Rising graduate unemployment requires urgent action

It is disheartening to witness the growing rate of graduate unemployment in Nigeria. According to the National Bureau of Statistics, the unemployment rate rose to 5.3 per cent in Q1 2024, up from 5.0 per cent in Q3 2023. This statistic conceals a more troubling reality; unemployment among graduates is rising steadily.

Many graduates remain jobless after years of rigorous study, often prolonged by disruptions such as strikes and inadequate infrastructure. This is a heavy burden not only for the graduates but also for their parents who, despite Nigeria’s harsh economic climate, made immense sacrifices to fund their children’s education. This issue requires urgent attention.

Unemployment has devastating consequences. It discourages younger generations from pursuing education, giving rise to dangerous sentiments like “education is a scam.” It weakens the national workforce, lowers productivity, and shrinks the GDP, leaving the country vulnerable to foreign lenders. Moreover, it fuels crime, as unemployed youths, desperate and frustrated, turn to internet fraud and other illicit activities. 

The collapse of industries that once absorbed graduates, such as textile companies, steel complexes, and paper mills, has created a gaping job void. Multinational companies exiting the country, citing high energy costs and unfavorable policies, have further exacerbated the situation. Meanwhile, small and medium enterprises (SMEs), the largest employers globally, struggle to thrive under high interest rates, energy costs, and multiple taxation.

There is hope if the government acts decisively. Privatising the Nigerian Railway Corporation and the country’s failing refineries could revive these industries, creating jobs and reducing unemployment. Supporting SMEs with better access to capital and addressing the insecurity that forces farmers and businesses to close operations would make significant progress.

President Bola Tinubu’s proposed 30-day youth conference to tackle unemployment is commendable but insufficient. Real change lies in actionable interventions such as ensuring stable electricity, reducing transportation costs, addressing insecurity, and removing the bottlenecks hindering SMEs. These measures will revitalise the economy and provide the much-needed jobs to engage our graduates meaningfully. 

Abduwajud Olayemi, Department of Mass communication, Borno State University