people starting their careers or businesses. Additionally, companies should encourage their employees to volunteer their time and expertise to mentor youth, whether through formal programs or informal networks.

Recommendations are not exhaustive. Furthermore, corporates must also address the underlying socio-economic factors that contribute to youth unemployment, such as inadequate infrastructure, poor access to education, and health challenges. By investing in community development projects that improve access to education, healthcare, and basic services, corporates can create an environment that supports youth employment. For instance, building schools, providing scholarships, or investing in health clinics not only benefits the immediate community but also lays the foundation for a healthier, more educated workforce in the future.

It is clear. Everyone now understands the brief. The youth unemployment crisis in Nigeria is a ticking time bomb that requires immediate and sustained action. While government interventions are crucial, the private sector, through innovative and impactful CSR initiatives, can play a transformative role in addressing this challenge. If we focus on skills development, entrepreneurship, job creation, policy advocacy, social impact investing, and community development, corporates can help unlock the potential of Nigeria’s youth and pave the way for a more prosperous and stable future for the nation.

The time to act is now, and the benefits of doing so will reverberate across generations. Let’s not trade that for anything.