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EFFECT OF UNEMPLOYMENT ON ECONOMIC GROWTH IN NIGERIA
1.1 Background of the Study
One of the greatest challenges facing the Nigeria economy is unemployment which has maintained a rising trend over the years. The total labour force in Nigeria is made up of all persons aged 15-64 years excluding students, home keepers, retired persons and stay-at-home to work or not interested. Unemployment in Nigeria is defined as the proportion of labour force that was available for work but did not work in the week proceeding the survey period for at least 39hours. Official figures from the Bureau of Statistics puts the figure of unemployed at 19.70 per cent, about 30 million, but this figure still did not include about 40 million other Nigerian youths captured in World Bank statistics in 2009. By implication, it means that if Nigeria’s population is 140 million, then 50 percent of Nigerians are unemployed. Viewing this from the perceptive of the recent events in the Middle East where unemployment and poverty among others played a key role in the uprising, one can only conclude that Nigeria’s unemployment poses a threat to its development, security and peaceful co-existence, being that Nigeria is made up of diverse entities from different cultural and religious backgrounds most of whom have shown differences in political, cultural and religious understanding and accommodation emanating from concerns of abuse of power, resource allocation, nepotism, negligence and corruption among others.
According to Bello (2003) from time immemorial, the subject of unemployment has always been an issue of great concern to the economists, policy makers and economic managers alike; giving the devastating effect of this phenomenon on individuals, the society and the economy at large. The classical school of thought that provided the earliest thinking on economic issues did not fail
1.2 Statement Of Problems
Anyaele (1995:214) stated that the problem has become continually without solution being in sight it has constituted itself into one of the worst enemies of the populace in this part of the world. That the problem unemployment has been exacerbated by the previous and retrenchments unbridle rural urban migrate. Etc.
Unemployment is a great problem associated with both rural and urban communities of the Nigeria economy it results to the following problems to Nigeria.
The purpose of this study is contribute in any meaningful way to the idea of how the growing rate of unemployment among young people in Our Society can be deal with, so that its ugly effects can be reduced at least to minimal. The problem caused by unemployment in Our Society is not far-fetched.
1.4 Research Hypothesis
H0: Unemployment Rate has no significant impact on Economic Growth in Nigeria.
H1: Unemployment Rate has significant impact on Economic Growth in Nigeria.
1.4 Significance of the Study
Owing to the down turn in the economic fortunes of this country over the years, the Nigerians have lost their pride of place. Their status in the society has continued to dwindle.
Today, it is sheer mirage for fresh graduates to dream of the good things of life. They are made to understand and accept that the graduates, unemployment should be seen as a passing phase in the history of the nation. It is very doubtful if the much desired change in the near future will bring us anything.
Therefore, this study is aimed at showing how these effects of unemployment have on economic growth in Nigeria Economy.
It is desirable to create a new forum in which the government plays a dominant role and actively promotes private enterprises, establishes new enterprises with a centrally directed mobilization of resources towards the definite objectives of solving these problem.
1.5 Research Question
1.6 Research Hypothesis
Hi: Unemployment is Cause by Inefficiency use of our National Resource
H0: Unemployment is not Cause by Inefficiency use of our National Resource.
1.8 Definition of important terms.
In this aspect we are concerned with the types of unemployment in Nigeria economy, they are as follows: –
This type of unemployment arises when people leave their present job with hope of getting another one or a new one, but fails at that time. It may or may not be a temporary unemployment depending on the prevailing economic situation.
Therefore frictional unemployment is the period between the worker left his former work and the time of getting a new job or work.
This type of unemployment is caused by seasonal change that affect some types of work, for example workers that work in road construction companies remain unemployed during raining season.
On the same hand farmers stay idle during the time in between harvesting and planting periods.
This type of unemployment occurs when some people turn down offer of work in search of better-paid employment. How long this search will last depend on he prevailing economic situation in the Country.
Unemployment is as a result of slight change in the Industries structure of a country, workers will be retrenched as a result. This is causal by economic recession and it happened in Nigeria in 1984 when firms folded up as a result of this.
This type of unemployment undecorated occurs when some people refuse to take up any paid employment. That is to say that they voluntarily decide not take up any paid employment for example some husband may order their wives not to do any type of work but to stay at home as full time house wives.
This type of unemployment occurs when there is decrease in the quantity of goods demanded or there is over production, which result to fall in prices. Industries will be affected and the may cause lay off of workers of the Industries that are affected.
This type of employment result when a workers potential is under utilized or when a worker is paid less than the effort puts on the job. E.g. A graduate doing the work of a cleaner
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