Effects of Youth Unemployment and its Consequences on Economic Growth in Nigeria
This study investigated the effects of youth unemployment and its consequences on economic growth in Nigeria. One of the greatest challenges facing the Nigeria economy is unemployment. The problem of unemployment in Nigeria is a national issue that should be handled with care as the rate of unemployment in Nigeria since 1973 has been growing in a geometric progression. Its source could be traced to the diversification of Nigeria economy into oil sector that only provides less than 10% employment opportunity to its labour force. Descriptive research design of survey type was used while multi-stage sampling technique was employed in selecting 600 respondents. Two research questions and three research hypotheses were tested using Effect and Consequences of Youth Unemployment Questionnaire (EACOYUQ). Data were analyzed using frequency counts, percentages and Pearson product moment correlation. The results showed that there is significant relationship between youth unemployment rate and Nigerian economic growth (r=0.820, P<0.05), between youth unemployment rate and government’s programmes to solve the problem (r=0.924, P<0.05), and between government’s programmes to solve the problem and government’s possible ways in ensuring the reduction of unemployment level in Nigeria (r=0.765, P<0.05). The result further showed that rapid growth of population (89.1%), massive corruption (81.7%), growth of labour force (81.5%), lack of employable skills (80.6%), lack of industries/factories (79.2%) and cultural barriers (64.3%) were major causes of youth unemployment while the study also revealed that the use of youth as political thugs (87.5%), the use of youth in various anti-social vices (81.5%) and the use of youth to destabilize and truncate the democratic and development process in the state (71.7%) were the consequences of youth unemployment. Based on this it was recommended that government should encourage entrepreneurial activities which are believed to be the remote cause of unemployment problem in Nigeria. Also, National Directorate of Employment should be allowed to give loans to people with viable and profitable projects that could guarantee employment through the product of both industrial and agricultural consumable products and goods.
Keywords: Effects, Unemployment, Growth, Nigeria, Economic Development.