Abstract
Unemployment is a global phenomenon which has attracted the attention of developed and developing nations because of its attendant consequences. Given the incidence of unemployment in the country and its attendant consequences this study investigates the empirical relationship between unemployment and economic development in Nigeria. Using the ordinary least technique and time series data from 1980-2017, the study explored the relationship between unemployment and economic development in Nigeria. The result shows that unemployment has negative effect on economic development of Nigeria. This implies that an inverse relationship exist between unemployment and economic development in Nigeria. In the light of the findings, the study recommended that the government should create employment opportunities in order to reduce drastically our unemployment rate, fiscal policy and monetary policy that can induce job creation should be adopted. Skill acquisition and on the job training programmes should be highly encouraged so as to achieve sustainable economic growth and development in Nigeria.
Highlights
The issue of unemployment has become a global phenomenon demanding increased attention, but the impact is more devastating in developing nation (Wamukonya, 2003)
EMPIRICAL REVIEW Innocent (2014) in his study unemployment rate in Nigeria: Agenda for government stated that unemployment will always be present in an economy as industries expand and contract, as technological advances occur, as new generations enter the labour force, and as workers voluntarily search for better opportunities
A percentage increase in unemployment at period 3 contributes about -2.41 percent reduction in economic development proxy by human development index (HDI).This implies that an inverse relationship exist between unemployment and economic development
Summary
The issue of unemployment has become a global phenomenon demanding increased attention, but the impact is more devastating in developing nation (Wamukonya, 2003). EMPIRICAL REVIEW Innocent (2014) in his study unemployment rate in Nigeria: Agenda for government stated that unemployment will always be present in an economy as industries expand and contract, as technological advances occur, as new generations enter the labour force, and as workers voluntarily search for better opportunities. Dramane, and Christophe (2012) investigated the relationship between Immigration, Growth and Unemployment in 22 OECD countries using panel VAR technique to analyse data spanning from 1987 to 2009 Their result provided evidence that migration contributed to host economic prosperity (positive impact on GDP per capita and negative impact on aggregate unemployment, native and foreign-born unemployment rates). The Johansson cointegration test and the error correction mechanism were performed
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