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The Impact Of Unemployment On Economic Growth In Nigeria. (1982-2010)
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1.4 Significance of the Study
Considering
the fact that price stability and full employment are two conflicting
macro-economic goals, the result of this research work becomes an
inevitable tool in the hands of policy makers in Nigeria, towards
achieving the two goals, simultaneously.
This means as standard of
living for the general citizen of the country has improved. One of the
macro-economic goals of any country is the actualization of full
employment. Therefore, unemployment in any system is seen as a policy
failure and there is always concerted effort on the part of the
government in checkmating the impact of unemployment in an economy.
The
study of unemployment is necessary to the policy makers, student of
economies and politicians. To the policy maker, ascertaining the rate of
efforts in an economy would help in their efforts in mapping out
policies that would bring the economy to the desired height. The policy
maker with the knowledge of the state of unemployment in the system
stands the best chance of controlling it through appropriate initiatives
like poverty eradication programmes and creation of employment
opportunities that touches the lives of the population.
The
policymaker uses different measures to prevent unemployment. In Nigeria,
the first measure in changing the pattern of production in Nigeria,
emphasis should be laid on the production of those goods which uses more
labour intensive techniques, leaving aside such areas as pertain to
heavy industries, defence, chemical/power generation, atomic and oil
installations, etc. Labour intensive technique should be adopted in new
field of production, encouragement to small enterprises, full
utilization of excess capacity and policy of decentralization,
population control, restructuring the educational system and measures
for rural unemployment, etc the number of underemployed and unemployed
is very large in the rural sector; they are primarily landless
agricultural workers and marginal farmers. The policymaker with the
knowledge of the state of unemployment.
In the system stands the best
chance of controlling it through appropriate initiatives like poverty
eradication programmes and creation of job opportunities that touches
the lives of the population.
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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---
