The African Development Bank recently bemoaned the rate of unemployment in Nigeria. The bank stressed that the rate of unemployment could become catastrophic if decent jobs are not allocated to the country's young populace.
The institution raised these visible concerns of unemployment at the regional report presentation which held recently in Abuja.
The report, tagged 'Creating decent jobs: Strategies, policies and instruments', is said to be a compilation of policy recommendations from some of the world's leading labour and development economists. The report also emphasizes the unemployment situation in different African countries.
Mr Ebrima Faal, the Senior Director, Nigeria Country Department, AFDB, in a brief statement, said that Africa was currently facing a job crisis, with the African Economic Outlook estimating that 20 million new jobs were needed to be created annually until 2030 to help accommodate the new entrants of the workforce.
Mr Faal also singled Nigeria out, saying that the situation in the country was frightening due to the country’s enormous population.
Only the creation of decent jobs for the nation's fast-growing youth population would prevent the situation from turning into a catastrophe, he stated.