Economic effect of unemployment in the Nigerian economy

Abstract

The term unemployment can be defined as an economic condition marked by the fact that individuals actively seeking jobs remain unemployed. Unemployment is expressed as a percentage of the total available work force not working. The rate of unemployment varies with economics conditions and other circumstances. Unemployment is frequently seen in graduates of big institutions of learning most especially in under developed nations such as Nigeria. The study was formed to investigate the effect of unemployment on economic growth in Nigeria. The research focuses on determining the cause and impacts of unemployment, and how the problem of unemployment in Nigeria will be reduced to a minimal level or even eradicated. Its focus on this objective is to determine the relationship between unemployment and economic growth in Nigeria (GDP). The method of analysis used in testing the hypothesis is the T-test, F-test etc. The major findings were that unemployment has a negative impact on the gross domestic product (GDP) of the Nigeria economy. Some suggestions and policy recommendations were made based on the findings.