IMPACT OF UNEMPLOYMENT ON ECONOMY OF NIGERIA
ATTENTION:
BEFORE YOU READ THE CHAPTER ONE OF THE
PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
YOU CAN GET THE COMPLETE PROJECT OF THE
TOPIC BELOW. THE FULL PROJECT COSTS N5,000 ONLY. THE FULL INFORMATION ON HOW TO
PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR YOU CAN
CALL: 08068231953, 08168759420
IMPACT OF
UNEMPLOYMENT ON ECONOMY OF NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Unemployment
is generally seen as a macro-economic problem as well as socio-economic
problem. Unemployment arises as a result of insufficient and non-availability
of jobs to correspond with the growing population, even those who are employed
sometimes live with the fear of being unemployed due to job insecurity and
retrenchment of workers. There is employment of factors of production if they
are engaged in production. The term unemployment could be used in relation to
any of the factors of production which is idle and not being utilized properly
for production. However, with reference to labour, there is unemployment if it
is not possible to find jobs for all those who are eligible and able to work.
Labour is said to be underemployed if it is working below capacity or not fully
utilized in production. (Anyawuocha, 1993).
Unemployment
can either be voluntary or involuntary. Voluntary in the sense that one chooses
not to work because he or she has means of support other than employment.
Example is an idle rich man. On the other hand, involuntary unemployment exist
when persons who are eligible and willing to work at the prevailing rate of pay
are unable to find work. (Anyanwa, 1995).
According to
the central bank of Nigeria (2004), unemployment rose to 30% during 2004
statistics on unemployment rate.
Unemployment
has been seen as a world-wide economic problem and has been categorized as one
of the serious impediments to social progress. Apart from representing a huge
waste of a country’s welfare, it also implies loss in terms of lower output
thereby leading to lower income and wellbeing of the people (Akinboyo, 1987,
and Raheem 1993). Unemployment is a very serious issue in Africa (Vandemortele,
1991, and Rama 1998), and particularly in Nigeria (Oladeyi, 1994 and Umo,
1996). The need to avert the negative effect of unemployment has made the
tackling of unemployment problems to feature very prominently in the
development objectives of many developing countries.
In the study
of unemployment in Africa, Okonkwo (2005) identified three (3) causes of
unemployment, namely; the educational system, the choice of technology which
can either be labour intensive or capital intensive and inadequate attention to
agriculture. The use of machines to replace work done by labour and
computerization has contributed to these social problems in the sense that for
example; a task meant to be manually undertaken by forty (40) men can be done
by a machine with only five (5) men involved. Therefore, the remaining thirty
five (35) are unemployed. More so, lack of enough education and skill and
inability to have access to credit and capital.
One
particular feature of unemployment in Nigeria is that it was more endemic in
the early 1980’s than any other period. According to Udabah (1999:62), the
major factor contributing to low standard of living in underdeveloped countries
is their relative inadequate or inefficient utilization of labour in comparism
with advanced nations. Unemployment rate is measured by the proportion of the
labour force that is unemployed divided by the total number of the labour
force. The total labour force was projected at 61,249,485 in 2007 indicating an
increase of 3.9%. Total employment in 2007 stood at 52,326,923 compared with
50,886,836 in 2006. This represents an annual increase of 2.8%. The labour
force(that is, those who currently have jobs) consists of the number of people
age 18 and above and unemployed (those who do not have jobs but who are actively
looking for work).Individuals who do not fall into either of these group such
as retired people and discouraged workers are not included in the calculation
of the labour force.
The
International Labour Force Organization (ILO) defines unemployment as the
proportion of the labour force which was available for work but did not work
for at least one hour in the week preceding the survey period. National Bureau of statistics (N.B.S),
Nigeria defines unemployment as the proportion of the labour force that is
available for work but did not work for at least thirty nine (39) hours in the
week preceding survey period.
Unemployment
according to lipsey (1963:456) brings about economic waste and cause human
suffering. According to Fadayomi, 1992, Osinubi, 2006, unemployment is as a
result of the inability to develop and utilize the nations manpower resources
effectively especially in the rural sector.
The
socio-economic effect of unemployment includes: fall in national output,
increase in rural-urban migration, waste of human resources, high rate of
dependency ratio, poverty, depression, frustration, all sorts of immoral acts
and criminal behavior e.g prostitution, armed robbery e.t.c. The social
effect of unemployment brings to light the need to proffer possible solutions
to salvage our nation Nigeria.
