...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...
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...CHAPTER TWO REVIEW OF RELATED LITERATURES 2.0 Introduction There have been a lot of work on SSEs but the available few have given in depth into the concept of SSEs. In Nigeria, attention has been drawn to the fact that SSEs have been receiving Small attention from government whereas they provide employment for a large number of people engaged in manufacturing as well as playing roles of crucial importance to our developing country. This is why it is important to reconsider the problem hindering the development of SSEs in Nigeria. There have been numerous contributions, opinions, and commentaries on how the government can help in the development of SSEs in Nigeria. Unfortunately, some of these opinions have not been given a listening ear by...
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...THE IMPACT OF UNEMPLOYMENT ON ECONOMIC GROWTH IN NIGERIA (1970-2010) BY DUROSINMI TEMIDAYO.O EC/2008/622 DEPARTMENT OF ECONOMICS FACULTY OF MANAGEMENT AND SOCIAL SCIENCE CARITAS UNIVERSITY, AMORJI-NIKE ENUGU STATE AUGUST, 2012. i TITLEPAGE THE IMPACT OF UNEMPLOYMENT ON ECONOMIC GROWTH IN NIGERIA A PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF BACHELOR IN SCIENCE (B.SC) DEGREE IN ECONOMICS BY DUROSINMI TEMIDAYO.O EC/2008/622 DEPARTMENT OF ECONOMICS FACULTY OF MANAGEMENT AND SOCIAL SCIENCE CARITAS UNIVERSITY, AMORJI-NIKE ENUGU STATE AUGUST, 2012. ii APPROVAL PAGE I certify that this research work was carried out by DurosinmiTemidayo .O. Reg .No. EC/2008/622, of the Department of economics, Faculty of Management and social sciences; Caritas University Amorji-Nike Emene Enugu State. --------------------------------Projectsupervisor ---------------------------------Date -------------------------------ONWUDINJO,P.C Head of Department --------------------------------Date -------------------------------PROF.CHARLES Dean of Faculty UMEH ----------------------------------Date --------------------------------External Examiner --------------------------------Date iii DEDICATION I dedicate this work to God Almighty, to my loving parents BARR and MRS O.A DUROSINMI for all their support thought out the pursuit of my academic careers. I also extend my dedication to my Uncle Engr. T,A DUROSINMI for his fatherly support, and to my siblings. I love...
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...Historical Background Unemployment as a concept has attracted large coverage both domestically and internationally. It has been the most persistent and unmanageable problem facing both developed and developing nations of the world. The fact remains that a hundred percent employment exist in no nation of the world. All nations experience at least a minute proportion if not large rate of unemployment and a major macroeconomic goal of most if not all nations is to combat unemployment problems in their economies. Unemployment has been categorized as one of the serious impediments to social welfare. Apart from representing a colossal waste of a country’s manpower resources, it generates welfare loss in terms of lower output, thereby leading to lower income and wellbeing. The need to avert the negative effects of unemployment has made the tackling of unemployment problem to feature very prominently in the development objectives of many developing countries. One of the steps taken by the Nigerian government to reduce the problem of unemployment in Nigeria was the establishment of National Directorate of Employment (NDE). Unemployment has been defined as the absence of a job by an able bodied person. It is a term often denoting the percentage of people in the labour force who are not working. The concept of unemployment is not an entirely new one in Nigeria. Patrick Koshoni, (2005), a former Labour Minister has this to say “The problem of mass unemployment is not new, it has been...
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...A Look into Nigeria’s Economy The Republic of Nigeria, more commonly known as Nigeria is the largest country in Africa and was under the control of Great Britain until 1960 when they gained independence. In 1999 Nigeria returned to a democratic form of government which has worked well for them until just recently when security concerns began to arise due to the presence of the radical Islamist sect, Boko Haram. Nigeria has the continent’s largest population with 173.6 million people and the largest economy as well. Although Nigeria’s economy is the largest in Africa, 61 percent of the residents are reported to survive on less than $1.00 per day with corruption within the government being the main reason for poverty. Nigeria is also the largest oil producer in Africa and the 10th largest oil producer in the world and as of 2009, the Nigerian film industry was the second largest movie producer in the world. When looking at economic freedom, Nigeria is ranked 120th in the world and 22nd in the Sub-Saharan Africa region and has an Economic Freedom Score of 55.6. The labor force of Nigeria is roughly 54.2 million or 56.1 percent of the population and the unemployment rate is 8%. Nigeria has experienced strong economic growth averaging 6.5 percent within the past ten years and inflation has decreased in recent years to the rate of 8 percent. It is my goal to explore unemployment in Nigeria, the reason for its strong economic growth as well as the improvement and decline in...
