The International Labour Organisation (ILO) reported that the job openings in Africa are increasing with time. The working age population of the country reached almost over 490 millions in the year 2012. It simply represents a leap of 259% since 2000 and aims at a compound growth rate of around 2.8%. Hence, this escalation in labour population is becoming a key to the economic development in Africa, as well as worldwide.
ILO’s global employment trends report in 2013 contained the fact that the increasing working-age population in Africa is now comparable to that of the other countries. The Nigerian economy was getting improved by the increase in job opportunities by 12% in the last quarter. The reports by NBS (National Bureau of Statistics) indicate that almost 174,326 all new jobs were being added into the economy of the country. Nigeria’s Q1 2013 all new employment documents can also be described as a much favourable opportunity of the economy of South Africa. This has also created 44,000 jobs which are reported by the country itself.
The informal sector of Nigeria have experienced 53% of new employments with 17 million new businesses & enterprises and this in turn has helped the labour market of Africa to grow its overall economy. The formal sector, on the other hand, got a hype of 41% and the public sector came up with 6% of new job opportunities in the job market.
The youth population of Nigeria, of around 15-35 years of age, 32% of new positions were created and got absorbed by the learning sector. This was followed by the 28% in fiscal intermediation industry. Also, from the Q1 2012, there was an enhance in 35% new job positions has made for economic balance in Nigeria.
Overall, when the analysis was done, it was found out that in Nigeria, the 34% of job consisted of the school leavers. The one who had never attended a school had 33% of share and the ones with only primary school certificates had 21% of place. All these got highlighted in the year 2012 with the report published by Campaign for Democratic and Workers’ Rights in Nigeria. This also stated that almost 45% of Nigeria’s workforce were characterised by the most ‘casual’ employment and it included the candidates with low skills and poor expertise.
However, the fact remains that no matter how much the job sector has developed; there is much to do to improve the unemployment rate of Nigeria. The rate of unemployment is 24% and also it scores less in Human Development Index. But the IMF projections are quite positive and it assumes 7.4% GDP growth because of the increasing oil prices and also the vigorous domestic demand. If we see economically, we would know that the Sub-Saharan Africa is the second most fastest growing area internationally. But without development, the growth of the country is a challenge.
The President, on his 2011 budget, said, “Unemployment among our youth is one of our biggest challenges. The time has come to create jobs and lay a new foundation for Nigeria’s economic growth.”