RELATIONSHIP BETWEEN UNEMPLOYMENT AND INFLATION IN NIGERIA (1980-2012) .
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RELATIONSHIP BETWEEN UNEMPLOYMENT AND INFLATION IN NIGERIA (1980-2012) .
1.1 Background of the Study
Inflation is defined as a general increase in the cost of goods and services over time in the country Balami (2006). It is also associated with money and is stated to as an excess of money in circulation chasing a limited supply of commodities.
According to Hamilton (2001), inflation is defined as an increase in the money supply in response to a country’s low production level. It is defined as the rate at which the general price level increases over a given time period.
Unemployment is defined as the number of economically active people who are looking for job. These include persons who have been laid off or have willingly left their occupations (World Bank, 1998).
The research consequently seeks to establish the relationship between unemployment and inflation in Nigeria during the period (1980–2012).
1.2 Statement of the Problem
Inflation and unemployment are the leading causes of underdevelopment
In the countryside. Inflation and unemployment have had a significant impact on Nigeria’s economy, culminating in an economic recession. Adebayo and Ogunrinola (2006).
Unemployment has increased the waste of the nation’s human resources, but inflation has resulted in a widespread fall in people’s living standards.
As a result, the full potential of the labour-surplus economy has not been completely realised. Adebayo (2010).The study problem aims to determine the relationship between unemployment and inflation in Nigeria from 1980 to 2012.
1.3 GOALS OF THE STUDY
Inflation is defined as a general increase in the cost of goods and services over time in the country Balami (2006). It is also associated with money and is stated to as an excess of money in circulation chasing a limited supply of commodities.
According to Hamilton (2001), inflation is defined as an increase in the money supply in response to a country’s low production level. It is defined as the rate at which the general price level increases over a given time period.
Unemployment is defined as the number of economically active people who are looking for job. These include persons who have been laid off or have willingly left their occupations (World Bank, 1998).
The research consequently seeks to establish the relationship between unemployment and inflation in Nigeria during the period (1980–2012).
Determine the link between unemployment and inflation in Nigeria.
To identify the causes of unemployment and inflation in Nigeria.
To assess the impact of unemployment and inflation in Nigeria.
1.4 RESEARCH QUESTIONS.
What is the correlation between unemployment and inflation in Nigeria?
What are the causes of Nigeria’s unemployment and inflation?
What are the effects of unemployment and inflation in Nigeria?
1.5 Significance of the Study
The study will highlight the relationship between unemployment and inflation in Nigeria.
It shall also act as a veritable source of knowledge for economic specialists and administrators, including government officials, to formulate policies.
1.6 Research Hypothesis
Ho Nigeria has low levels of unemployment and inflation.
Hi Nigeria has significant levels of unemployment and inflation.
1.7 SCOPE OF THE STUDY.
The study focuses on assessing the relationship between unemployment and inflation in Nigeria.
1.8 Limitations of the Study
The research was hampered by some constraints, including a geographical element and logistics.
1.9 Definition of Terms
INFLATION DEFINED.
Inflation is defined as a general increase in the cost of goods and services over time in the country Balami (2006). It is also associated with money and is stated to as an excess of money in circulation chasing a limited supply of commodities.
According to Hamilton (2001), inflation is defined as an increase in the money supply in response to a country’s low production level. It is defined as the rate at which the general price level increases over a given time period.
Unemployment is defined.
Unemployment is defined as the number of economically active people who are looking for job. These include persons who have been laid off or have willingly left their occupations (World Bank, 1998).
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