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3.67 million Nigerians lost their jobs in one year – FG report
|3.67 million Nigerians lost their jobs in one year – FG report by Editor: 12:00 am On March 5, 2017|
The harsh economic situation currently facing the country may have forced about 3.67 million Nigerians into the unemployment market within a one-year period covering October 2015 to September 2016, figures obtained from the National Bureau of Statistics have revealed.
According to an analysis of the unemployment report for the period, which was obtained by our correspondent in Abuja, the number of unemployed Nigerians rose from 7.51 million in the beginning of the October 2015 to 11.19 million at the end of September 2016.
The report added that while the number of those employed rose from 55.21 million in the beginning of the fourth quarter to 69.47 million as of the end of September, the labour force population rose from 75.94 million to 80.66 million.
For the second and third quarters of 2016, further analysis of the unemployment report of the NBS showed that about 1.16 million and 550,000 people entered the labour market in search of jobs.
For instance, it said the unemployment rate was highest for those within the age group of 15 to 24 rising from 17.8 per cent in the beginning of the fourth quarter of 2015 to 25 per cent as of the end of September 2016.
For the 25-34 age group, the unemployment rate, according to the NBS report increased from 10.8 per cent to 15 per cent as of the end of September 2016.
On the other hand, the report said 12 per cent of males were unemployed in the third quarter of 2016, while a further 16.7 per cent of males in the labour force were underemployed during the same period.
“Given that the nature of rural jobs is largely menial and unskilled, such as in agriculture, unemployment is more of a concern in urban areas where more skilled labour is required.
“The unemployment rate in the urban areas was 18.3 per cent compared to 11.8 per cent in the rural areas, as the preference is more for formal white-collar jobs, which are located mostly in urban centres,” the report said.
“The lack of productive skills in both the private and public sector is one of the major reasons for the country’s underdevelopment and there is need for a comprehensive education policy that would help to address the skill gaps in the country.
“In order to close the existing gaps in skills between the extant programmes of educational institutions and the requirements in the industry, the government needs to restructure the educational system to meet the present and future needs of the country.”
He said, “We have to look inward to boost the economy through encouragement of local content by ensuring patronage for locally made goods.
“This would help stimulate production by local industries and thus boost the GDP. Companies like Innoson Motors should be empowered by both the government and the private sector.”
“The government should also reduce the interest rate to make funds available to critical sectors of the economy such as agriculture, manufacturing and others.
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