Households in north east nigeria are the most exposed to all types of conflict events in the north central conflict levels are steadily high compared to 2010. Impact of unemployment on nigeria economic growth 19812017 pdf. Nigeria economic outlook top 10 themes for 2019 nigeria not among the fastest growing economies in subsaharan africa ssa by percentage growth in gdp the largest economies in subsaharan africa offer opportunities for business growth, particularly when considering an expansion into new regions country gdp growth rate africa rank world rank. According to the year book of labour statistics 1986, the world recession of 1980s was a major cause of unemployment in nigeria.
Causes, effects and solution to unemployment in nigeria. The proportion of young people aged 1524 years in the global population is higher than at any time in history mclean hilker, 2009 and growing. In other words, the paper indicated the effect of real exchange rate in nigerian unemployment rate between 1986 and 20187. Graduate unemployment in nigeria american international journal. A commonwealth youth program report 1996 summarized the situation when it pointed out that young people are too frequently subject to a disproportionate burden of unemployment. The changes in these measures reflect the effects of the coronavirus covid19 and. The causes of unemployment are practically what happen in all sectors. Oye, federal university of technology, school of pure and applied sciences spas, department of mathematics and computer science, p m b 2076, yola.
Socioeconomic impact of graduate unemployment on nigeria and. Pdf employment and economic growth nexus in nigeria. The importance, how to, effect causes relationship, comparison, history, role, solutions are discussed. Strategy for reduction of unemployment situation in nigeria. The problem of disguised unemployment is quite acute in nigeria. Less consumption has led to lower production and economic growth has been hampered.
As nigerias youth population grows, so does its youth unemployment rate, reaching nearly 11. Causes and effects of graduate unemployment on the. The rate of unemployment has increased during last few years due the fallout from the economic challenges. Unemployment in nigeria international journal of economics. This page provides the latest reported value for nigeria unemployment rate plus previous releases, historical high and low, short. This page provides nigeria youth unemployment rate actual values, historical data, forecast, chart, statistics, economic. Obtainable records indicate that the continent of african. Unemployment data in tables 2 and 3 are presented in order from the highest absolute unemployment rate to the lowest. Lets talk about the causes, effects and possible solutions to unemployment in nigeria. Ascertaining policies that have worked in addressing unemployment in nigeria is rather difficult in light of the incredibly high and rising unemployment rateand at least around 1. Abstract the study explored the phenomenon of graduate unemployment as well as its causal factors, consequences and remedies in nigeria. According to the unphc 2002, persons aged 1519 years constitute about 29% of the 21. The study adopted a descriptive approach in analyzing the unemployment situation in nigeria and made use of secondary data to buttress issues raised in the study for the period of 20032007.
The nigerian national bureau of statistics, like most countries in the world, uses a variant of the ilo definition such that the unemployment is the proportion of. Such a situation will reduce unemployment, increase income, improve the standard of living, and socioeconomic development. Department of sociology faculty of the social sciences ekiti state university adoekiti, nigeria. Nigeria is country blessed with a lot of resources, both natural and human. Causes of unemployment among the youth pdf download. When unemployment creeps above 6% to 7% and stays there, it. In less than a decade, between 1992 and 1997, it accounted for 32% of.
Unemployment and poverty are both reflective and precipitants of plethora of. A lot of people have been laid off, while new jobs were not created. A comparative analysis of the population and unemployment structure of three purposively selected and heavily populated countries in three different continents nigeria, china and usa were undertaken. Pdf entrepreneurial education as a tool for reducing. The african development bank on monday said the unemployment situation in nigeria was frightening and could become catastrophic if decent jobs were not created for the countrys youth population.
