Unemployment rates in Nigeria are rising daily

The Industrial Training Fund, an agency of the federal government, has said that unemployment rates and underemployment in Nigeria have been rising daily, describing this as an impending time bomb that must be stopped.

Communicating this in Abuja, Director General, ITF, Joseph Ari, urged the private sector and other stakeholders to work with federal and state governments to halt this unwanted increase and avert an economic crisis. turn.

Ari spoke at the fund’s headquarters in Abuja while hosting a delegation led by the new Director General of the Nigeria Employers’ Consultative Association, Adewole Oyerinde.

Referring to the unemployment and underemployment statistics Oyerinde put forward at the meeting, the ITF chief said: “My colleague has brought in the figures in terms of percentage of the unemployment rate in our country.

“And it’s increasing day by day. Rising because of its thriving population, which is based on young people. Also, our tertiary institutions have continued to produce these young men and women. So we have to act quickly, because we are sitting on a time bomb.”

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On one of the key measures the ITF has taken to address the problem, Ari stated that the fund is working with NECA on technical vocational education and training to halt the rise in unemployment and underemployment in Nigeria. to call upon.

He said: “The ITF has been at the forefront of advocating the need for Nigerians to get technical vocational education and training. The gist is that this is a strand that will largely address the problems of unemployment and underemployment.

“Our studies with the NECA team have given us the opportunity to understand what is happening in other climates of the world, especially those considered to be the first world powers.

“They use technical vocational education and training and it’s the direction we need to go, so they’re where they are. So the ITF decided to grab the attention of Nigerians to embrace TVET as the only way we can largely tackle the unemployment saga in our nation.”

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The ITF helmsman stated that if more government agencies and private sector players embrace the TVET, it would ensure that Nigerians had access to skills.

“This is more needed now than before because the white collar jobs are not available or even exist,” he said.

Ari added: “And so all it takes is to equip as many Nigerians as possible who can set themselves up, develop the nation, grow SMEs, which is the biggest job creator in any climate, and then the economy of changing the country for good.”

Earlier in his comments at the event, the NECA chief stated that Nigeria was in a crisis situation due to the current unemployment and underemployment rates.

Oyerinde also urged stakeholders to join the TVET scheme to meet this challenge.

He said: “Our entry into the partnership with ITF is to deepen and expand our collaboration in every complex we can.

“With an unemployment rate of over 33 percent and an unemployment rate close to 20 percent, we all know we are really in a crisis situation in terms of employment and this project has proved to be a panacea.”

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