Unemployment in Nigeria

In: Social Issues

Submitted By Topeyemi
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European Journal of Economics, Finance and Administrative Sciences ISSN 1450-2275 Issue 11 (2008) © EuroJournals, Inc. 2008 http://www.eurojournalsn.com

Reducing Unemployment Through the Informal Sector: A Case Study of Nigeria
Ishola Rufus Akintoye Senior Lecturer, (OOU) Room 116, Department of Economics Faculty of the Social Sciences, University of Ibadan Ibadan, Nigeria – West Africa Abstract This paper seeks to establish that unemployment as one of the macroeconomic problems could be reduced through the informal sector participation provided it is well supported and manged. The informal sector in itself may not be able to achieve much as we have presently due to inaccessibility to credit, but with the on-going policy of the Federal Government through the Central Bank of Nigeria on micro-financing the macroeconomic objective of reduced unemployment, if not full employment will become a reality in Nigeria. The microfinance policy has empowered the many microfinance institutions to provide credit to the informal sector. We therefore advise that the Nigerian Government and all relevant stakeholders continue in their quest towards reducing unemployment while they give their undivided support, in making sure that the informal sector continues to enjoy access to credit to finance its activities and accomplish its goal of unemployment reduction.

Introduction
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). 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…...

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