Nigeria is a developing nation categorized as one of the poorest countries in the world with many of her citizens living below the poverty line. Problems facing the country range from unemployment, poverty, conflict, national insecurity and diseases. The potential for rapid economic growth and development is very high in Nigeria because of the rich human and material resources. However, the economic performance of the country by all indices can best be described as abysmal, unfocused, erratic, and largely unimpressive with attendant socio-economic and political consequences. Ekpo (1987) in Bassy and Atan(2012) states that the issues that constitute Nigeria’s’ crises of underdevelopment and the poor growth performance of the economy are depicted in the rising incidence of poverty, massive and graduate unemployment, skyrocketing inflation, worsening balance of payment, disequilibrium, monumental external debt burden, widening income disparity, and growing fiscal imbalance. This observation made over two decades ago are even more prevalent today particularly massive unemployment and poverty which can be categorized as the catalyst for other socio-economic problems facing the country today. Nigeria is said to have a massive population of young people. Statistics from the manpower Board and the Federal Bureau of Statistics indicate that out of the estimated population of 150 million, 80 million which constitute 60% are youths; 64 million representing 60% are unemployed, while 1.6
Ekpo, A. H. (1987) Distortions in economic theory and methods: The Nigerian scene. In proceedings of NES Annual Conference, 67-105. Bassy, G. E. and Atan, J. A. (2012) labour Market Distortions and University Unemployment in Nigeria: Issues and Remedies. Current Research Journal of Economic Theory 4(3) 67-76.