Nigeria’s unemployment rate came climbs to 27.1 percent in the second quarter of 2020, the highest on record. This information was culled from Nigeria Bureau of Statistics. However, there are available solutions for Nigeria’s rising unemployment rate.
It was the first time since 2018 that Nigeria’s national bureau of statistics published such figures. It compares to 23.1 percent seen back in the third quarter of 2018. This is a result of the struggles Nigeria has been grappling with from the coronavirus pandemic and a plunge in oil prices.
Nigeria Unemployment Statistics (N.B.S. 2018)
Breakdown
A breakdown of the new report showed that the number of persons in the economically active or working-age population (15 – 64 years of age) during the reference period of the survey was 116,871,186. This is 1.2% higher than the figure recorded in the third quarter of 2018, which was 115,492,969.
The number of persons in the labour force (i.e. people within ages 15 -64, who are able and willing to work) was estimated to be 80,291,894, a figure 11.3% less than the number persons in quarter 3 in 2018.
Of the 58,527,276 people in employment (i.e. people with jobs) during the reference period, 35,585,274 were full-time employed (i.e. worked 40+ hours per week), while 22,942,003 were underemployed (i.e. working between 20-29 hours per week). The figure is 15.8% less than the people in employment in Q3, 2020, the NBS said.
Read more: An Opportunity You Shouldn’t Miss
Similarly, the underemployment rate increased from 20.1% in Q3 2018, to 28.6% in the period under review.
The unemployment rate among rural dwellers was put at 28%, up from 23.9% in Q3 2018, while urban dwellers reported a rate of 25.4%, up from 21.2%. The NBS noted further that in the case of underemployment among rural dwellers, it rose to 31.5% from 22.8%, while the rate among urban dwellers rose to 23.2% from 13.7% in Q3, 2018.
The report also showed that the unemployment rate among young people (15-34years) was 34.9%, up from 29.7%. The rate of underemployment for the same age group rose to 28.2% from 25.7% in the third quarter of 2018. The NBS added that a total number of 2,736,076 did not do any work in the last 7 days preceding the survey due to the lock down occasioned by coronavirus. These ones though had secure jobs to return to after the lock down.
The Crux of the Matter
These statistics are disturbing – even outright depressing to read. The 35% of young ones without any job opportunity point to a bleak future for the average Nigerian youth. Each year, over 1.6 million Nigerian youths apply for university and polytechnic matriculation exams, and nearly 1 million graduate from these higher institutions of learning. Yet, not many of them end up with suitable employment.
Graduating Nigerian Students
The fact remains that the education system here only trains these youths to graduate with good grades to make them employable by the labour market. As a result, only a handful actually come up with a system of self-development dbefore and after graduation. The only way out of this depressing situation is for these unemployed individuals to develop the culture of self-sustenance.
Disturbing Facts
What makes it more disturbing is the fact that the average Nigerian youth wants to become rich and famous overnight, without much effort. They just sit there waiting for a “miracle” or a “divine breakthrough” from heaven. Another group would rather use their natural and/or academic intelligence to perpetrate different fraudulent or criminal schemes on unsuspecting people. Many of their victims are people who are themselves looking to acquire “fast cash” without ‘any stress.’
There are available solutions for Nigeria’s rising unemployment rate. Opportunities abound for these youths to develop themselves so as to become self-employed / business owners. I will use this medium to discuss some of the opportunities available for these unemployed people to explore and become financially stable.
1: Freelancing/Consulting
This is where individuals provide skilled tasks to businesses and entrepreneurs. Online Freelancing is probably the best way you can use to start making money online without any capital.
That is because all you are doing is helping our businesses and individuals with certain tasks like:
Article writing
Social media posting
Audio/video transcribe
Translations
Graphics design
Web design
Voice over
All is needed is a skill in a particular area or subject – graphic design, social media marketing, copywriting, sales. And these skills can be quickly learned. Business owners buy these services like clockwork.
All you have to do is to go to one of the online marketplaces where you can get these jobs. Here are some of them:
– Freelance.com
– Upwork.com
It’s incredible what you can do on these sites. Check them out. If this is what you want to do, my advice is that you get the guidance of someone who has been doing this for sometime.
2: Affiliate Marketing
Affiliate marketing is an income model where you make money by selling someone else’s product for a commission. It is an industry valued at over $300 US Billion
Basically, you get a link that recognizes you brought the visitor and when they buy, you get a cut which can be anything from 5% to as high as 90%. It is a really effective way for complete newbies to make good money online. The main thing is to get sales for the product you are promoting and you get paid a commission for it.
If you are interested in this business model, you can get started simply by going to expertnaire.com to sign up as an affiliate. Click here to register on Expertnaire.
However, if you really want to succeed big with this, like all things I will advise that you follow the guidance of an experienced person. In this case, I am going to recommend Onome Maureen’s 30-day challenge for you. Her program helps you to start making money with affiliate marketing within 30 days and without spending any extra money on adverts or anything.
And as you will see here, her 30-day challenge program has plenty of testimonies from successful students.
Trending news: Nigerian actress Omotola Jalade tests positive for COVID-19
3: Information Publishing
Information publishing is a business model where you publish and market information on a topic that people are looking to learn/master. You can publish step by step guides/courses on virtually any topic as long as people have an interest in it and are ready to pay for it. The topics can be on money, relationships, business, travel, education, health, food, jobs, etc.
It’s a really neat way to make money. You can deliver the information products digitally or physically or in person. Information publishing is a really big business.
There are 3 major steps to it.
(1) Start by deciding on a topic that people will buy.
(2) Package or Create the information into a product.
(3) Create a System to market the information product.
You can also sell information in various formats:
It can be as a simple ebook in PDF format
Prepare and sell it as a video
Design and sell it as a full blown course
Organize and sell it as an audio
Arrange and sell it as a webinar, seminar or Teleseminar
You can sell it as coaching
It can be sold as a membership content
If this is what you like, you should look at Jonathan Melody’s IBM program to get started.
Indeed, there are available solutions for Nigeria’s rising unemployment rate. Why not explore one of these opportunities to finally become financially free!