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...welfare. This essay focuses on how we can create and expand employment opportunities in Nigeria in order to solve Nigeria’s security challenges. This essay starts by giving an overview of the Nigerian employment landscape since Independence, it then adapts Joachim Von Braun’s Employment generation chain to schematically explain the economic impact of employment creation, and finally it proffers solution on how Nigeria can create jobs for its population in order to live in a safer Nigeria. The Nigerian Employment Landscape Employment generation is a primary economic development goal of every industrializing nation. More jobs generally mean more economic activities, more tax revenues for the government, and less idle time. Job growth permits the expansion and improvement of public goods and services, leading to an improved quality of life and enhanced prospects for future employment growth. In addition, a vibrant job market provides an incentive for citizens to continue their education since the rewards for such are evident in better employment opportunities. While an expanding job market encourages workers to upgrade their skills in order to qualify for available higher wage jobs, sustained job growth stimulates improvements in the education and skills of the labour force, making the nation a more attractive location for businesses in the future. The present employment situation in Nigeria has its roots in the country’s economic...
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...SOCIAL CULTURAL FACTORS THAT MAKE NIGERIA A LESS DEVELOPED COUNTRY. 1. Discrimination: Sometimes there are social or cultural factors that hold back Nigeria. Discrimination is one of these. If there are certain people groups that are discriminated against, the country’s overall productivity can suffer. This may be a tribe, a caste, a racial category or minority language group. In Nigeria a high level of discrimination exist which has hindered Nigeria’s development. These include: I) RELIGION: in Nigeria a major religious discrimination is that between the Christians and Muslims. Every day crises in different parts of the country most especially in the north, Christians are killed every day, bombs are planted in places of worship which destroys structures, leads to land, air, and water pollution; all these are as a result of difference in belief and doctrines. All these hinder the development of Nigeria as a country. II) ETHNIC GROUPS: Nigeria as a country is blessed with different ethnic groups which incorporates different cultures. The difference in language, cultures and beliefs leads to discrimination. III) SOCIAL STATUS: in Nigeria the discrimination between the rich and the poor ones has been one of the major cause of discrimination, the rich don’t always want to associate with the poor talk less of helping the poor, therefore the rich will remain richer while the poor will continue to be poor when this happens there would be an extreme case of continuous poverty...
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...Nigeria, located in West Africa, is Africa’s most populous country with the recent estimate at 170 million. In spite of possessing huge human capital, fertile soils and being oil-rich, Nigeria can teach the mineral rich world a lesson or two about what not to do. Corruption, political instability, pollution and poor management are some of the reasons Nigeria has not been able to rise and gain the status it should have in the African continent. Macro-economic factors • Gross Domestic Product (GDP) A look at the real GDP growth of Nigeria shows that it has ranged between 6.4% and 7.8% from 2007-2013. It reached its peak of 7.8% in 2010 and is forecasted to be 6.4% in 2012 as compared to the world average of 2.2% and 3.9% for Sub-Saharan Africa. Economists say that it is in fact the non-oil sector that has pushed the economy forward, and will continue to do so. Growth can largely be attributed to activities in telecommunications followed by building and construction, and the services sector in general. Regulatory body, the Nigerian Communications Commission (NCC) was established in 1992, and commenced full market liberalization and reform in 2000. It is sensed that investment in telecom has triggered off an economic chain which has positively impacted other sectors of the economy. GDP growth has not improved the living standards of the Nigerian people. They continue to be inundated with increased unemployment, poverty, poor healthcare among various others. As seen below...
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...TOPIC: ROLE OF HIGHER EDUCATION IN MANPOWER PLANNING AND DEVELOPMENT IN NIGERIA: CASE STUDY OF UNIVERISY OF LAGOS Keyword: Higher Education, Manpower, Planning and Development. Abstract Education is frequently seen as a means to strengthen national capacity, (United Nations Development Programmes (UNDP), 2010). How exactly education contributes to manpower planning in Nigeria and yet high unemployment rate often remains a black box. Hence, there is a strong case to be made that the interplay between higher education and manpower planning and development should be a focus of attention in the policy arena. Conventional thinking suggests that education, and higher education in particular, is a way of meeting the manpower requirements for economic development, (Ojo, 2006). Here, manpower preparation is assumed to be a major means of capacity development. Manpower forecasting and matching is a classical approach to educational planning. The first manpower planning exercise in Nigeria started in 1959 with the appointment of Sir Eric Ashby Commission, (Ojo, 2006). With the worsening unemployment situation and the shortage of high-level manpower, that is the simultaneous occurrence of surplus of unskilled labour and shortage of skilled labour, manpower planning in Nigeria became lacked and wanted, (ibid). The main problems of the education sector in general and Africa in particular among others include poor quality, mismatch between education and the labour market. On quality, high...
