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Staggering statistics of unemployment in Nigeria


80% Of Nigerian Youths Are
Unemployed – CBN Official
Posted by Michael Akins Jun 6th, 2014

The Central Bank of Nigeria on
Thursday brought to the front burner
the issue of youth unemployment in
the country as it said 80 per cent of
Nigerian youths are without jobs.
This is despite repeated figures
released by the National Bureau of
Statistics indicating that the Nigerian
economy had been creating millions
of jobs in the past years.
Only last week, the NBS stated that
the economy created about 1.2
million jobs in 2013 fiscal year.
But the Special Assistant on
Sustainable Banking, CBN, Dr. Aisha
Mahmood, disclosed that
unemployment remains a severe
threat to Nigeria’s economy.
Mahmood spoke while delivering a
paper on Nigerian Sustainable
Banking Principle during the 2014
World Environment Day programme
organised by the Federal Ministry of
Environment in Abuja.
She said, “As the population is
growing, the resources that we all
depend on, the food, energy, water, is
declining. The demand for these
resources will rise exponentially by
the year 2030, with the world needing
about 50 per cent more food, 45 per
cent more energy and 30 per cent
more water.
“In Nigeria, there is the issue of youth
and employment. 70 per cent of the
80 million youths in Nigeria are either
unemployed or underemployed. We
are all witness to what happened
recently during the immigration
recruitment exercise and this is
simply because 80 per cent of the
Nigerian youth are unemployed”.
Mahmood noted that currently
Nigeria’s economy is the largest in
Africa, adding that the country is
using fossil fuel to drive this growth
trajectory.
She stated that Nigeria’s economic
growth was as a result of its
abundant oil reserves, and warned
that the flaring of gas from oil may
negatively affect citizens in the
country if not properly managed.
She said, “Nigeria has been flaring
gas since the discovery of oil in the
1950s. We produce and burn about
20 billion cubic meters of gas
annually and this is enough to meet
our energy need. Remember we said
we don’t have electricity, whereas we
can provide electricity with this gas
that we flare.
“And also when we burn this gas, we
produce greenhouse gases that affect
our livelihood and the livelihood of
people that live around that area”.
The CBN official also decried the high
number of persons living below the
poverty line in Nigeria as well as the
about 120 million persons in the
country said to still lack access to
electricity.
According to her, the above reasons
were some key issues why the
financial sector came together to
develop and adopt the Nigerian
Sustainable Banking Principle.
In her remarks on the occasion, the
Minister of Environment, Mrs.
Laurentia Mallam, explained that the
2014 WED was targeted at
addressing climate change and the
impact of sea level rise on the
environment.
She said, “In Nigeria, the impacts of
climate change are manifested by
erosion and landslides in the East,
drought and desertification in the
North, rising sea levels in the coastal
areas and flooding across the nation.
“The transformation agenda of Mr.
President in the environment sector is
aimed at addressing all forms of land
degradation through specialised
projects”.
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