Solving the problems of the unemployed is always a tough task and many Governments of the world and agencies are fighting through entrepreneurship and empowerment programs. In this article, I will teach you how to solve the financial problems of an unemployed graduate.
The world unemployment rate is increasing daily, especially within African states which are leading to an increase in social vices and crime rates.
How to solve the financial problems of an unemployed graduate
The financial problems of unemployed graduates can be solved when the following is adopted:
Assisting in terms of
Since most of these unemployed graduates are without skills, they should be helped financially and provided with raw materials and technical training.
Full and more productive employment
Another way to solve the financial problem of an unemployed graduate should be to increase employment opportunities and the productivity of labor. Government should adopt a policy that employs all people.
Increase in Production
To solve graduates’ financial problems, it is essential to increase production in the agriculture and industrial sectors. Development of small and cottage industries should be encouraged.
More importance to employment programs
More importance should be given to employment programs. Better employment opportunities for people can be made available by programs like irrigation, roads, flood control, power, agriculture, and rural electrification.
High rate of capital formation
It is necessary to increase the nation’s rate of capital formation. It is important to promote capital formation in these endeavors that result in more substantial job opportunities. It is best to maintain a low capital-output ratio.
Industries in the cooperative sector
Cooperative sector businesses should be supported. The necessary steps in this direction should be taken by various State governments.
The decentralization of industrial activity
To lessen the financial issues associated with unemployment, industrial activity needs to be decentralized. There will be less employment available in underdeveloped areas if industrial activities are concentrated in one location. Therefore, the government ought to adopt policies that support the decentralization of industrial activity.
The impact of entrepreneurship on youth unemployment in Nigeria
The impact of entrepreneurship on youth unemployment in Nigeria, is, without a doubt, of huge benefits. Entrepreneurship bridges the gap between education obtained in the four walls of the classroom and innovation.
Entrepreneurship is the key to youth unemployment in Nigeria; it can provide a source of income for young people as well as develop the economy.
Why are economists concerned about unemployment in Nigeria?
Economists are concerned about unemployment in Nigeria for many reasons. For instance, the unemployment rate in Nigeria, according to the National Bureau of Statistics, is over 30 percent. Economists are driven by policies and ideologies which can develop and build nations’ wealth and economies.
Additionally, uncertainty and unemployment have been brought on by the weak performance of various economic sectors, particularly the agricultural sector. The ongoing farmer-herder conflict has hurt agricultural labor and output.
Nigeria’s unstable currency is another problem that has hurt the country’s manufacturing sector. Prices of raw materials for manufacturing have an impact on the sector’s output because many people only have access to foreign currency through unofficial sources. Many businesses are unable to expand or hire more personnel.
Another important factor is the lack of infrastructure in the economy. Farmers, for instance, must transport their products to markets. Poorly maintained roads connect the farms to the cities. The security is inadequate, and the power supply is erratic. These factors add up to a poor level of investment.
Role of Social Studies in reducing corruption and youth unemployment in Nigeria
For Nigeria to achieve a high level of development, social studies education is a tool for reducing corruption. It also informs citizens of the advantages of refraining from corrupt behavior. To help students develop the proper attitude toward societal development, it is advised that social studies education be taught at all educational levels.
A person who is exposed to social studies content develops a positive outlook that ultimately positions him or her to contribute to society. The growing wave of corruption in our society would be defeated by social studies. Social analysis is a crucial, effective tool for battling corruption in Nigeria.
What are the policies you think can be adopted by the government in solving the unemployment problem in Nigeria?
Change in industrial technique
Production methods should be appropriate for the nation’s needs and resources. Instead of capital-intensive technology, labor-intensive technology needs to be promoted.
Policy regarding seasonal unemployment
Seasonal unemployment is found in the agriculture sector and agro-based industries. To remove it:
There should be multiple cropping in agriculture.
Encouragement should be given to plantations, horticulture, dairying, and animal husbandry.
It is advisable to support small businesses.
Systemic change in education
It is time to completely revamp the educational model. Admission to colleges and universities should prioritize students who have a preference for advanced coursework. The importance of vocational education must be emphasized. Small units should be started by qualified engineers.
Expansion of Employment exchanges
There should be more job exchanges established. People should be informed about employment opportunities.
The Subsidy Reinvestment Program and Investment in Human Infrastructure in STEM (Science, Technology, Engineering, Mathematics) are two others.
To address the unemployment issue, population growth needs to be controlled. Family planning programs should be widely and successfully implemented.
In summary, to solve the financial problems of unemployed graduates, the following must be considered:
In terms of financial assistance, full and more productive employment, an increase in production, more importance to employment programs, a high rate of capital formation, Industries in the cooperative sector, etc