IMPACT OF UNEMPLOYMENT ON THE ECONOMY OF NIGERIA (1970-2010)

IMPACT OF UNEMPLOYMENT ON THE ECONOMY OF NIGERIA (1970-2010)

ABSTRACT 

Unemployment is an economic circumstance in which individuals who are actively looking for work are not hired. Unemployment is calculated as a proportion of the total available labour force. The level of unemployment changes according on economic conditions and other factors. This is most common among graduates of various educational institutions, particularly in underdeveloped countries such as Nigeria. The study’s purpose was to look into the impact of unemployment on economic growth in Nigeria during a 41-year period. The study focusses on discovering the causes and effects of unemployment, as well as ways to reduce or eliminate unemployment in Nigeria. The goal is to determine the relationship between unemployment and economic growth in Nigeria (GDP). The hypothesis is tested using various analytical methods such as the T-test, F-test, and so on. The key finding was that unemployment has a detrimental influence on Nigeria’s GDP. The findings were used to make some comments and policy recommendations.