An Empirical Analysis of the Impact of Unemployment on Nigeria Economy

An Empirical Analysis of the Impact of Unemployment on Nigeria Economy

INTRODUCTION

Unemployment is one of the developmental problems currently facing all developing economies of the world Adekola, Allen, Olawole, Akanbi &Adewumi, (2016) and Nigeria is not an exception.

Unemployment or joblessness occurs when people are without jobs and they have actively sought work within the past five weeks (Fajana, 2000).

It is the consequence of the surplus of labour supply over labour demand. 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 labour force.

Njoku &Ihugba, (2011) defined unemployed as the percentage of the percentage of the labour force that is without job, but is able and willing to work.

In Nigeria however the ability and willingness to work is not sufficient. It is necessary for the unemployment to be registered with an employment bureau in order to be recognized as unemployed.

Yet, from an economic viewpoint, the unregistered unemployed are part of the labour force and are, therefore, technically unemployed.

In Nigeria, unemployment data are obtained through labour force sample surveys which ask if the respondent has worked in the week preceding the survey.

REFERENCES

Adekola, P. O., Allen, A. A., Olawole, I. A., Akanbi, M. A. &Adewumi, O. (2016). Unemployment in Nigeria; A Challenge of Demographic Change?. International Journal of Scientific Research in Multidisciplinary Studies. Volume-2(5).

Agbodike, C. I. (2012). The impact of unemployment on Nigerian economy.  An unpublished research work submitted to the department of economics, faculty of management and social Sciences, Caritas University, Enugu.

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