The Growth of Nigerian Economy and Unemployment
The Growth Of Nigerian Economy and Unemployment.
INTRODUCTION
Unemployment has been one of the most persistent and unmanageable problems facing all industrial countries of the world. It has been noted as a macroeconomic and social problem.
In October 1982, the 13th International Conference of Labour Statisticians adopted a new resolution concerning the statistics of the economically active employment and unemployment.
They defined unemployment as persons above a specified age who during the reference period were without work including the unemployed graduates, school leavers, home makers and other persons mainly those engaged in non-economic activities who are at the same time seeking for work and are available for work.
The term unemployment could be used in relation to all the factors of production with reference to labour. Unemployment produces both economic and non-economic costs. This cost differs from individuals and societies.
For individuals most economic cost of unemployment is loss of income that the persons would have received if employed. For the societies it is the goods and services that would have been produced by the unemployed.
OBJECTIVE OF THE STUDY
The objectives of this study are as follows: To determine the relationship between unemployment and economic growth in Nigeria.
To determine the short-run impact of unemployment on the output level in the Nigerian economy.
Statement of the Hypothesis
HO: Unemployment has no significant impact on economic growth in Nigeria.
HI: Unemployment has a significant impact on economic growth in Nigeria.
BIBLIOGRAPHY
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Awoke .M. (2001): Econometrics Theory and Application; Abakaliki, Ebony State, Nigeria: WillyRose and Appleseed Publishing.
Babalola (2001): “Restructuring the Educational System as a Long-Term Solution to the Unemployment Problem in Nigeria”, CBN Bullion.
Beggs (2000): Attacking Unemployment Hurdles in the Fragile Economies Of the Sub-Sahara Africa. The Experience of Nigeria, Wuhan University, China.
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