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Bullion

Keywords

Unemployment rate, Economic growth, Okun's law, Economic policies, Nigeria

Abstract

This paper investigates the relationship between unemployment and economic growth in Nigeria through the implementation of the Okun’s law using the data from 1980 to 2013. The result indicates that the Okun’s law cannot be confirmed for Nigeria as the Okun’s co-efficient though properly signed was not significant at conventional level. As a result economic policies allied to demand management might not have the desired outcome of reducing unemployment in the country. Thus, the implementation of economic policy learning towards structural change and reforms in the labour market would be more appropriate to reduce unemployment in Nigeria.

Author Bio

The author, Emmanual Ating Onwioduokit is of the West African Monetary Institute Accra, Ghana.

Publication Title

CBN Bullion

Issue

3 - 1

Volume

36 - 37

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