This huge figure implies that the rate of unemployment is really high in the country. Education in nigeria is devoid of the element crucial to averting the surging rate of unemployment in the country, therefore the breeding of psychological dependence on direct access to money. Nigeria economy gdp, inflation, cpi and interest rate. The country has increasing rate of poverty both at the regions and at. Causes, effects, solution and rate of unemployment in nigeria. One driver of nigeria s high rate of growth is that childbearing begins early in nigeria. Ascertaining policies that have worked in addressing unemployment in nigeria is rather difficult in light of the incredibly high and rising unemployment rateand at. Nigerias unemployment rate frightening, says afdb punch. An essential factor that works towards alleviating poverty and reducing the rate of unemployment in any country, is a strong and viable economy.
The theoretical proposition of the okuns law is that a negative relationship exists between unemployment rate and economic growth. Structural transformation and jobless growth in nigeria. Nigeria youth unemployment rate 20142018 data 2019. Impact of unemployment on economic growth in nigeria. The current situation in nigeria united states institute of peace. The link between youth unemployment and violence is seen in the literature as exacerbated by youth bulges in developing countries. Chris ngige, minister of labour and employment, said this while declaring open a. Nigeria economic growth growth is seen slowing sharply this year amid intensifying headwinds. By statistical information in nigeria, the phenomenon of graduate unemployment has reached an alarming state. This was the situation in nigeria between 1986 and 2017 which motivated the writing of this paper. In nigeria, this situation is contradictory given the large resources human and physical that the country is endowed with. Unemployment refers to the share of the labor force that is without work but available for and seeking employment. When considering the causes of unemployment we look at the economic condition and demography of the country.
Sociopolitical implications of youth unemployment on. Lagos reuters nigeria s unemployment rate stood at 23. What is the guarantee that large army of unemployed. The story of structural adjustment programme in nigeria from the perspective of the organized labour nwagbara, eucharia nwabugo, ph. Problem of graduate unemployment remains unabated in nigeria. This paper examines the employment and economic growth relationships in the nigerian economy. Okoyenebo et al 2014 while elaborating on the incidence of youth unemployment in nigeria, write that the unemployment situation in the country is so bad that university graduates stay at home for upwards of. Pdf unemployment, poverty and economic growth in nigeria. In nigeria, nearly a quarter of the population is out of work and 20 percent is underemployed for young people. Unemployment in nigeria has resulted in more and more people who do not have purchasing power. The situation has aggravated poverty and brought about untold hardship particularly for the unemployed. Causes, consequences and remediable approaches longe, olukayode ph.
On the average, youth unemployment rate in nigeria is estimated at 48. In the south south the situation is potentially alarming as conflict has increased sharply during the last two years. Apart from the economic waste it brought to the nation, it also constitutes political unrest for the country ipaye, 1998. Revisiting the determinants of unemployment in nigeria. It is sad, however, that her resources are not put to efficient use. Causes, effects and solutions to youth unemployment.
Unemployment is one of the major issues affecting nigeria s economy and its society. The impact of unemployment on economic growth includes. Get free research paper on impact of population growth on unemployment in nigeria. Total nonfarm payroll employment fell by 701,000 in march, and the unemployment rate rose to 4. The solution for unemployment is, of course, to create new jobs. Impact of unemployment on economic growth of nigeria. In 2019, the unemployment rate in nigeria was at approximately 6. This explains why official unemployment statistics sharply differs from the true state of employed.
Most companies laid off employees because they cant afford a lot workers. Young and unemployed in nigeria nigeria al jazeera. Unemployment in nigeria has been worsened by the recent decline in the countrys economy. The latest available data puts the unemployment rate at 18. Africas most populous nation and largest economy has a youth unemployment problem. This statistic shows the unemployment rate in nigeria from 1999 to 2019. The current situation in nigeria united states institute. Unemployment in nigeria is a major problem both economically and socially. The performance rate, as well as the growth rate of the nigerian economy, is disappointingly low and the country owes a large percentage. Overall, nigeria has made major strides in its democratic development, but still has significant work to do in improving national, state, and local governance. Article pdf available january 2014 with 11,114 reads. Unemployment data available for dfid focus countries in subsaharan africa country year unemployment rate % absolute unemployment rate thousands south africa 2015 50. A simple model of employment was formulated and estimated using the ordinary least squares technique before and after the time series data used for the.