According to the recently released Labour Force Report by the National Bureau of Statistics (NBS), Nigeria’s unemployment rate as at the end of 2020 was 33.3%, an increase from the 27.1% recorded in Q2, 2020. The underemployment rate declined from 28.6% in Q2, 2020 to 22.8%.
The unemployment rate among young people (15-34years) in the fourth quarter of 2020, was 42.5% up from 34.9%. Most persons within the age group of 15-24 are involved in one form of schooling or the other, hence are not willing and/or available for work.
The increasing unemployment rate in the country poses adverse effects on the economy and society. It has led to a high level of poverty, a high rate of crimes and an increased number of dependent people.
The COVID19 pandemic also had a negative impact as businesses were put on hold and staffs laid off. These are indications that youths must now chart new strategies for reducing the unemployment rate in the country. They must look towards creating innovative ideas that will make them employable or self-employed.
At The Bridge Leadership Foundation, we are committed to building generations of young people educated to become compassionate, entrepreneurial and engaged citizens who are empowered to take responsibility for their own lives and for making a difference in the world.
To tackle the growing rates of unemployment in the country, we have the Employability Masterclass Programme and Entrepreneurship Masterclass Programme aimed at building the capacity of young people in Employment and Entrepreneurship with the requisite know-how needed to engage, compete and lead a meaningful future for themselves and their communities.
The programme which has been in implementation in Cross River State is intended to reduce the unemployment rate in the state with focus at the central senatorial district by diffusing rich content towards meeting the United Nations Sustainable Development Goals SDG 8: Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all, SDG 1: End poverty in all its forms everywhere, SDG 2: End hunger, achieve food security and improved nutrition and promote sustainable agriculture, as well as other SDGs 9, 12 and 17.
In the past 9 years, the programme has provided a platform to stir up creativity and innovation in young people, as well as explore values and principles that can enable them to succeed in their chosen careers. With support from corporate organizations and individuals over the years, we have provided top-notch training and support to youths in Cross River State and have directly reached over 704 youths who were equipped with work readiness skills, business skills and social impact growth skills through the employability and entrepreneurship training programmes.
You can download the full report here