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EFFECT OF
UNEMPLOYMENT ON ECONOMIC GROWTH IN NIGERIA
CHAPTER ONE
INTRODUCTION
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.
A) Threat to peace: The unemployed
Constituted available book for political troubles shooters in a Country.
B) Escalation of Crime Rate: An
idle mind they say is the devils workshop, and as a result of this many
unemployed youths and able bodies men and women engages themselves in crime
such as armed robbery, prostitution, etc in order to earn living.
C) It causes migration: this is to
move from one place to go and live or work in another place. This can be rural
urban or from one Country to another which creates vacuum in a nation march to
economic and social development.
D) Waste of Manpower: Unemployment
especially that of graduates waste the much needed manpower which delays the
economic development of the nation Nigeria.
E) Increase in dependants: The
unemployment people increase the number of dependants and contribute in sapling
the income of their families instead of contributing to them.
F) Reduction in Investment: the
money spent in educating the unemployed and the once spent in them as
depredates should have been invested in one
1. 3 Objectives of the Study
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. To evaluate the nature of
relationship between unemployment and economic growth.
2. To determine the effect of
unemployment in the Nigeria Economy.
3. To offer some recommendations
based on the findings of the study.
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. What are the course of unemployment in
Nigeria?
2. What are the economic effect in the
economy?
3. What factors contribute most the problem
of unemployment?
4. What will be the possible solution to
unemployment ravaging Nigeria?
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: -
a) Frictional Unemployment: -
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.
b) Seasonal Unemployment
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.
c) Search Unemployment
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.
d) Structural Unemployment:
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.
e) Voluntary Unemployment
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.
f) Deficient Demand (Cyclical)
unemployment:
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.
g) Under Employment: -
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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