Afterthought 2: Why there are no Jobs?
In sequel to the answer I gave to your question weeks ago, I am adding this:
Firstly, I am sorry it’s coming this time. This semester is short and currently I am writing exams, so no time. Courtesy established .
Aside from the factors of bad leadership(government) and massive poorly skilled citizens in respect to the demand of this current generation, one thing many tends to overlook as the cause for job shortage is the nature of economy as conditioned.
Nigeria like many African economy is Natural Resource dependent. An extractive economy. Simply put, for us it means that most of our profit is from oil ,statistics that flow around say, “we make 70 percent of our profit from oil and 90 percent of our foreign cash come from it”. It in itself is not bad(the problem) because we are not the only one on this path for advancement, however, the problem is the population of fellow extractive nations as compared to ours .
One major problem extractive dependent nation have is that the whole sector is an efficiency anchored sector thus causing a least number to get the most. It cause a low number of input from human activity
The oil sector is like every other extractive sector needs high precision (a mistake is costly to both human and a system ) and human are bad at that, a disadvantage of man birthing the need for automation. It in turn cause low level of employment since a few number of highly skilled individuals are needed. Personally, I gained interest in Underwater welding because I found out that many are going scared of the space; To me it was big money!
By and large the extractive sector brings money into the ecosystem.
However, although profits are made as services are rendered, this form of innovation creates a gap as the need for only highly skilled individual makes lower skilled individuals unfit for the job. Whilst the money come in the economy to the share holders, employers,government legal through dividends,salaries ,tax and levy .
To solve this issue governmental bodies should establish platform which enables others to make profits . This is the whole diversification of economy. This is doubled-edged as it reduces the burden on one sector, create more Job and safeguard the economy incase the resources loses the desired relevance.
However, the problem here is that most of the funds are embezzled thus keeping the Nation behind.
Afterthought 2: Why there are no Jobs?
In sequel to the answer I gave to your question weeks ago, I am adding this:
Firstly, I am sorry it’s coming this time. This semester is short and currently I am writing exams, so no time. Courtesy established .
Aside from the factors of bad leadership(government) and massive poorly skilled citizens in respect to the demand of this current generation, one thing many tends to overlook as the cause for job shortage is the nature of economy as conditioned.
Nigeria like many African economy is Natural Resource dependent. An extractive economy. Simply put, for us it means that most of our profit is from oil ,statistics that flow around say, “we make 70 percent of our profit from oil and 90 percent of our foreign cash come from it”. It in itself is not bad(the problem) because we are not the only one on this path for advancement, however, the problem is the population of fellow extractive nations as compared to ours .
One major problem extractive dependent nation have is that the whole sector is an efficiency anchored sector thus causing a least number to get the most. It cause a low number of input from human activity
The oil sector is like every other extractive sector needs high precision (a mistake is costly to both human and a system ) and human are bad at that, a disadvantage of man birthing the need for automation. It in turn cause low level of employment since a few number of highly skilled individuals are needed. Personally, I gained interest in Underwater welding because I found out that many are going scared of the space; To me it was big money!
By and large the extractive sector brings money into the ecosystem.
However, although profits are made as services are rendered, this form of innovation creates a gap as the need for only highly skilled individual makes lower skilled individuals unfit for the job. Whilst the money come in the economy to the share holders, employers,government legal through dividends,salaries ,tax and levy .
To solve this issue governmental bodies should establish platform which enables others to make profits . This is the whole diversification of economy. This is doubled-edged as it reduces the burden on one sector, create more Job and safeguard the economy incase the resources loses the desired relevance.
However, the problem here is that most of the funds are embezzled thus keeping the Nation behind.
