YOUTH UNEMPLOYMENT AND ECONOMIC GROWTH OF NIGERIA


YOUTH UNEMPLOYMENT AND ECONOMIC GROWTH OF NIGERIA

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CHAPTER ONE
INTRODUCTION

1.1 Background of the Study
One of the best difficulties of the Sub – Saharan African economies today is the high rate of unemployment that has been on the expansion throughout the years. The issue of youth unemployment has been of incredible worry to the business analysts, economist and policy makers in Nigeria since mid 1980s. The impact of money related emergency on public and private sectors has prompted to reestablish consideration on the wonder. It is a broadly acknowledged view in financial aspects that the development rate of the Gross Domestic Product (GDP) of an economy builds business and diminishes unemployment. three most noteworthy components for the economy general are efficiency, wage conveyance and unemployment. This hypothetical suggestion relating yield and unemployment has been proposed by Okun (1962). This relationship is among the most celebrated in macroeconomics hypothesis and has been found to hold for a few nations and locales principally, in created nations (Christopoulos, 2004; Daniels and Ejara, 2009). Youth unemployment

Okun’s (1962) proposes a negative relationship between developments of the unemployment rate and the genuine total national output (GDP) by concentrating on the observational relationship amongst unemployment and GDP varieties. He underscored that subsequently of changes in total request, industry changes their creation design which prompts to changes sought after for work which adjust the unemployment rates. Youth unemployment

Unemployment and neediness are both intelligent and precipitants of plenty of contemporary societal difficulties, for example, authority, security, administration, and so on that are unfriendly to human social-presence (for causing sufficient human limit building and material use) all around. In this manner, an awesome vision of Nigerian government is commenced on getting to be distinctly one of the 20 most industrialized economies in the world by the year 2020. Attainment of this aspiration hinges on the extent to which the country is able to create and nurture, a competitive and adaptive human resource base, responsive to the rapidly industrializing and globalizing economy. The paper is mindful of the fact that vision 20:2020 designed by the Nigerian government is five years away. Equally and poignantly is to remind ourselves that the Millennium Development Goals (MDGs), (we are already in its target: year 2015). Hence its assessment. In spite of all lofty ideas inherent in these programs, what is crystal clear is that poverty is still enormously ravaging the land. What becomes more worrisome is considering the teaming population of unemployed graduate youths in the country. Unemployment or joblessness as defined by the International Labor Organization (1982) occurs when people are without jobs and they have sought work within the past five weeks. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. Unemployment in Nigeria is defined as the proportion of labor force that was available for work but did not work in the week preceding the survey period for at least 39 hours. Official figures from Bureau of Statistics puts the figure of unemployed at 19.70 percent, about 30 million, but this figure still did not include about 40 million other Nigerian youths captured in World Bank Statistics in 2010. By implication, it means that if Nigeria’s population is 160 million plus, then 50 percent or more of Nigerians are unemployed, Njoku and Okezie (2011) noted. Youth unemployment

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