IMPACT OF UMEMPLOYMENT AMONG GRADUATE IN NIGERIA AND ITS ECONOMIC EFFECT
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IMPACT OF UMEMPLOYMENT AMONG GRADUATE IN NIGERIA AND ITS ECONOMIC EFFECT
Chapter one
INTRODUCTION
1.1 Background for the Study
It is undeniable that one of Nigeria’s most pressing issues is graduate unemployment, despite the fact that the country has over 200 universities, ranging from federal to private, as well as polytechnics and colleges of education (Ajaegbu, 2012).
This argument is based on the reality that graduate unemployment in Nigeria has impacted youngsters from a wide range of socioeconomic backgrounds, both well and less well educated. As a result, it has disproportionately affected young people from low-income families and with limited access to education.
Based on the foregoing, it is clear that graduate unemployment impedes Nigeria’s advancement in numerous ways. Apart from economic waste, it also poses a threat to political stability (Anyanwu and Iloye 1998).
It is alarming to notice that Nigerian graduates have little opportunities for productive employment. Even more depressing is the country’s economic situation, which prevents it from absorbing an appropriate amount of its own educational system produce. Employers no longer go looking for staff.
It is now the time of the graduate, who has spent many years in higher education institutions, to migrate from one office to another in search of non-existent work.
Thousands of graduates are currently waiting to be interviewed for one, two, or a few open positions in various organisations or groups. Most persons who are unable to earn a living are susceptible to social vices.
They consider themselves second-class citizens since they cannot contribute to society. Unemployment can cause sadness, low self-esteem, frustration, and a variety of other negative outcomes (Anyanwu and Iloye 1998).
Graduate employment is a critical issue in Nigeria since graduate youngsters make up a significant portion of the labour market and have unique ideas, which, among other things, are key in the country’s development process.
However, a significant share of young people are unemployed. The negative repercussions include psychological difficulties such as frustration, sadness, animosity, and the slow descent of certain visible unemployed youths into various forms of criminal behaviour.
Simply expressed, unemployment describes the situation of those who do not have jobs. The International Labour Organisation (ILO) defines unemployment as the number of economically active persons who are out of work but looking for work, including those who have lost their jobs and those who have voluntarily quit their occupations (World Bank, 1998).
Unemployment is becoming seen as one of the socioeconomic challenges confronting many emerging countries, including Nigeria and Africa as a whole. Graduate unemployment in Nigeria is a deplorable scenario that requires immediate attention in order to address the socioeconomic consequences that accompany it.
This study set intended to investigate the consequences of graduate unemployment on Nigeria’s economic progress between 1999 and 2014.
1.2 Statement of Problem
Unemployment in Nigeria, particularly among graduates, has been attributed to a variety of issues, including inconsistent power supply, corruption, and others. For example, many multinational corporations, including Michelin
Dunlop plc, Volkswagen Plc, PZ, and Unilever, have claimed unpredictable and insufficient power supply as the primary reason for closing their operations in Nigeria, exacerbating the level of unemployment.
For example, Michelin’s pullout from Nigeria lost the economy 1,300 direct jobs (Oke 2011). Furthermore, corruption is a common term in Nigerian young unemployment. Simply described, corruption is dishonest or criminal activity
particularly by those in positions of authority. It is the abuse of public office for private advantage, which typically includes misappropriation of public funds, nepotism, and falsification of facts and numbers, among other things.
Furthermore, industrialization in Nigeria has been undertaken haphazardly, with little or no consideration given to the personnel development consequences of the proposed tactics. For example, following independence, a slew of incentives were offered to entrepreneurs to entice international investment into Nigeria.
However, the industrialists who arrived were capital intensive in their operations and could not excuse the proportional size of the rising labour force from gainful employment (Yesufu, 1981).
Graduate unemployment in Nigeria has serious ramifications for both the citizens and the economy as a whole. Graduate unemployment has continued to pose numerous obstacles to Nigeria’s future leaders, jeopardising the country’s stability and survival.
Graduate unemployment has fueled crime and violence in Nigeria. With rising graduate unemployment, the gap between the rich and the poor widens, resulting in social tensions that could threaten the entire fabric of a community, state, and country.
For example, youth unemployment has been blamed for the Niger Delta’s unrest and the current Boko Haram insurgency. It has also contributed to increased drug use among young people. Most people turn to drugs out of frustration as a result of being unemployed.
It is also easy to imagine that, in addition to the aforementioned problems, a lack of consistent income could lead to inadequate nutrition and have a negative impact on the health of adolescents and their families.
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