A study by Stutern, an online platform that connects interns with employers, has revealed that Nigerian graduates are grossly underpaid by local companies in the country but that’s not all. The report also indicates that graduates from COVENANT UNIVERSITY, FUNNAB, OAU ARE THE MOST EMPLOYABLE IN NIGERIA.
- More than 50% of Nigerians currently earn N50,000 (<=$100 if $1=N500) or less on a monthly basis.
- 1 in 4 new graduates earn less than N20,000 as monthly as starting salary.
- Over 80% of employed graduates currently earn not more than N150,000 per month.
- Most graduates earn between N20,000 – N50,000 monthly both as starting salary and current salary.
Graduates getting a raw deal
According to the survey, 75% of new graduates earn less than N50,000 ($125) in their first job. And a deeper look at the number reveals 1 in 4 new graduates earn less than N20,000 ($50) as their first salary in Nigeria.
“Graduate unemployment is a massive waste of resources – 36.26% of our graduates are unemployed. But what could be worse is the under-compensation of talent. It has implications for security, health, and economic growth,” said Kehinde Ayanleye, Stutern’s Co-founder. The employability of Nigerian graduates has always been a prominent theme in entrepreneurial conversations in Nigeria
The employability factor
The report by Stutern finds that graduates from Covenant University are the most employable in Nigeria. A reasonable number of graduates from this university possessed a set of achievements, understanding as well as personal attributes that make them more likely to gain employment and to be successful in their chosen careers.
Meanwhile, the University of Ilorin ranks as the top University in terms of return on investment to the students. By return on investment here, we mean the difference between the average tuition paid by the graduates while in school and the average salary starting salary upon graduation. This is because the average tuition is affordable while the first salary for graduates from this institution is very attractive.
Graduate jobs across industries
The study also illustrated the spread of first graduate jobs across industries. According to the survey, the education sector absorbs most graduates for their first jobs – a trend that could be a function of the national NYSC program where most graduates are mandated to teach at secondary schools.
Meanwhile, the technology, nonprofit, banking, and finance sectors begin to absorb more graduates as they get their second jobs.
The report also revealed that most graduates affirmed that communication skill and knowledge of the job are the two least skills their academic institution prepared them for.
“It’s part of the problem we try to solve at Stutern,” said Taiwo Ayanleye, Stutern’s Co-founder. “To create the perfect transition for graduates through internships so, at the end of their studies, they have a good knowledge of the job, are confident of how much they are worth and are able to earn justifiable income.“
Below is a sneak preview of the report with the top 10 out of the 20 Universities with the most employable graduates in Nigeria.
Stutern is an online platform that connects young talents with employers in Africa for internships and entry-level jobs. You can visit www.stutern.com for more information.