Timeline Vodcast: Unemployment

Unemployment is a pervasive global issue affecting millions of individuals and economies worldwide.

The International Labour Organization (ILO) reports a global unemployment rate of 5.4% in 2022, with over 200 million people affected. Regional disparities exist, with Europe at 6.6%, Africa at 7.4%, the USA at 3.6%, and Asia at 4.3% amongst other regions.

Coming down to Nigeria, a rate of 33.3% is given as at 2022, impacting over 23 million people.

The Youths are particularly affected at an alarming rate of 42.5%. Economic factors like recession and slow growth, demographic factors like population growth and urbanization, education and skills mismatch, and political instability contribute to this issue.

The impact of this is huge on the lives and standard of living for people in a country as youth resort to increased crime rates, amidst other evil vices.

To address unemployment, diversifying the economy, investing in education and training, promoting youth employment initiatives, infrastructure development, social protection programs, and encouraging foreign investment are crucial. Additionally, addressing political instability and conflict is essential. By implementing these strategies, Nigeria and other countries can reduce unemployment, stimulate economic growth, and promote development.

Join our hosts and guest today on the Timeline show, as they talk about the causes of unemployment, and shed light on targeted solutions that can help mitigate its effects and create a more prosperous future for individuals and nations alike. Watch full episode here.