WHAT DOES UNEMPLOYMENT IN NIGERIA REALLY MEAN?

UNEMPLOYMENT
Unemployment

Many times, people don’t really understand the weight of unemployment. Hence this article,

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I don’t know the kind of assignment my younger bro was given at school. But, he wrote out the comparisons of the Nigerian Naira to a few currencies in the world.

The Egyptian Pound (N26.20) & South Africa Rand (N27.83) is higher than the Nigerian Naira.

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As a matter of fact, the Kuwaiti Dinar (N1,367.77) is mind-blowing. Yet, daily this economy keeps crumbling and the government seems more confused.

NOW COMPARE NIGERIA’S UNEMPLOYMENT TO GHANA’S UNEMPLOYMENT:

Do you see Ghana’s unemployment rate? – 4.5%. In Nigeria, the rate is 33%. It means 33% of the population who should be working are not.

It also means that in every 10 persons who should be working, 3 are not working. 33 out of every 100 are not working. That is 300,000 out of every 1 million is not working.

man in white shirt using macbook pro
Photo by Tim Gouw

It means one-third of the working population are not working. Nigeria’s population in 2021 is approximated to be 211.4 million people. 30% of this figure is about 63,420,000 (sixty-three million, four hundred and twenty thousand people).

You can imagine having this amount of people jobless, despite being ready to be employed.

I think I missed out on something.

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Unemployment is when people are ready, able and willing to work, but do not find work.

WHAT I.L.O. SAYS ABOUT UNEMPLOYMENT:

By the International Labour Organisation definition, a person is employed when they work at least 40 hours a week. The working-age is regarded as between 15 and 60.

Also, an acceptable level of unemployment would be 4%-6%. Normally, most countries would be so happy, to have what we have โ€” a huge Labour supply; and every year it is increasing. (See how many people are in NYSC, see how many people graduating?)

man in blue and brown plaid dress shirt touching his hair

But our country has no idea how to manage its own. From poor power supply to insecurity, to bad roads, to stupendous govt policies, people are afraid of where to invest in.

Like ban of GOKADA, or border closure, or the Forex ban,

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This huge labour supply, is why when foreign companies are contacted to work here, they pay us peanuts and we are so excited, and they are more surprised.

UNEMPLOYMENT AND RECESSION

Now, apart from the recession that our economy plunged into in 2016, in the wake of this COVID-19, last year, a serious recession hit the world and of course, hit our Nigeria.

But, as that recession happened, for some, it was their end. But for some, it levelled the playing ground. It opened their eyes to the beginning of a new world๐Ÿ‘‰๐Ÿ‘‰

man in black shirt sits behind desk with computers

The world of digital hustle.

Now, as of July 2021, the unemployment of the U.S was at 5.4%; yet they are complaining that their jobs are being exported out of their country.

The govt is even setting up systems to reward firms who pick citizens over non-Citizens. (the US isn’t Canada)

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Now, the digital hustle bridged gaps. Personally, while in Nigeria, I took jobs from Australia, Singapore, UK, Nigeria too.

CoVID – 19 may or may not go. But some things are certain. Once the pandemic is over, you will realize that the changes are here to say.

  1. Remote work
  2. Reduced city dominance (who cares if you live in a city of a village if you work remotely)
  3. Reduced country dominance
  4. Infinite fiat money
  5. Start of crypto age

Now, on digital skills, you can pick any to learn.

Some are long-term, some would give you profit in 2 weeks time.

Pick your hustle and grind on it. Out of 31 digital skills I know, I’m just skilled in about 5. I may not expand to know all 31, but these 5, I must gain mastery!

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