28 November 2012

Nigeria: CBN Says Unemployment Situation Worsening

Calabar — Governor of the Central Bank of Nigeria Lamido Sanusi Lamido has expressed the fear that despite present effort to check the high rate of unemployment in the country, the situation will rather become worsen soon.

He made this assertion in Calabar yesterday while delivering a lecture entitled 'Employment Skills, Values, Opportunities and Challenges of University Graduating Students' at the University of Calabar Annual Lecture Series.

Sanusi said with expanding opportunities for university education in Nigeria without corresponding increase in job openings, "the unemployment situation in Nigeria can only get worse".

The CBN governor said "from five universities in the 1960s, the number has increased to over 100 and about 97 polytechnics and 47 mono-techniques as at 2012. Concomitantly, student enrolment has also been increasing significantly. In 2006 and 2007, the total enrolment in higher institutions in Nigeria stood at 12.37 million and 1.98 respectively".

The CBN governor said the high rate of unemployment figures, which stood at 20.0 percent in 2011 for those with degrees, 5.1 percent for those with Master's, and 9.1 percent for those with PhDs is worrisome.

He said many Nigeria graduating university students do not meet much of the high-needs of many firms and our higher institutions are not very equipped to impart the required knowledge to them, making them ill-equipped for the challenges of tomorrow.

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