1.2 STATEMENT OF THE PROBLEM
Working with
the data from the national bureau of statistics, it indicates that the national
unemployment rate in the first quarter of 2007 was 14.6%, compared with 13.7%
in 2006. The urban and rural rates were 14.4% and 15.0% respectively compared
with 10.2% and 14.8% in 2006. Further analysis showed that the distribution of
unemployment ranged from 14.1% for the age group of 25-44 and 23.5% for the age
group of 65-70. Desegregation according to geopolitical zones showed a very
uneven distribution with the south-south zone having the highest unemployment
rate of 29.5% and south-west at the rear with 8.5%. Between these extremes were
the north-east with 18.5%, south-east 18.1%, north central 15.8% and north-west
14.2%.
It is based
on the increasing problem posed by unemployment on individuals and the nation
at large that the government has been embarking on various policies to control
and reduce unemployment but yet has not yielded any positive result, rather it
seems to be escalating. Drastic measures must be taken by the government to
curtail this problem of unemployment. The statement of problem is based on the
economic, social and political effects of unemployment.
1.3 OBJECTIVE OF THE STUDY
The broad objective of the study is to
examine the impact of unemployment on the economy growth of Nigeria. The
specific objectives of the study are;
i. To examine the relationship between
unemployment and economic growth in Nigeria
ii. To examine the impact of
government’s expenditure on education.
iii. To examine the impact of
government’s expenditure on health.
1.4 RESEARCH HYPOTHESIS TO THE
STUDY
In assessing
the relationship between unemployment and economic growth in Nigeria, the
hypothesis stated below was subject to empirical test. Using quantitative
statistical techniques.
Ho: Unemployment does not have significance
impact on economic growth in
Nigeria.
1.5 JUSTIFICATION FOR THE STUDY
Studies on
contribution of education to growth and development of an economy have shown
that there is casual relationship between education and economic growth. Briggs
(1999) stated that the economy of the developing countries and their slow rate
of progress could be attributed to their deficiency in education.
According to ILO (1999), ‘’a
healthier, more educated and highly skilled population is the surest way to
higher productivity’’. Following these assertions, therefore, one may suggest
that in ensuring sustainable economic growth and development in an economy,
education is a critical factor. In the Nigerian context, education is looked
upon for social and economic transformation (see national policy on education
2004). There is a large amount of evidences suggesting the positive association
between education and economic growth. Notable among these studies include
Shamistha and Grabowski (2004); Prodrecca and Carmei (2002), Temple
(2001). Odusola (1998). Examines the
impact of human capital investment on economic growth in Nigeria. He
disaggregated government expenditure on education into capital and re-current
expenditure on education with view to determine the particular expenditure
pattern of government with the larger contribution to education quality growth.
Realistically, the development in Nigeria’s educational system has attracted
considerable empirical scrutiny (Yesufu 2000). The mechanics of how human
capital influences economics growth has however, attracted modest inquiry.
Investing in human capital most especially women education, will also enhance
their productivity capacity, increase their income and make them better
informed about the value of health care and personal hygiene. An educated woman
will be able to improve the health and life expectancy of her children and
create incentives for reducing family size, which in turn will help reduce
poverty (Psacharopaulos and winter 1990)
The
political rhetoric surrounding this issue is quite long, but augmentation with
specific investigation especially for Nigeria is scarce. This is the motivation
behind this study and also the study is important for Nigeria that is faced
with astronomical levels of unemployment, paradoxically among the highly
educated. Thus, it is pertinent to investigate how significant public
expenditure is to human capital development in the context of high unemployment
among the well-read.
1.6 SCOPE OF THE STUDY
The scope of
this study is centred on the effect of unemployment on the Nigerian economy.
The research work is also centred on ten years duration from 1990 - 2014. The
regression analysis will be based on the use of time-series data extracted from
the central bank of Nigeria statistical bulletin. The method of analysis used
in testing the hypothesis is the t-test, f-test e.t.c.
1.7 PLAN OF THE STUDY
The study is
structured into five chapters; chapter one deals with the background to the
study, statement of problem, objective of the study, hypothesis of the study,
justification for the study, scope of the study and plan of the study. Chapter
two covered the literature review and the theoretical framework. Chapter three
contains the nature and sources of data, model specification, a priori
expectation, re-statement of hypothesis, method of analysis and evaluation
criteria. Chapter four is on data presentation , analysis and discussion of
empirical results, chapter five contains the summary of major findings,
conclusion and recommendation.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following
instructions and information if you will like to order/buy our complete written
material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount
(#5,000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project
topics
(2) Email
Address
(3) Payment
Name
(4) Teller Number
We will send your material(s) after
we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
AFFILIATE LINKS:
myeasyproject.com.ng
easyprojectmaterials.com
easyprojectmaterials.net.ng
easyprojectsmaterials.net.ng
easyprojectsmaterial.net.ng
easyprojectmaterial.net.ng
projectmaterials.com.ng
googleprojectsng.blogspot.com
myprojectsng.blogspot.com.ng
https://projectmaterialsng.blogspot.com.ng/
Comments
Post a Comment