On Alarming Rise of Graduate Unemployment
Graduate unemployment is becoming a crisis that demands urgent attention. Recent data from the National Bureau of Statistics reveals that unemployment rose to 5.3% in Q1 2024, up from 5.0% in Q3 2023. Worryingly, graduates are among the hardest hit.
After enduring years of study—often prolonged by strikes and poor infrastructure—many graduates find themselves jobless. This frustration is shared by parents who, despite economic struggles, sacrificed immensely to ensure their children’s education.
Statista reported over 6.3 million unemployed Nigerians in 2021, and the numbers are likely higher today. Underemployment, where people take jobs far beneath their qualifications, compounds the issue. World Bank data showed that in 2019, 15.3% of Nigerians with advanced education were unemployed, a figure that continues to climb.
The consequences are dire. Unemployment erodes the value of education, leading some to dismiss it as a “scam.” It shrinks the workforce, lowers productivity, and harms the GDP, leaving the nation vulnerable to foreign debt. Without jobs, many youths resort to crime, from petty theft to sophisticated internet fraud, straining the already stretched security apparatus.
The collapse of industries like textiles, steel, and paper manufacturing, once robust employers, has left a massive void. The departure of multinational companies, citing high energy costs and unfavorable conditions, has further exacerbated the issue.
Yet, hope is not lost. Revitalizing industries like the Nigerian Railway Corporation and privatizing the refineries could absorb many unemployed youths. Small and Medium Enterprises (SMEs), the backbone of global job creation, need better access to capital, lower taxes, and reduced energy costs to thrive.
Insecurity must also be addressed. Banditry and terrorism have driven farmers from their fields and discouraged young people from pursuing agriculture. Businesses shuttered by insecurity need support to recover.
President Bola Tinubu’s proposed 30-day national youth conference on unemployment could spark valuable conversations. However, real solutions lie in concrete actions: ensuring steady electricity, reducing transportation costs, tackling insecurity, and empowering SMEs to create jobs.
The path forward is clear, but the time to act is now. Every effort counts in securing a better future for our graduates and the nation as a whole.
