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The Effect Of Unemployment On Economic Growth In Nigeria (1980-2010)
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1.2 STATEMENT OF THE PROBLEM
In view of the prior observation
unemployment has constituted a problem to the attainment or economic
growth of the world in general but most especially in less developed
countries.
The seriousness of unemployment has been enumerated to be
youthful which constitutes the productive forces of the economy thus
making the achievement of high economic growth practically a mirage in
Nigeria within the given span of time [C B N 2004].
It is glaring
that in 1960 and early 1970 Nigeria Malaysia Indonesia and other had
similar income per capital GDP growth rates and underdeveloped political
structure but today the Asian tigers have escaped underdevelopment and
poverty because of the way their country was managed thereby leaving
Nigeria behind [Ekpo 2004].
The economic measures adopted for long in
Nigeria like structural adjustment programme could not crest the
problem of unemployment to the economic growth of Nigeria economy
instead 70 of Nigeria live below poverty line.
Using the time series
data on unemployment in Nigeria between 1975 and 1996 two historical
developments evolved out of the economic history of the country first
the year 1974 which coincided with the oil boom and secondly the year
1986 which manifested the recession period following the oil boom. The
understanding is that unemployment was still present during the oil boom
in the 1980.
However economist were bothered about the cause of
reducing unemployment by government policies whether the trade off is
worth it and whether the inflation rate that will be allowed will be
favorable enough for the economy.
1.3 RESEARCH QUESTIONS
ï¶ Does unemployment have any significant impact on economic growth?
1.4 OBJECTIVE OF THE STUDY.
The
broad objective of this study is to ascertain the effect of
unemployment on economic growth in the Nigerian economy. The specific
objective of this study includes;
ï¶ To determine the impact of unemployment on output level in the Nigerian economy.
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ABSRACT - [ Total Page(s): 1 ]The study was designed to investigate the effect of unemployment on economics growth in Nigeria for a period of 31 years (1980-2010). It focus is to determine the relationship between unemployment and economic growth in Nigeria (GDP).The finding was that unemployment has a positive but insignificant impact on the gross domestic product (GDP) of the Nigeria economy, Despite the fact that the effect of unemployment on economic growth is not significant, its positive coefficient suggest that unempl ... Continue reading---
