Unemployment and Economic Development in Nigeria - Analysis and Policy Implications

Authors

E. O. Akinnifesi, Central Bank of Nigeria

Publisher

Central Bank of Nigeria

Keywords

Unemployment, Economic Development, Nigeria

Abstract

This paper discusses the dynamics of the unemployment problem within the development perspective of a post-independent Nigeria. It is argued that while successive governments seemed to have recognised the problem, the solutions so far adopted have resulted in mere palliatives. Several factors accounting for unemployment have included: colonialism and the white-collar job syndrome, choice of technique in industries, structure of economic organisation, migration patterns, urbanisation, population growth, educational structure, and business cycles. Of the possible consequences of unemployment, the study highlights those having social, health, political and economic dimensions such as stress, suicide, parasuicide, armed robbery, coup d'etats, inflation, etc. Based on the findings obtained, recommendations are offered which hopefully would mitigate the unemployment problem in the short-run, while depressing it to a natural rate in the long-run.

Author Bio

The author is a Deputy Director of Research, and Head of Statistics and Econometrics Division, Research Department, Central Bank of Nigeria

Publication Title

CBN Economic and Financial Review

Issue

2

Volume

24

Recommended Citation

Akinnifesi, E. O. (1986). Unemployment and Economic Development in Nigeria - Analysis and Policy Implications. CBN Economic and Financial Review. 24(2), 52-63.