Solving the problems of the jobless is always a difficult task, How to solve financial problems of an unemployed graduate in a country. Many governments and organizations throughout the world are battling via entrepreneurship and empowerment initiatives. In this essay, I’ll show you how to fix a jobless graduate’s financial troubles.
The global unemployment rate is rising on a daily basis, particularly in African countries, fueling an increase in social vices and crime rates.
How to solve financial problems of an unemployed graduate
Full-time and more productive work
One of the solution to a jobless graduate’s financial problems should be to boost work options and labor productivity. The government should implement a policy that employs everyone.
Helping in terms of
Because the majority of these unemployed graduates lack skills, they should be monetarily assisted as well as given with raw materials and technical training.
More emphasis on employment initiatives
Employment programs should be given more attention. Programs such as irrigation, roads, flood control, power, agriculture, and rural electrification can help individuals find better jobs.
Decentralization of industrial activities
To alleviate the financial burdens connected with unemployment, economic activity should be dispersed. If industrial operations are concentrated in one region, there would be fewer jobs available in undeveloped areas. As a result, the government should enact laws that promote industrial decentralization.
Increase in output
To tackle graduates’ financial issues, agricultural and industrial productivity must be increased. Small and cottage enterprises should be supported to grow.
High pace of capital formation
It is vital to boost the nation’s pace of capital production. It is critical to encourage capital development in these initiatives that result in more substantial job possibilities. It is desirable to keep the capital-output ratio low.
Cooperative industries sector
Businesses in the cooperative sector should be promoted. State governments should take the appropriate steps in this direction.
Top 10 Causes of Unemployment
- Ineffective leadership
Visionless leaders in government, unable to perceive and prepare for citizens’ futures, produce unproductive governments that cannot employ their residents.
- Outdated Academic Program
Because of obsolete academic curricula, universities create unemployable graduates.
- University Administration’s Lack of Planning
Universities admit more students than they can handle, resulting in unqualified graduates entering the labor market with no marketable skills.
Movement to cities People assume they can find work, to the detriment of other cities, which have open posts but no one to fill them.
- Farming’s Unattractiveness
Farmers are relegated to the margins of society and seen as failures. This drives people to the metropolis, where they compete for scarce white-collar employment in overcrowded cities.
- Hunger for White-Collar Job
People who choose an office job above any other type of labor force them to look for work that may or may not exist.
- Rural-to-City Migration
Young individuals looking for work and a better life travel to locations where they hope to find it. This generates overcrowding in the cities to which they migrate, resulting in unemployment, a lack of housing, and other social concerns.
- Industries with Low Installed Capacity
When there is an economic slump, businesses produce less, and as consumer purchasing power dwindles, there is a temporary labor embargo.
- Foreign currency shortage
Due to a lack of foreign exchange to import raw materials, industries operate at reduced capacity, resulting in the layoff of certain employees.
- Economic growth hindrance
Recession in the economy will cause companies to sack some of their workers.
Why are economists concerned about Nigerian unemployment?
Economists are concerned about Nigerian unemployment for a variety of reasons. According to the National Bureau of Statistics, the unemployment rate in Nigeria is more than 30%. Economists are motivated by policies and ideologies that have the potential to create and build nations’ wealth and economy.
Furthermore, the poor performance of numerous economic sectors, notably the agriculture sector, has contributed to instability and unemployment. The prolonged farmer-herder dispute has had a negative impact on agricultural labor and productivity.
Another issue that has harmed Nigeria’s industrial industry is the country’s unpredictable currency. Because many individuals only have access to foreign cash through illegal channels, the prices of raw materials for manufacturing have an influence on the sector’s production. Many firms are unable to grow or recruit new employees.
Another significant aspect is the economy’s lack of infrastructure. Farmers, for example, must convey their wares to marketplaces. Roads that are in poor condition link the farmland to the metropolis. Security is insufficient, and power is intermittent. These elements add up to a low level.
Entrepreneurship’s influence on young unemployment in Nigeria
Without a question, the impact of entrepreneurship on youth unemployment in Nigeria is enormous. Entrepreneurship bridges the gap between education and creativity achieved within the four walls of the classroom.
Entrepreneurship is the key to reducing youth unemployment in Nigeria; it can both provide a source of income for young people and help the economy grow.
What policies do you believe the government should implement to address Nigeria’s unemployment problem?
- Industrial method modification
Production techniques should be fit for the demands and resources of the country. Labor-intensive technology should be encouraged rather than capital-intensive technology.
- Policy on seasonal unemployment
Seasonal unemployment is prevalent in agricultural and agro-based businesses. To get rid of it: Agriculture should have multiple cropping. Plantations, horticulture, dairying, and animal husbandry should all be encouraged. Small enterprises should be supported.
- Educational systemic change
It is past time to totally overhaul the educational system. Students with a predisposition for advanced study should be prioritized for admission to colleges and universities. The significance of vocational education cannot be overstated. Qualified engineers should start small units.
- Employment exchanges should be expanded.
More employment exchanges should be formed. People should be made aware of available job possibilities. Another two are the Subsidy Reinvestment Program and the Investment in Human Infrastructure in STEM (Science, Technology, Engineering, and Mathematics).
- Population management
To address the unemployment problem, population growth must be limited. Programs for family planning should be extensively and successfully implemented.
Of course, creating new jobs is the answer to the unemployment problem. Depending on the unemployment rate and the number of persons joining the labor market in search of work, a certain number of jobs must be generated. When unemployment rises to between 6% and 7% and remains there, the economy is unable to generate enough new jobs.