TOPIC: POVERTY AND UNEMPLOYMENT IN NIGERIA. formulate two hypothesis and state two problems.

TOPIC: POVERTY AND UNEMPLOYMENT IN NIGERIA

Abstract

The majority of Nigeria population, the poor people in affluent society, is enmeshed in the net of poverty. The Nigerian government seem to have failed in its contractual obligation to respect and sustain its social contract with the people. There is a seemingly total collapse of social security, increase in unemployment rate and consequently inbreed of youth restiveness.

: POVERTY AND UNEMPLOYMENT IN NIGERIA. formulate two hypothesis and state two problems.

: POVERTY AND UNEMPLOYMENT IN NIGERIA. formulate two hypothesis and state two problems.

: POVERTY AND UNEMPLOYMENT IN NIGERIA. formulate two hypothesis and state two problems.

: POVERTY AND UNEMPLOYMENT IN NIGERIA

: POVERTY AND UNEMPLOYMENT IN NIGERIA. formulate two hypothesis and state two problems.

: POVERTY AND UNEMPLOYMENT IN NIGERIA

: POVERTY AND UNEMPLOYMENT IN NIGERIA

This study sets out to investigate the relationship between unemployment, poverty and the state of affairs of things in the country. The primary objective of this article is to ascertain whether the increased wave of violence in Nigeria is as a result of unemployment and poverty. The study underscores that unemployment and poverty are universal phenomena, not necessarily a peculiar characteristic of any particular segment of the society. The research revealed that unemployment and poverty have direct link to security challenges as well as other social norms in Nigeria. There is need for a radical reform in the areas of skill acquisition centres, agricultural development scheme for creation of employment opportunities and holistic restructuring of peace building mechanisms to curb these social ills and reposition the drifting nation to a more purposeful track.

Keywords: Economic growth, Unemployment and Poverty

INTRODUCTION

Globally, there is an awareness on the need to curb poverty especially in the developing countries, the picture been painted on the global food crises, poor living conditions, low access to basic necessities of life needs to be addressed not only by the developed nations but by the developing nations themselves.

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Governments should wake up to their responsibilities of providing the necessary infrastructures, making correct polices, ensure its implementation so that these are translated into the reduction of poverty and unemployment, while also promoting economic growth. Poverty is multi-faced, it is characterized by a lack of purchasing power, exposure to risk, insufficient access to social and economic services and limited opportunities for employment generation. Rising unemployment negatively impacts on the economy because it brings about low per capita income which is also an indication of poverty, more importantly it is a waste of a country’s resources.  Theoretically, the foundation of unemployment is vast and it can be found in the spectrum of the classical, neo classical, neo Keynesian and the new classical schools.  The endogenous growth theory is also discussed. Rapid and sustained economic growth utilizing a new industrial strategy geared towards reducing unemployment and proficient use of the advantages of modern infrastructures will reduce poverty. This is evident in some countries in East and South Asia. Unfortunately in Nigeria, economic growth has not always been accompanied by decline in unemployment and poverty. The Nigerian labour market is characterized by high rate of unemployment, low wages and poor working conditions.

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The various poverty alleviation programmes and policies aimed at curbing unemployment seem not to be producing the desired result. Thus the objective of this study using Nigerian data from 1970 – 2007 is to examine the impact of unemployment and poverty on economic growth using cointegration and the error correction mechanisms. The model of the study is GDP = f (U, Y, G, H). It is expected that unemployment rate would have an indirect impact on economic growth while income, government investment and investment in human resources would have a direct impact on economic growth. Also there would be a long term relationship between economic growth and the dependent variables under consideration. The study recommended that government annual budgets should be geared towards the provision of necessary infrastructures and investment in human resources needed to boost production which will create employment, raise income and thus reduce poverty. The focus of government should be implementation and monitoring of its policies.

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CONCLUSION

The incidence of unemployment in Nigeria in this 21st century is alarming. The rates keep on rising without any appreciable effort to cushion the effects. Hence, this paper examines the factors responsible for high unemployment in Nigeria and its social, economic and political implications. Findings revealed that corruption in both public and private and at the individual levels, industrial decay, and neglect of the agricultural sector are among many others factors responsible for the scourge. It was also revealed that widespread poverty, youth restiveness, high rate of social vices and criminal activities are prevalent because of joblessness, and if not controlled, apathy, cynicism and revolution might become the consequent. The study therefore, recommends urgent intervention in the sensitive sectors of the economy such as power, industry, and agricultural sectors in order to create employment opportunities. Also, the fight against corruption should be intensified.

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