“THE EFFECT OF UNEMPLOYMENT ON YOUTH”
Unemployment describes the condition of people who are without jobs; unemployment is a global trend that mostly occurs in developing countries of the world, which not only affects them socially but also psychologically. “Unemployment is one of the developmental problems that face every developing economy in the 21st Century. International statistics portray that industrial and service workers living in developing regions account for about two-thirds of the unemployed” (Patterson et al, 2006).
In Nigeria accurate unemployment rates are difficult to obtain and generally mean little in a society where many who work are marginally employed and where begging is a socially accepted occupation. ‘The Nigerian economy since the attainment of political independence in 1960 has undergone fundamental structural changes. The domestic structural shifts have however not resulted in any significant and sustainable economic growth and development. Available data show that the Nigerian economy grew relatively in the greater parts of the 1970s, with respect to the oil boom of the 1970s; the outrageous profits from the oil boom encouraged wasteful expenditures in the public sector dislocation of the employment factor and also distorted the revenue bases for policy planning. This among many other crises resulted in the introduction of the structural adjustment programme (SAP) in 1986 and the current economic reforms. The core objective of the economic structural reform is a total restructuring of the Nigerian economy in the face of population explosion’ (Douglason et al, 2006).
Nigeria is considered as the most populous country in Africa and the eight most populous country in the world with a population of 154,729,000 citizens; with a nominal GDP of 5,207,116 billion and a nominal per capital income of $1, 4011, Nigeria also has the second largest economy in Africa. If I may ask is this country not blessed? But still plagued with youth unemployment which had been one of our major problems in recent years; both government and the private sector had discussed this issue at forums and conference but have not found a solution to it. Its continued existence had been lined to lack of power supply and financial empowerment for youths; Youth unemployment in Nigeria is mostly referred to as graduate unemployment and this means that only the skilled youths are seen as unemployed while the unskilled youths are not a homogeneous group and their employment prospects differ according to numerous factors ranging from region to gender to school. ‘Youth unemployment in Nigeria has become one of the most serious socio-economic problems confronting the country. The magnitude of this problem can be appreciated if accurate data on the number of jobless young people roaming the streets of Nigerian cities, towns and villages is available. Unfortunately, accurate statistics on youth unemployment are lacking. Nevertheless, estimates by the International Labour Organization (ILO, 1999) in Sub-Saharan Africa show that unemployment affects between 15-20 percent of the work force; and out of these estimates, young people comprises 40 to 75 percent of the total number of the unemployed’ (Kakwagh V.V, 2010). Due to this an average Nigerian youth as considered an illegal way of survival which are considered as social vices that are bounded by law; an outcome of the country’s economic instability.
However the economic and financial structural reform put in place have not yet yield significant results. In the light of this, this project or work seeks to examine how a major macroeconomic variable, unemployment follow-on on Nigerian youth using a slightly populated region ‘Otta’ in Ogun State as the case study.
In this project the following concept will be considered, unemployment in Nigeria, Effect of unemployment among youths and...