Graduate unemployment stands at 24.6% according to national planning commission, 2014. Some of the factors responsible are discussed below.
Poor Budgetary allocation to the educational sector
Nigeria’s educational sector remains underfunded despite 26 percent bench-mark
recommendation of UNESCO for developing countries. The 2016 Education budget is N500billion Naira (1.8billion dollars) which is not 11% of Nigeria annual budget. Our tertiary institutions have therefore become victims of this factor leading to poor infrastructures and staff not being paid regularly. Ultimately, the learning experience for students becomes futile since there are not enough committed resource persons for proper development in the system.
Outdated Curriculum and Skills Mismatch
Knowledge is seen as a ready-made package of information that must be passed from one person to another, but the curriculum being passed on is outdated. Reports have it that many subjects studied in the Nigerian universities are no longer marketable Bankole (2002). For example, FORTRAN 77 a programming language developed in 1977 is a compulsory course for all students in the year 2016. These students will not be able to compete globally.
Lack of Strategic Advocacy by Student leaders to policy makers
Educational sector has experienced corruption, unfavorable policies and huge negligence from it policy makers, then arise the needs for the elected student’s leader to strategically engage the stakeholders in educational sector and advocate for improved funding and better infrastructures in our Institutions, but lack of effective capacity and skills among elected student’s leaders has hindered them from carrying out this assignment effectively.
Undiversified economy and Dependence on (Oil and I.T Industry)
The economy of our country largely depended on the oil and I.T industries; this gave rise to over subscription of student’s enrollment in the engineering and sciences without sufficient industries to employ them into after graduation. While other sectors such as Agriculture with its abounding opportunities for employment and startups, experienced low enrollment from our youths. . Hence, the need to find creative alternative job opportunities for these graduates by catalyzing them to transform and innovatively explore the agricultural value chains.
Mostly affected are youths aged between 15 and 35 who are from average or low income families in Ondo State, where 80% of parents are either civil servant with a monthly minimum wage below 56 dollars, small scale farmers or petty traders. They cannot afford to send their children to foreign institutions or private institutions because it is expensive.
The failure of the educational institutions made government to introduce vocational skill to high school curriculum and entrepreneurship for all tertiary Institutions. It is very obvious this has not changed the situation.