1.1 Background to the Study
Unemployment constitutes the major impediments to social progress. A part from representing a colossal waste of a country’s manpower resources, it generates welfare loss in terms of lower output thereby leading to lower income and well-being. It is see as both macro and socio-economic problem; which arises as a result of insufficient and non- availability of jobs to correspond with the growing population (Uwazie & Ihugba, 2009). It is defined by the international labour organization (1982) as comprising all the persons above a specified age who during the reference period, are without work, that is, are not in paid employment. Feridun and Akindele (2006) identified unemployment as one of the major challenges confronting the Nigeria economy. Bello (2003) defined unemployment as the percentage of the labour force that is without job, but is able and willingness to work. According to Noko (2013), unemployment in Nigeria is defined as the proportion of labour force that was available for work but did not work in the week proceeding the survey period for at least 39hours. Muhammand, Inuwa, and Oye (2011) submitted that unemployment constitutes a series of serious development problems and is increasingly more serious all over Nigeria.
There is actually no nation that is absolutely free from unemployment. The major difference is the degree and pervasiveness of this plight. According to the central intelligence Agency (CIA ) (2014), Nigeria with an estimated population of about 177million (2014 est.) following an April 2014 statistical “rebasing “ exercise, Nigeria emerged as Africa’s Largest economy, with 2013 GDP estimated at US &502 billion with a GDP growth rate of 6.2 percent (CIA). As impressive as the above figures may appear, youth unemployment has been one of the major problems facing Nigeria. A high level of unemployment and unemployment is one of the critical socio-economic problems facing Nigeria as the labour face with an increasing proportion of youths who are unable to get absorbed into the labour market.
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EMPIRICAL RELATIONSHIP BETWEEN UNEMPLOYMENT AND ECONOMIC GROWTH IN NIGERIA