Tackling Graduate Unemployment
Unemployment and underemployment have been on the rise in Nigeria. On Wednesday August 31 2016, the Nigerian Bureau of Statistics (NBS) released the unemployment rate for the second quarter of the year which showed that unemployment rate has risen from 12.1 percent in the first quarter to 13.3 percent at the end of the second quarter. If these statistics are considered side by side with the fact that 1.8 million Nigerians enter the job market yearly, having completed higher education; it is not be an exaggerating to say that Nigeria sits on a keg of gunpowder except something is done fast to address this.
As if that were not enough, the current wave of recession has seen some previously employed people be ejected like a virus from their jobs, with Nigerian banks and telecommunications companies leading the pack in terms of largest donors to the unemployment market in 2016. In May, FBN Holdings Plc. laid off 1000 workers. In June, Diamond bank Plc. laid off 200 staff and in the same month, Ecobank Nigeria Plc. retrenched 1040 staff from their workforce. Over 3000 workers were sacked in the shipping industry as well.
In Q2 2016, the population of the labour force increased to 79.9 million from 78.5 million in Q1 2016. In Q2 2016, the unemployment rate was highest for those within the ages of 15‐24 at 24.0 percent. While underemployment rate for the same group was 34.2 percent in the same quarter. This reveals that 58.3 percent of Nigerians within the age group of 15-24 are either unemployed or underemployed. And the level of unemployment is expected to increase as more companies will lay off staff in order to cut costs and optimize profit.
So, where does that leave us? Can something be done to salvage the situation? In situations like this, the easiest thing to do is pander to the school of thought that asks what the government would do; even insists that government magic out jobs in unrealistic timelines. But we believe, and aspire to a time when citizens would not just pint out the flaws in the country, and demand for rectification; they would actively proffer solutions and even start implementations that complement the government’s efforts. And that is why we launched efarms.com.ng; and the eradication of youth unemployment among graduates is one of the objectives we are committed to.
Efarms undertakes to train, and empower over 100,000 graduate farmers (join us-graduate farmer) in the agricultural and agro-allied sector in the next 10 years, who would go on to create 500,000 more jobs for others. Our Efarms Farmers Academy (Join us-Farmers academy)would train them in agricultural value chains of their interests, provide funding for inputs and farm maintenance, as well undertake to buy off all they produce. The trainings may be in cropping, animal husbandry, or even value chin discovery that enables them interphase themselves as input or machinery suppliers. This would be fund through individual and corporate agro-investors who would receive a return on investment commensurate to his farm of interest (explore our farms) for his tenured investment. Every crop produced is sold to produce offtakers and processors we work with.
(Join us) and together we would achieve great things. Join Us.