Unemployment is one of the major problems facing the country Nigeria as a whole and to worsen it is that, millions of graduates out there come into the labour market on a daily basis. Unemployment is a huge problem all over the world, but it is worse in Nigeria with a very large youth population. The problem is to prove that the economic policies have not been successful. In this article, we will be discussing 10 ways to solving unemployment in the country.
But first, you might want to understand what unemployment really means? Well, in a simpler terms, Unemployment is lack of job for citizens, who are qualified and willing to work, but are unable to get work because there are no jobs.
Types of unemployment
There are four types of unemployment and they are;
Frictional unemployment, Seasonal unemployment, Structural unemployment, Cyclical unemployment.
FRICTIONAL UNEMPLOYMENT : Occurs if there is supply and demand mismatch. It is the waiting time between seeking and finding a job.
SEASONAL UNEMPLOYMENT : Refers to periods firms have few jobs to offer, due to a slow down of the economy or season.
STRUCTURAL UNEMPLOYMENT : Takes place when traits and location disqualifies applicants and if there are no qualified applicants to fill vacant posts.
CYCLICAL UNEMPLOYMENT : Refers to periods when firms are not hiring, due to recurring economic downturn.
10 BEST WAYS TO SOLVE UNEMPLOYMENT
1. GETTING BETTER EDUCATION
Education sets people free from poverty. Educated people, especially professionals are assets to the nation. For example, a lawyer could specialize in corporate or marine law. These professionals may work in public service or set up their own practice and employ individuals to work for them. Let us encourage professionalism so they can become employers to reduce unemployment in Nigeria.
2. FINISHING SCHOOL
The government has failed to fund the education sector, which has led universities to turn out half baked graduates with little chance to secure employment. Thankfully, grooming schools have come to the rescue to retrain and make these graduates valuable and employable.
3. SETTING UP CUSTOMER SERVICE CENTERS
You can set up a customer service business, to serve global community. All that is required is for employees to accept excellence as a personal value and be able to speak English without any accent, to be able to work for films.
Government can start a program to train entrepreneurs instead of allowing unemployed graduates to search for jobs that are not there. For example, the National Youths Service Corp program (NYSC) could become a year entrepreneurial training program for all graduates who will pass out to create jobs. In addition, you can set up an internet business by becoming a blogger, website designer, and copywriter, to reduce unemployment in Nigeria.
5. SETTING UP CUSTOMER SERVICE CENTRE
You can set up a customer service business, to serve the global community. All that is required is for employees to accept excellence as a personal value and be able to speak English without any accent, to be able to work for films abroad.
A customer service center, which can employ large numbers of people, is a doable business that can reduce unemployment.
6. CHANGING UNIVERSITY CURRICULUM
You can change university curriculum to introduce subjects to train undergraduates for skills that are lacking, but essential for the labor market of today. The present curriculum must change to add subjects such as cybernetics and robotics, computer animation, web courses, data capture, and other technology courses. If we implement this change, graduates will become qualified for positions in the current labor market and reduce unemployment in Nigeria.
7. GOVERNMENT INTERVENTION IN MICRO LENDING
The government can disburse money to micro finance banks for lending to market women, petty traders, to stimulate economic growth. How it will work is that the bank will ask these people to form corporate societies, to enable members to get small loans to expand their businesses. The corporative societies will act as a guarantor for members to ensure borrowers repay the loans. This plan can help many poor Nigerians become self reliant and as their businesses grows; they will create jobs to reduce unemployment.
8. AGRIC SECTOR REFORM
Agriculture is the second largest employer of labor in the country. The agro allied value chain can become the hub for creating more jobs for Nigerians. Let us use a recent case to support this claim, for example in 2016, the lagos state government sold lake rice to lagos residents. This happened due to a deal between kebbi and lagos state for the production of lake rice brand, and this alliance created many jobs. Imagine that all states in the country copy this example and produce one agric commodity; this would not only reduce unemployment but feed the country as well.
9. GOVERNMENT SPENDING
Due to limited resources and competing needs, it is difficult to get required funds from the Government to fix infrastructures that need urgent repairs. However we if the government spends money to repair roads, purchase hospital equipment and fix public schools, its effect on the economy will be visible.
10. CHANGE IN INDUSTRIAL TECHNIQUE
Production technique should suit the needs and means of the country. It is essential that labour intensive technology should be encouraged in place of capital intensive technology.
In conclusion, other ways to curb out unemployment are; Expansion of employment changes, More assistance to self employed people, Full and more productive employment, and others