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| Photo by sheyi owolabi on Unsplash |
by Yecenu Sasetu
Have you been out of a job before? I have.
If you have, then you know what it means to wake up panicking because you have no idea how you are going to feed, fuel your car, and heaven help you if you are owing your landlord.
This was my reality in 2012. For a year and a half, I was out of a job. I had to sell snacks so I could buy sanitary pads, which were N150 at the time.
Being out of a job takes away your purchasing power, your standard of living drops, and you constantly have to wait for help.
Thankfully, my family was my buffer.
Now, let us talk about my cousin Bulus (not real name), a father of two who recently asked me for N10,000 so he could complete his younger daughter’s fees. He works as a driver for a politician and has earned the same salary for over a decade. Daily, he pours his heart into his job, hoping that the day's work will suffice for rent, school fees for his children, and food. Bulus bought noodles for N70 in 2022, but today, the smallest pack of noodles is N250. With the unstable price of rice and transport costs, his earnings barely stretch.
There is unemployment, and then there is inflation: which is what Nigerians are dealing with currently.
What Does The Data Say?
At the start of 2025, inflation in Nigeria was around 24.5% in January, following changes in how the government calculates prices. By July, however, things had eased a bit, with the headline rate dropping to 21.88%. This was the fourth month in a row that inflation slowed down, and analysts say it is one of the sharpest mid-year declines seen in over a decade (Reuters, BusinessDay NG, Nairametrics).
But even with this progress, Nigerians are not yet feeling the relief in their pockets. Food inflation stayed very high at 22.74% in July, slightly worse than the month before. For many households, especially low-income families, this means market waka will come with serious calculations and crossing items off the list.
Looking ahead, the picture is mixed. The IMF expects inflation to average around 26.5% this year (BusinessDay NG), while the World Bank is more hopeful, putting its forecast closer to 22.1% (African Markets, World Bank).
Though there is some easing, inflation remains high, stubborn, and especially painful when it comes to everyday essentials like food, which is still outpacing wages. A salary that once sustained a household now barely covers weekly groceries.
In real terms, workers are earning less, even if their salaries remain unchanged. Shops and small enterprises report fewer customers, leading to reduced profits, staff layoffs, or outright closure. This vicious cycle keeps families trapped in hardship. The other day, I was on a date at an Asian owned restaurant, and we were the only two in the restaurant before a man came in, and later a party of three adults and two kids. My date kept asking, “What happened to this place? It was never like this before.” Well, I think the answer is clear: inflation happened.
Job Losses and Insecurity
Beyond inflation, the bigger wahala is unemployment and job losses. Companies are reducing staff because the cost of running a business is too high. Some tech firms have stopped hiring completely, and even government jobs that people used as a safety net are now uncertain. Every job lost means one more family thrown into confusion, young people putting their dreams on hold, and entire communities losing the strength they badly need.
For many young Nigerians, the future looks uncertain. You go to school, graduate with good grades, yet no job that fits your skills is waiting. At the end, most are forced into hustle, informal work, or small gigs with no security, no benefits, and no clear path to a better life.
Why This Matters
The Sustainable Development Goal (SDG) 8 aims to make sure people everywhere can find decent work, jobs that pay fairly, are safe, and give people dignity. But inflation and job losses are spoiling that dream. Without a steady income, how do Nigerians plan for tomorrow? How do parents invest in their children’s education or even contribute to building the economy?
The social effects no be small matter. Poverty keeps rising, more people are leaving the country in search of greener pastures, and many are falling back on risky informal jobs just to survive. Families are forced into tough decisions, skipping meals, pulling children out of school, or cutting back on healthcare just to get by.
What Can We Do?
The challenges we face are plenty, but they are not impossible to solve. At Shades of Us, we strongly believe that the government and the private sector must join hands to find a way forward:
Policy Stability: The Government has to focus on stabilizing the economy, bringing inflation down, reducing how much we depend on imports, and creating better space for businesses to grow.
Support Small Businesses: Our small businesses need real support. Things like access to affordable loans, tax breaks, and training will help entrepreneurs keep their doors open and even employ more people.
Investment in Skills: We must prepare young people with skills that the market needs, digital, vocational, and entrepreneurial skills that can open new doors for them.
Social Protection: The poorest Nigerians need safety nets, cash transfers, subsidized services, and support that can protect them from the worst impact of inflation.
Where to Find Help
Even with all the talk about inflation and job losses, there are still real programs trying to support young Nigerians. If you are a student, a graduate, or just hustling to find your path, here are some opportunities you can explore:
Nigeria Youth Investment Fund (NYIF)
This government fund was set up to give young people (18–40 years) access to affordable loans and training so they can start or grow businesses. It is designed to create over a million jobs.
Three Million Technical Talent (3MTT) Programme
If you are interested in tech, things like software development, data science, cybersecurity, AI, this program is for you. The goal is to train 3 million Nigerians by 2027, opening doors to global and local digital jobs.
Industrial Training Fund (ITF) – Skills Programmes
The ITF runs vocational and technical training programs like SIWES and SUPA that help young people gain employable skills in trades and industries. Graduates often get starter packs to launch their businesses.
Nnewi Youth Sustainable Empowerment Scheme (NYSES)
Launched in Anambra, this program trains young people in vocations like automotive repairs, catering, and electrical work. Outstanding participants also get ₦1 million in grants to support their businesses.
Katsina Vocational Training Centre (KVTC)
In Katsina, youths are learning trades under the TVET program, and graduates receive starter kits and support to begin businesses. This type of training is a practical way to escape unemployment.
Ilorin Innovation Hub
For young innovators and entrepreneurs in tech, Kwara State has launched the Ilorin Innovation Hub in partnership with CcHub and Future Africa. It is a space to build startups, access mentorship, and attract funding.
LEAP Africa Youth Grant Program
If you are part of a youth-led organization, LEAP Africa, supported by Ford and MacArthur Foundations, offers grants and training to support community projects and advocacy.
A Call to Action
Bulus’s struggle, and that of millions like him, is a reminder that economic growth is not just about numbers on a government chart; it is about people’s lives. For Nigeria to achieve decent work and economic growth, it must confront inflation head-on, protect jobs, and create an economy where every citizen can thrive with dignity.
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