Nigeria havehas been facing youth unemployment for more than a decay.thedecade now. The incidence of unemployment in Nigeria in 21the 21st century is believed to be alarming., and the rate keepkeeps on raising rising, without any apreciatableprediction to vision theenvision its effect.
The unemployment rate in Nigeria has increased from 23.10 percent in 2018 to 33.5 percent in 2020, the raisen unemployment is worsenrise being recently worsened by covid 19the Covid-19 pandemic and the sharp fallingfall of the oil price, expert. Experts warn that the unemployment rate may raiserise to 50 percent at end of the year if govermentunless the government makes an intervention and devises a program to stimulate the economy is not seen.
The coronavirus disease (covid19), which originated in China, has now spread to several countrycountries and territories, worldwide; many companies operating aroundin Nigeria witnessare witnessing a reduction in economic activities, many others hashave been shotshut down. Furthermore, the escalating situation has caused a the fall in oil prices to below 22 dollars per barrel due to escalating of covid 19 pandemic.
The virus infectcan be contracted by people from both rich and poor backgroundbackgrounds, but the poor standare at a higher risk of more infection.
With the recession looming in Nigeria, many private companies will try to reduce cost oftheir operation to downsizecosts downsizing and rightsizing their staff strength, which will further escalateworsen the unemployment crisescrisis.
Many Nigerian economic experts arguedargue that, as businessbusinesses reopen across the country, workers will try to adjust to the new reality created by covid 19the Covid-19 pandemic, likeadapting to pay cutcuts and job lostloss; however, Nigerian authority expectedauthorities expect the jobless rate to raiserise to one in three personpeople.
GovernmentThe government has made conscious efforts to stimulate the economy to reduce the hardship created by the pandemic, but there moremore needs to dobe done to support the poor, people,SMESMEs, and the informal sector.there There is general outcry calling on govermentthe government to provide a bail out for the private sector.