Nigeria is the most populous country in Africa and the eighth most populous country in the world with a population of 154, 729,000 citizens. Our nominal GDP is $207. 116 billion and we have a nominal per capita income of $1, 4011. Nigeria also has the second largest economy in Africa. If I may ask, is this country not blessed? Yet, it is still plagued by youth unemployment which had been one of our major problems in recent years. Both government and the private sector had discussed this issue at forums and conferences but have not found a solution to it. Its continued existence had been linked to lack of power supply and financial empowerment for youths. Youth unemployment in Nigeria is mostly referred to as graduate unemployment and this means that only the skilled youths are seen as unemployed while the unskilled youths are not given any consideration. However, youths are not a homogeneous group and their employment prospe
Factors Contributing To Poverty
The World Bank study, like most other studies, noted that employment is a strong indicator of poverty. According to the Warld Bank (1996), where the head of the 78 Olakunle F Odumosu
household was working, poverty fell substantially, by 1992, from 52.5 to 35.1 per cent for: the self-employed; and from 46 per cent to 28.4 per cent for wage earners. However, the Labour Force Sample Survey conducted by the FOS in June, 1995, indicated that the urban unemployment rate rose from 2.3 per cent in June, 1994 to 3.6 per cent in June, 1995 while the rural rate dropped from 1.7 to 1.4 (see Table 1 opposite). The low trend should, however, be interpreted with caution as the low rate of open unemployment could be attributed to the large size of informal sector activities, even though most of the people involved in such activities were underemployed. According to the Central Bank of Nigeria (1996), indicators were that the problem of unemployment intensified...