The Magic Portion For Unemployment

It is pitiable to know that unemployment rates have increased to 18.80 percent 2017. Unemployment Rate in Nigeria averaged 10.63 percent from 2006 until 2017, and the director-general of national directorate of employment Mallam Abubakar Mohammed revealed a further increase to 40 percent as of January 2018, This, partly is as a result of thousands of graduate churned out of Nigerian universities annually whereas, jobs are scare. This means that unemployment rates have increased and is still increasing effortlessly and job creation is going the opposite direction.
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Image sourceThis image tells about graduates from the universities still seeking for jobs in country.

Unemployment occurs when people are without a job and have actively sought for work. The issue of joblessness has become perilous, plaguing most university graduates and should not be handled with kid gloves. This calls for all hands to be on the pump. It is sad to know that every 10 percent increase in the number of jobless people, there is an increase of 1.2 percent in total mortality 1.7 percent in cardiovascular disease, 1.3 percent more cirrhosis cases, 1.7 percent more suicides, a 4 percent more arrest and 0.8 percent assaults reported to the police.

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Therefore, it is undeniable that unemployment results in social crime, illnesses, mental stress, susceptibility to malnutrition, loss of self esteem leading to depression, and prolonged unemployment will result in loose of skill resulting in human capital and the quality of labour will reduce. It will make the unemployed to take up jobs that do not fit their skills or allow them to use their talents. an individual who has no jobs will device other means to earn a living. Some engage in illegal activities like: fraud, piracy, prostitution. Others may result to viscous crimes like: kidnapping and armed robbery. This will make our society inhabitable. The effect of joblessness transcends from the unemployed to the people around them and the entire society, notwithstanding the level of complacency shown. It is an infectious fluid that impudently permeate our nation.

Image sourceThis image tells a lot about unemployment which is a big problem in my country.

However, there are onerous efforts to ameliorate the situation. In some developed countries, an attempt towards increasing the spending power of the unemployed is unemployment insurance benefits. However, it is impossible to be granted unemployment insurance benefits without having worked in the past. The benefits are drawn from premiums paid in the past during active employment. This makes jobs and unemployment more complementary than they are substitutes. Also, some government grant unemployment allowance to the unemployed to carter for their pressing needs and discourage them from using an illegal means to earn it. This allowance may not suffice and if it is does, will only encourage jobless people to remain jobless and discourage workers. Subsequently, all these efforts to reduce the problem of unemployment has proven abortive. In a different opinion, the probable panacea for joblessness is job creation. Government can undertake job creation by duplication of public offices to accommodate more workers. However, government efforts in this aspect is not enough to meet the alarming influx of graduates into the labor market.

The sixty -four thousand dollar question is, how many jobs can the government create to meet the required the number? A deep reflection on the effect of too much duplication of government offices leaves room for doubt, how much can the government really do reduce this problem.
John F Kennedy once said, "ask not what your country can do for you but what you can do for your country It is from this that I suggest that the problem should be tackled collectively because a complete independence on the government will lead us to where we are now----stagnated, floundering the clumsy mud of political propaganda as a respite.

The good news is, unemployment is not all doom and gloom but a blessing in disguise and there should be no cause for resentment if one finds himself stock-still. The bright is that : more people are available for hire , the idle time gives room for creative thinking to see the challenges to be solved in a seemingly unproductive society. After discovering challenges in the society, any attempt to some legally for a financial benefit is entrepreneurship.

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Entrepreneurship is identifying problems, opportunities or ideas and converting into successful innovation (such as #steemit) and undertaking this risk of gathering resources to transform this innovation into economic products. Nigeria has been marked as one of the world's economy to watch out for to explode in the nearest future and the roadmap to this economic breakthrough is entrepreneurship. The starting point is identifying areas one proffer solutions to problems, being the cat whiskers people yearn for . Through entrepreneurship, personal finance is taken care of end more people will be employed. The entrepreneur moves from being unemployed to be self employed.

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There is no need to over emphasize the numerous benefit of entrepreneurship as the list is endless, which include: personal finance, self employment which offers more satisfaction, development of industries, freedom from dependence on work offered by people, economic growth. This could perform the miracle for Nigeria's economy.