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The Impact Of Unemployment On Economic Growth In Nigeria. (1982-2010)
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1.2 Statement of Problem
Nigeria
has been experiencing high level of unemployment and inflation partly
because of inefficiencies in policies implementation and the existing
conflict between those two major macro-economic variables. This
situation has recently been compounded by the increasing unemployment of
professionals such as bankers, doctors and engineers. The toll is
within the productive segment of the Nigeria population unemployment and
underemployment have been one of the major problems that the Nigerian
economy has being facing because a high rate of unemployment and
underemployment, a large public sector, low wage and poor working
conditions characterize the labour market in Nigeria. All of which have
combined to engender a less than cordial industrial relations in the
formal labour market.
But underemployment and unemployment is area
prominent feature of the informal labour market as well. Consequently,
the full potential of a labour surplus economy are not being fully
exploited. In the 1960s and 1970s, the Nigerian economy provided jobs
for its teaming population and absorbed considerably important labour in
the scientific sectors. The wage rate compared favourably with
international standards and there was relative industrial peace in most
industries sub-group. Following the oil boom of the 1970, there was mass
migration of people especially the youth, to the urban areas seeking
for jobs. However, following the downturn in the economy in the 1980s,
the problem of unemployment started to manifest precipatory the
introduction of the Naira exchange rate and the inability of most
industries to import the raw materials required to sustain their output
levels. A major consequence of the rapid depreciation of the Naira was
the sharp rise in the general price level, leading to a weakening
purchasing power of wage earners and declining aggregate demand.
Consequently, industries started to accumulate unintended inventors and
as natural economic agents, then manufacturing firms started to
rationalize their work force. In the public sector, an embargo was
placed on employment and with the simultaneous rapid expansion in the
educational sector, new entrants into the labour market increased beyond
the absorptive capacity of the economy. Thus, the objective of the
government is to achieve ‘full employment’, but it failed to
materialize. Then official figures of the rate of unemployment from
December, 1998, a total of 66.3% of male and 62.0% of female
unemployment were recorded at the urban centre. While rural centers had
an estimate of 47.1% and 45% male and female job seeker respectively.
Many people were frustrated by lack of employment opportunities they
increase those without work and those who have jobs but want to work
longer hours or more intensively, a considerable size of utility and
underutilized labour abounds in Nigeria and which aim to be brought into
the circle.
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ABSRACT - [ Total Page(s): 1 ]The term ‘unemployment’ can be defined as an economic condition marked by the fact that individuals actively seeking for job remain unemployed. Unemployment is very common in under-developed nations like Nigeria and it affects graduates of various institutions of learning. The study was designed to investigate the impact of unemployment on economic growth in Nigeria for the period of 29 years (1982 – 2010). The focus of the research was to determine the cause and impacts of u ... Continue reading---
