THE IMPACT OF YOUTH UNEMPLOYMENT
CHAPTER ONE
INTRODUCTION
THE STUDY’S BACKGROUND
Humans engage in a variety of activities in order to satisfy their desires. Land, labor, capital, and entrepreneurs are all used in the production of human wants (goods and services), with labor being the most dynamic factor of production, combining with the other factors to produce goods and services for full utilization.
Unemployment will occur in society if labor is underutilized or unutilized. The term “unemployment” derives from the word “employment.” Unemployment can be traced back to the period of industrialization, which brought a higher standard of living than had previously existed. Prior to this time, the primitive community was usually self-sufficient and had no unemployment issues, despite having to accept a very low standard of living. Previously, production was done by hand.
According to Jesseful (1994) in the Nigerian journal of economic and social studies, “some unemployment began with the introduction of the money market by the colonial master to substitute or after the subsistence economy with which our people were familiar.” The colonial masters then introduced wage-earning employment in their bid to add Nigeria raw materials for export where they are sold at profitable prices.
Many people found work in the armed forces during the civil war period, but the magnitude of unemployment increased after the civil war because the majority of the unemployed are young workers entering the labor market for the first time after receiving education.
Because they did not have enough education and practical training to pursue their aspirations and values, these school leavers prefer white caller jobs to farming. The government was unable to hire anyone due to a lack of job opportunities, despite the fact that the working-age population was increasing; there was no measurable increase in job creation.
According to Oduniyi (1985), the unemployment rate in Nigeria in December (1985) was 9.8 percent, with Bendel state now Edo state having a 15.14 percent urban unemployment rate and Delta state having a 7.2 percent rural unemployment rate.
Chief Adeyemi, former president of the Nigeria Association of Chambers of Commerce, Industries, Mines, and Agriculture, once stated that “the problem of graduate unemployment in the country can be traced to incorrect educational and economic policy.”
Our educational policy is structured in such a way that our institutions of higher learning produce more graduates in the liberal arts and social sciences than in any other discipline.
When free education at all levels was introduced in 1972, the number of graduates and school leavers in the state increased without a corresponding increase.
OBJECTIVE OF THE STUDY
The study’s objectives include
i. To investigate the total number of unemployed people in Edo state, with a focus on Oredo.
ii. To investigate the rate of unemployment in Edo state, and particularly in Oredo.
iii. To investigate the impact of unemployment in Oredo.
iv. To make recommendations to help the government solve the unemployment problem.
STATEMENT OF THE PROBLEM
Previously, there were concerted efforts by both the public and private sectors to drastically reduce unemployment in the country, but all efforts failed. This hideous monster, which had long hampered the growth and development of both state citizens in general and Benin City in particular, had prompted the need for this research project.
THE STUDY’S HYPOTHESIS
1. The government’s lack of political will has hampered and increased unemployment.
2. Unemployment has hampered Benin City’s economic progress.
3. Poor government policies and policies have increased unemployment in Benin City.
4. A high rate of unemployment results in a low standard of living for the people of Benin City.
5. Economic stability has become one of the factors contributing to unemployment in Benin City.
THE STUDY’S OBJECTIVE
The research project is intended to investigate the effects of unemployment. And the boundaries were set at Benin City.
THE STUDY’S IMPORTANCE
It is expected that once this project work is completed, it will help the government and corporate individuals see the need to curb the problems of unemployment in Benin City, as well as help the government know the type of policies that should be formulated to address the problem of unemployment.
TERMS DEFINITION
Economic retrogression: This is the situation in which an economy is not progressing, i.e., it is returning to a previous and worse state.
Gross national product-: the total value of all goods and services produced in the economy over a specific time period; it is a country’s national income.
Economic catastrophe: A sudden event that causes significant economic damage or suffering.
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THE IMPACT OF YOUTH UNEMPLOYMENT