Economic conditions: Nigeria's economy has been affected by a number of factors, including falling oil prices and a lack of diversification in the economy. This can lead to a lack of job opportunities and high unemployment rates.What are the main causes of unemployment in Nigeria? Corruption, neglect of agricultural and other natural resources, poor quality education, a lack of working skills, overpopulation, inflation, and a decrease in economic value are the key reasons for unemployment in Nigeria.The World Bank has disclosed that 80 million working-age Nigerians will not have a full-time job by 2030 if the nation doesn't improve its employment rate. It added that 23 million more Nigerians would ill live in extreme poverty by 2030 if the nation's poverty rate doesn't fall.19
7 Causes of Unemployment
- Frictional Unemployment.
- Structural Unemployment.
- What Causes Cyclical Unemployment?
- Demand-Deficit Unemployment.
- Joblessness and Unemployment.
- Frequently Asked Questions (FAQs)
South Africa registered the highest unemployment rate in Africa in 2023, with around 30 percent of the country's labor force being unemployed. Djibouti and Eswatini followed, with unemployment reaching roughly 28 percent and 25 percent, respectively. Entrepreneurship is an important solution to the problem of unemployment in Nigeria and around the world. By creating new businesses and job opportunities, entrepreneurship can help to reduce unemployment and drive economic growth and development.8 Unemployed Persons in Nigeria averaged 13297.50 Thousand from 2014 until 2020, reaching an all time high of 23187.00 Thousand in the fourth quarter of 2020 and a record low of 4672.00 Thousand in the fourth quarter of 2014.
Poverty Hardship Nigeria