CAUSES AND CURE OF GRADUATE UNEMPLOYMENT IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

One of the pressing challenges facing the Sub - Saharan African economies today is the trend of unemployment that is on the increase over the years. Unemployment is one of the major challenges facing developed and developing countries. As it is been usually phrased, the phenomenon of graduate unemployment (GU) in the developing countries constitute an unusual problems to labour market and the general economy of these countries. In the opinion of Oye, Ibrahim and Ahmad (2011), the state of unemployment demoralizes and increases the need of those who are able and enthusiastic to work but cannot find jobs. Unemployment is a global phenomenon, but it is more prevalent in most developing countries of the world, with resultant social, economic, political and psychological consequences (Ayinde, 2008; Emeka, 2011). Nigeria’s current unemployment situation is erratic and fall short of expectations, such that a large percentage of educated, able and qualified citizens cannot secure paid employment (Omotosho, 2009). This indicate that Nigeria over the years has steadily crumbled from its extremely resilient and esteemed position among developing nations (Ipaye, 1998). One of the major concerns of various administrations in Nigeria is the growing rate unemployment in the country and it has consistently form part of the macroeconomic objectives of the government for the past decades (Omotosho, 2009). According to the World Bank Report (1993), the growing trend of employment and productivity of the Asian Tigers and Japan is responsible for their enviable and brilliant economic performance. Evidently, absence of the necessary framework to enhance employment and productivity level in Nigeria is the sole cause of the retard nature of Nigeria, the acclaimed giant of Africa. The trend and problem of unemployment in Nigeria remains obstinate with a tendency of growing geometrically to alarming rate of 3 million unemployed youth annually (Adelodun, 2006). The trend of unemployment in Nigeria has a devastating effect on the youths from an extensive gamut of socioeconomic clusters, both the highly and less educated, even though it has mainly troubled a sizeable portion of youths from less privilege backgrounds (Ipaye, 1998).

According to Adebayo and Ogunrinola, (2006), unemployment trend in Nigeria touches the job seekers within the ages of 20 – 24 and 25 – 44 years more while there is fewer prevalence of unemployment within the ages of 15 – 19, 55 – 59 and 65 years and above. The rate of open unemployment was 12% in March 2005; it rose to 19.7% in March 2009 while the rate of underemployment hovered around 19% in 1998 (National Bureau of Statistics, 2010). From this point of view, it is apparent that unemployment, particularly the unemployment of young graduates, hinders Nigeria’s progress in so many ways. Aside from economic issue, it also creates eminent danger for political stability of our dear country (Ipaye, 1998). Consequently, massive youth unemployment as it is presently recorded in Nigeria portend a serious multifaceted problems and the threat of unemployment has gradually been acknowledged as a pressing challenges facing Nigeria (Ipaye, 1998, Udu & Ugu, 2005). According to Umaru and Zubairu (2011), unemployment has been recognized as one of the major impediments to social-economic growth in most developing countries. It reduces the aggregate output of the economy and results in underutilization of human resources. The need to avert the negative effects of unemployment has made the tackling of unemployment problems of feature very prominently in the development objective of developing countries (Omotor & Gbosi 2006). The issue of real output and employment growth in developing nations is a sine qua non for poverty reduction and a more equitable income distribution (Fofana, 2001). Omotor and Gbosi (2006) noted that the seriousness and nature of unemployment in Nigeria is relatively high when placed on the same pedestal with those of other African countries. According to them, in absolute terms; it is estimated that there are presently about 22 million youths unemployed in Nigeria.

TOPIC: EFFECT OF FOREIGN DIRECT INVESTMENT ON ECONOMIC DEVELOPMENT IN NIGERIA

Format: MS Word

Chapters: 1 - 5, Abstract, References
Delivery: Email

Number of Pages: 90

Price: 3000 NGN

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