The current economic situation in Nigeria has created one of the most challenging environments for young people in recent history. With over 60% of the Nigerian population under the age of 25, the well-being of the youth is a significant determinant of the country’s future. Yet, the realities they face in 2024 paint a grim picture, characterized by unemployment, inflation, inadequate education, and a sense of diminishing opportunities. As Nigeria’s economy grapples with inflationary pressures and growing debts, youths are often caught in the crossfire of economic instability.
Rising Unemployment and Underemployment
Unemployment remains a central issue affecting Nigerian youths. According to recent reports, youth unemployment hovers around 33.3%, making it one of the highest rates in the world. Underemployment compounds the problem, with many graduates forced to take jobs far below their qualifications and skill sets. The causes of this trend are multifaceted: a shrinking job market, persistent economic challenges, and structural inefficiencies in the education and labor sectors.
The result? A generation of frustrated, underutilized young adults struggling to make ends meet. Despite having the largest youth population in Africa, Nigeria has yet to capitalize on this demographic advantage. Instead, talented young people are left to contend with a future that appears increasingly uncertain. With limited options, many turn to the informal sector or entrepreneurship. However, these avenues are not without hurdles, as limited access to capital and insufficient mentorship stifle their potential.
Inflation: A Daily Struggle
The current economic hardship in Nigeria is exacerbated by inflation, which has reached record highs in recent months. The cost of living continues to soar, with basic commodities becoming unaffordable for many families. Youths, many of whom are just starting their careers or still seeking employment, are particularly affected. Rent, transportation, and food costs have skyrocketed, significantly eroding disposable incomes.
For young Nigerians, the struggle to make a living has become synonymous with the struggle to survive. In a country where about 40% of the population lives below the poverty line, youths from low-income families are hardest hit. Many can no longer afford tertiary education or the skill training required to become employable. Consequently, an increasing number of youths drop out of school, leading to a cycle of poverty that becomes harder to break.
The Burden of Insecurity
Economic hardship is not the only challenge faced by Nigerian youths. The rising insecurity, from banditry and insurgency to kidnappings and communal clashes, adds an extra layer of difficulty. These security issues are not only a threat to lives but also disrupt economic activities and worsen the employment crisis. For instance, farming communities in northern Nigeria have been affected by violent clashes, limiting access to farmlands and worsening food insecurity.
Young people, particularly those in regions most affected by violence, find it hard to pursue productive economic activities. The insecurity has forced some youths into internally displaced persons (IDP) camps, cutting them off from employment and educational opportunities. Moreover, the fear of abduction or violence in certain parts of the country makes travel for work or education a perilous endeavor.
Education: A System in Crisis
The Nigerian education system has struggled to produce graduates who are equipped for the demands of the 21st-century workforce. Strikes, underfunding, and outdated curricula are major contributors to the problem. In 2023 alone, tertiary institutions experienced several disruptions, causing many students to extend their academic years and miss out on work opportunities.
Furthermore, access to quality education is often a privilege rather than a right. In rural areas, many youths still lack access to basic educational facilities, while those in urban centers contend with overcrowded classrooms and under-resourced schools. Even with a university degree, young Nigerians find it difficult to secure jobs because their education does not align with market demands. The technical and vocational skills needed to drive economic growth are often neglected, leaving many with theoretical knowledge but little practical application.
Mental Health Crisis Among Youths
The economic hardship has also taken a toll on the mental health of Nigerian youths. The stress of navigating an uncertain future, coupled with the pressure to succeed despite limited opportunities, has led to an alarming increase in mental health challenges. Anxiety, depression, and feelings of hopelessness are becoming more common, yet mental health services remain inadequate or inaccessible.
Many young Nigerians turn to social media to express their frustrations and seek solace. However, the reality is that mental health awareness and support systems are still in their infancy in Nigeria. Cultural stigmas surrounding mental health issues further complicate efforts to provide meaningful support to struggling youths.
Coping Mechanisms and Resilience
Despite the dire situation, Nigerian youths continue to show remarkable resilience and adaptability. The rise of the “hustle culture” reflects a generation determined to create opportunities even when none seem available. Young people are leveraging digital skills, engaging in online freelancing, and using social media to market products and services. Tech-savvy youths are tapping into global markets, offering services ranging from graphic design to software development.
Moreover, the entertainment and creative industries have provided a platform for young talents to thrive. From Afrobeats taking over global charts to Nollywood movies gaining international acclaim, Nigerian youths are showcasing their potential. However, these industries can only absorb a fraction of the unemployed youth, leaving millions without clear pathways to economic stability.
Government Initiatives: A Drop in the Ocean?
The Nigerian government has introduced several initiatives aimed at tackling youth unemployment and economic hardship. Programs such as N-Power and various skill acquisition schemes have helped some young people gain employment or learn new skills. However, critics argue that these efforts are not enough to address the scale of the problem. Corruption, bureaucratic inefficiencies, and lack of follow-through have marred many of these programs, limiting their impact.
In addition, youth-oriented policies often lack proper implementation and monitoring. For meaningful change, there needs to be a long-term strategy that prioritizes job creation, improves educational outcomes, and addresses insecurity. Policymakers must also consider more innovative approaches, such as investing in renewable energy and technology, which can open up new job opportunities for the youth.
The Role of the Private Sector and Civil Society
While the government has a significant role to play, the private sector and civil society must also step up. Companies can contribute by offering internships, mentorship programs, and training that align with the needs of the labor market. Civil society organizations are already working on initiatives to equip youths with the skills they need, but greater collaboration is needed to scale these efforts.
Additionally, encouraging entrepreneurship through access to loans, grants, and business development services could help many young Nigerians become self-reliant. The rise of tech hubs and innovation centers in cities like Lagos and Abuja is a promising development, but similar investments are needed in other regions to spread opportunities more evenly.
Conclusion: A Call for Collective Action
The economic hardship faced by Nigerian youths is a crisis that demands urgent and collective action. The future of Nigeria hinges on its youth, and leaving them to fend for themselves in an increasingly difficult environment is not an option. Policymakers, the private sector, civil society, and international partners must work together to create sustainable solutions.
Empowering Nigerian youths is not just about providing jobs but also equipping them with the skills, resources, and environment needed to thrive. Until this happens, the nation risks wasting the potential of a generation that has so much to offer but far too little support. The clock is ticking, and the time for meaningful change is now.