Nigeria’s Unemployment Rate Frightening, Says AfDB

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AfDB President, Akinwumi Adesina (left) and President Muhammadu Buhari

African Development Bank (AfDB) Monday said the unemployment situation in Nigeria was frightening and could become catastrophic if decent jobs were not created for the country’s youth population.

The bank raised the concern at the regional presentation of a report entitled: “Creating Decent Jobs: Strategies, Policies and Instruments” 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.

AfDB Senior Director, Nigeria Country Department, Ebrima Faal, in an address, said Africa was currently facing a job crisis, with African Economic Outlook estimating that 20 million new jobs needed to be created annually until 2030 to absorb new entrants to the workforce.

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

Only the creation of decent jobs…

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