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The Impact Of Unemployment On Economic Growth In Nigeria (1970-2010)
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1.2 STATEMENT OF THE PROBLEM
Unemployment has reached a very alarming
proportion in Nigeria, with a greater number of the unemployment being
primary and secondary school learners and university graduates. This
situation has recently been compounded by the increasing unemployment of
professionals such as bankers, engineers and doctors. The toll is
within the productive segment of the Nigeria population (Vision 2010).
The
extent of unemployment in Nigeria in is not justified by the available
financial statistics phenomenon. This is because of the nature of
unemployment in the country where many job seekers do not see the need
for registration as unemployed due to expression of futility in such
exercise. This harnesses the sharp disparity between the official
statistics on the phenomenon and the reality on ground (Bello 2003).
Disguised unemployment otherwise known as concealed unemployment is a
situation in which more people are available for work than is shown in
the unemployment statistics (Bannock et el 1998)
The problem of
disguised unemployment is quite acute in Nigeria. This explains why
official unemployment statistics sharply differs from the true state of
employed or unofficial statistic available. The recorded figure
unemployment significantly understates the number of people who are
actually willing to work at the existing set of wage rate. Consequently,
the unemployment figure in Nigeria is obtained through labour force
sample survey, by asking if the person has worked in the past week
preceding the survey.
Obviously, because even a graduate whohawks around respond yes to the question, the unemployment rate will always be very low.
Unemployment
is a situation of a labour not having enough paid work or not doing
work that makes full use of his skills and ability. It can be measured
by the numbers of hours worked per week.
Generally in Nigeria, the
official period of working time per week is forty hours which
manyworkers fall short of due to non –availability of work. In some
instance available work is rationed especially among the low skilled and
casual labours in the formal sector tends to be worse (Bello 2003)
therefore the major problem we have in Nigeria is the distinguished
unemployment form. The official figures of the rate of unemployment
form.
December1998, a total of 66.3% of male and 62.0% of female
unemployment were recorded at the urban centres while rural centreshad
an estimate of 47.1% and 45%male and female job seekers respectively. As
at December 1999, school levers unemployment rate had raised to 67.0%
for males and 68.8% for females in the urban centres while the rural
centres was as high as 59.1 and 55.7%. For male and female respectively
(Bello 2003).For polytechnic and university graduates, the figures shows
relatively low unemployment rate as compared to the school leavers
experience. For instance, during the period under investigation a peak
of 14.0% rate of unemployment was recorded for polytechnic female
graduate in 1998 which the male graduate records had its peak in 1999
with 15.0% point in urban areas (Bello 2003). The graduate unemployment
rate in the urban centres had 8.5 per cent record high in September 1999
for males and 4.5%in June 1999for female during the periods (Bello
2003).
Many people are frustrated by lack of unemployment‟s
opportunities they include these without work and those who have jobs
but want to work longer hours or more intensively. A considerable size
of utilized and underutilized labour abounds in Nigeria and which ought
to be brought into the circle. These shows that Nigeria‟s employment
problem has become chronic and should be a matter of utmost national
concern.
1.3 RESEARCH QUESTION
From the above discussions the research question is:
Has unemployment had any impact on Nigeria economy?
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ABSRACT - [ Total Page(s): 1 ]The term unemployment can be defined as an economics condition marked by the fact that individual actively seeking jobs remain unhired. Unemployment is expressed as a percentage of the total available work force. The level of unemployment varies with economics conditions and other circumstances. This is mostly seen in graduate of various institutions of learning especially in under developed nations like Nigeria. The study was designed to investigate the impact of unemployment on economics growt ... Continue reading---
