AfDB boss says nation’s unemployment rate worrisome

Harboursandport.com: Lagos - Senior Director, Nigeria Country Department of the African Development Bank, Ebrima Faal, has said the unemployment rate in the country was becoming ‘frightening’ and could become ‘catastrophic’ if decent jobs are not created for the nation’s youth population.

Senior Director, Nigeria Country Department
of the African Development Bank, Ebrima Faal.

He made the observation at the regional presentation of a report entitled, ‘Creating decent jobs: Strategies, policies and instruments’, at its office in Abuja.

The report, a compilation of policy recommendations from some of the world’s leading labour and development economists also looked at the unemployment situation in different African countries.

In an address at the event, Faal stressed that Africa is currently facing a jobs ‘crisis’, with The African Economic Outlook estimating that 20 million new jobs need to be created annually until 2030 to absorb new entrants in the workforce.

He, however, noted that the situation in Nigeria was much more frightening due to the country’s population.

He said, “The situation for Nigeria is much more frightening.

“As the most populous country in Africa, The World Population Review estimates that Nigeria’s population is expected to double – from about 200 million today to 401.3 million people by 2050.

“This will make Nigeria the third most populous country in the world after China and India, overtaking the United States.

“As China’s population shrinks and India plateaus, that of Nigeria will reach nearly triple from current levels by 2100.

“Nigeria has the highest number of youth on the continent, which represents almost one-third of its total population. (One out of three African Youths).

“In addition, the youth population in Nigeria has tripled over the past 40 years.

“If this trend is maintained, the youth population in Nigeria will exceed 130 million by 2063 and will need decent jobs to forestall a catastrophe beyond the magnitude, we are currently experiencing,” the AfDB official said.