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The Growth Of Nigerian Economy And Unemployment (1980-2010)
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1.3 OBJECTIVE OF THE STUDY
The objectives of this study are as follows:
i. To determine the relationship between unemployment and economic growth in Nigeria.
ii. To determine the short-run impact of unemployment on output level in the Nigerian economy.
1.4 STATEMENT OF THE HYPOTHESIS
i. HO: Unemployment has no significant impact on economic growth in Nigeria.
ii. HI: Unemployment has a significant impact on economic growth in Nigeria.
1.5 SIGNIFICANCE OF THE STUDY
Unemployment
causes misery, social unrest and hopelessness for the unemployed. In
Nigeria, the existence of high unemployment is a source of concern to
policy makers as well as the general citizenry, because employment
provisions can be used to check the performance of the economy.
If
unemployment is left unchecked, it will go along way hindering any
economic development plans of the country. It is on this note that
unemployment in Nigeria with its resulted effect has been treated in
this study. This work will be of valuable help to policy makers.
The
policy makers use different strategies to prevent unemployment in
Nigeria, they include changing the pattern of production in order to
create employment through entrepreneur innovation known as Youth
Enterprise With Innovation (YOUWIN) programmes; emphasis should be
placed on the production of essential goods which use the labour
intensive techniques.
The study will help each leader to have bold
initiative and quickly tackle the terrible economic crisis by making
wise economic policy and encourage large scale borrowing for public
expenditures.
It helps the leaders to realize that rapid full
employment desired by every country can only be possible if it was
combined with wage and price controls, so as to recognize the nation’s
social, political, cultural and educational life in commensuration with
the national socialist principles. Through this findings and subsequent
recommendations of this study, unemployment will be eradicated. It will
provide an insight into the relevant literature and help to lay bare the
causes and effects of unemployment in Nigeria.
It is the opinion of
the researcher that the study will be of immense benefit to fellow
student researcher because it will serve as a spring board especially
for those who will want to research further on the subject matter in
future.
It therefore shall be of usefulness to subsequent researchers as a reference material.
1.6 SCOPE AND LIMITATIONS OF THE STUDY
This research work is restricted to Nigerian economy only; the focus is on the growth of the Nigerian economy and unemployment.
The period covered by the research is 31 years from (1980-2010).
There
are some limitations of this work; mostly the secondary data are used
in the study because of the difficulties encountered in the gathering of
the primary data given the nature of the study which is the aggregate
level of the economy.
The absence of information caused a lot of
hindrance; some relevant variables may not be included in the research
model due to lack of reliable data on them. This study cannot be said to
have exhausted all the relevant details on the nature of the
relationship between unemployment and economic growth as a result of the
above reasons. This work has a number of challenges which include
inadequate finance and shortage in the availability of relevant
materials.
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