A new report by the International Labour Organisation (ILO) predicts that the number of unemployed persons globally could rise to 208 million by 2015, a hike from the current 200 million ...unemployed people across the world.According to the world of work report, the ILO discloses that high levels of labour market imbalances in developing countries and long-term unemployment in advanced economies will remain acute.
In Nigeria where unemployment is on the increase, the ILO suggests well-designed social protection and a boost of labour income to check this trend.
Over 20 million out of Nigeria’s 160 million population are young and unemployed.
These jobless Nigerians are not optimistic about the ability of government’s job creation plans and policies to turn their fortunes around.
The new report by the international labour organisation ILO entitled, “repairing the economic and social fabric”, forecasts that the rise of global unemployment may hit 208 million by 2015. The ILO recommends investment in key infrastructure projects, along with measures to facilitate well-crafted social protection and minimum wages.
Unemployment rate measures the number of people actively looking for a job as a percentage of the labour force
Figures from the national bureau of statistics place the unemployment rate in Nigeria at 23.90 per cent since 2011, a sharp rise from 21.10 per cent in 2010.
But the federal government disagrees with the popular notion that the growth recorded in the Nigerian economy has not impacted on the lives of Nigerians by way of employment generation.
The federal government initiated the Youwin campaign in 2012. Youth enterprise with innovation in Nigeria is an innovative business plan competition aimed at job creation by encouraging and supporting aspiring entrepreneurial youths in Nigeria to develop and execute business ideas.
But to bridge the unemployment gap, more than one of such initiatives might be needed for it to trickle down to the various Nigeria graduates around the country.
The ILO report calls for policies that would not only boost interim growth but also consolidate the emergence of a large and growing middle-income group –which is essential for ensuring genuinely autonomous economic growth.