Alleviating poverty through education

The National Bureau of Statistics (NBS) data in the past few years have continued to paint a picture of economic turmoil as youth unemployment and other important economic variables fail to improve. In the second quarter of 2024, Nigeria’s youth unemployment rate was 6.5 percent, according to the Nigerian Economic Summit Group.

 “A high youth unemployment rate can indicate that young people are less likely to be employed and may face challenges in finding work.”

This was the highest unemployment rate among people aged 15–24 and 25–34. In the first quarter of 2024, Nigeria’s youth unemployment rate was 8.4 percent, with the overall unemployment rate at 4.3 percent in the second quarter of 2024.

The unemployment rate is the percentage of the labour force that is unemployed but looking for work. The youth unemployment rate is a key indicator of how engaged the youth population is in the labour force. A high youth unemployment rate can indicate that young people are less likely to be employed and may face challenges in finding work.

In a recent report from the NBS, Nigeria’s real GDP growth in 2025 is projected to be moderate, while inflation is expected to remain high but ease slightly compared to 2024, with estimates placing the average inflation rate between 31.81 percent (bull case) and 37.16 percent (bear case), depending on the scenario. While NBS’ youth unemployment rate for 2025 is projected to be around 6.5 percent based on the latest Q2’2024 report, showing a slight decrease from the previous quarter with the overall unemployment rate expected to settle around 4.3 percent.

Although the present administration is doing its best to address youth unemployment, it has launched initiatives to create jobs and empower young people, such as providing them with skills that will help them find work. But much still needs to be done to address this unclear trend in the face of the uncertainties in the Nigerian economy, as there is a need for a national strategy to address youth unemployment.

As history has proven, the consequence of protracted high youth unemployment, slow growth, and rising inflation can be devastating for any country. Images of protests from countries like Sri Lanka, Bolivia, Chile, Ecuador, and Colombia are warning signs and pointers to what is possible if deliberate action is not taken to arrest the slide of millions of citizens into poverty.

Read also: Nigerians told to test FG’s poverty alleviation schemes, not to stay far and lament

The need for intervention is urgent for a country with high youth unemployment. Take, for example, the nationwide protest on October 1, 2024; President Bola Tinubu proposed a 30-day youth conference, which has not seen the light of day.

Looking at the World Bank education strategy, education drives long-term economic growth, spurs innovation, strengthens institutions, and fosters social cohesion. For individuals, it promotes employment, earnings, health, and poverty reduction, noting,’ Globally, there is a 9 percent increase in hourly earnings for every extra year of schooling. That is why education remains imperative to poverty alleviation.

Meanwhile, the task of educating and upskilling the youth is the responsibility of various stakeholders—national and state governments have the responsibility of championing educational policy and providing public education (at least at the basic level). Notwithstanding, it is the responsibility of the private sector and households to support the government.

Some states in Nigeria have not been sitting in this regard; they are aware of the complex link between a highly educated and skilled population, economic prosperity, and stability.

For example, the last administration in Edo State launched EdoBEST in 2018 as a response to the challenges facing the basic education system. The program was applauded for delivering the goods, not only by local stakeholders but also by the international community.

Using a method adjudged to be optimal by Nobel Prize-winning economist Michael Kremer, the education system has shown marked improvement. Four years later, a transition process handed over the EdoBEST program to Edo SUBEB.

Also, Lagos and Kwara states have shown initiative as they launched EKOEXCEL and KWARALEARN, respectively, to address the complex issues faced by their basic education systems. The Katsina State government has been able to boost primary school attendance from 900,000 in 2022 to more than 2.5 million pupils today.

While these initiatives are laudable, we note that there is a growing need to make education more fit for purpose, especially at the higher level.

Nigeria, with a sprawling unemployed youth population, should continuously emphasise technical, vocational education and training (TVET), and if the education system is to be more relevant to development, then TVET should be at the centre of our education system.

Moreover, governments at all levels must intentionally stress TVET as well as short-term training that delivers new jobs or businesses with little capital.

As millions of Nigerians look to the dim hope in a political space that has failed to deliver the dividends of democracy, steps have to be taken to equip the youths with skills that can make them take care of themselves. And this task is the responsibility of the government, the private sector, religious institutions, and other principal stakeholders in our society.