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...CHAPTER ONE 1.0 Introduction 1.1 Background of the study The mass unemployment of qualified and able-bodied men/women has generated much concern all over the world. ILO (2011) noted that despite the rapid recovery in the global economy that took place in 2010, following two years of severely adverse labour market condition, global unemployment remained elevated in 2010. According to ILO (2011) the number of unemployed stood at 205 millions (6.2%) in 2010. The above scenario propelled Nigerian like other nations’ government around the world to take some practical steps towards alleviating unemployment. Despite the frantic efforts towards the eradication of this phenomenon, it is sad to know that Nigerian economy continues to experience increase in unemployment rate. Lack of employment opportunities in Nigeria has resulted in poverty, in turn poverty needs to alienation of poor people from political-economic function of the society. The population of Anambra State according 2006 census is 4,055,048. Out of this figure, 2,500,000 are unemployed amounting to 45% unemployment rate in Anambra State. Lack of employable skills is no doubt, a major contributing factor to the problem of unemployment world over and especially in Nigeria. This is so because, the educational system operated at post-independence era in the country placed emphasis on liberal education rather than acquisition of vocational skills, which prepare the individual for better employment opportunities...
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...to Nations across the globe. Nigeria is a democratic country in West Africa, with a population of over 140 million people (2006 census). Since Nigeria was officially declared an independent state and gained freedom from their British colonial masters on 1st October 1960, three major ethnic and religious groups has remained unified despite the challenges of civil war that lasted for three years (1967 – 1970), ethnic and religious crisis, that has ravaged the nation since independence till date and recently; terrorism and post electoral violence – the later having gained ground since 1999 when Nigerian transited to democratic governance. It is a truism that no nation on earth can achieve the dreams of her founding fathers if characterized by electoral violence, crisis and terrorism. Terrorism is a devastating trend that our contemporary world has had to grapple with in recent times. In this contest, it is defined as the premeditated use of violence by an individual or group to cause fear, destruction or death, especially against unarmed targets, properties or infrastructure within a state, with the intentions to compel those in authority to respond to the demands and expectations of individuals or group behind such violent act. The devastating effects of terrorism have been witnessed in the United States of America, especially in September 11, 2001. In Kenya, the United States Embassy was targeted in August, 7 1998, and most recently Nigeria has suffered the effects severally...
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...sustained economic growth and development, a society where opportunities for good health, nutrition and increase in wealth, national security and religious tolerant, adequate and improved infrastructure among others abound. However, it is disheartening to note that what are experienced today are increase in crime rates, political and religious uprising, corruption and other social vices. The situation is further worsened by the level youth unemployment in the country. Looking closely at the scenario, it is obvious that the ‘youths’ are the ones mostly involved. This group (youths), is supposed to be looked upon as the engine room of development in any country. Japan, China, India, USA, Great Britain and other advanced countries in the world made technological breakthrough because of the involvement of the youths. However, the Nigerian youths are yet to be recognized and their impact is yet to be felt. It is in view of this that this paper is structured to explain the need for reintegrating the youth as a panacea for the security challenges in Nigeria. Operational Definition of Terms In order to make this article explicit, the following definitions of terms are given as used in the text. Youths – These are part of the population who are active and their ages fall range between 18 – 45 years. Reintegration – A process of educating, rehabilitating, accepting and engaging the youths to be productive and useful in a society. Panacea – Solution to problem to socio-economic challenges...
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...on January 25, 2015 / in Elections 2015, Viewpoint 9:41 am / Comments I need to preface this article with a few clarifications. I have taken a long sabbatical leave from partisan politics, and it is real fun watching the drama from the balcony. Having had my own share of public service (I do not need a job from government), I now devote my time and energy in pursuit of other passions, especially abroad. A few days ago, I read an article in Thisday entitled “Where is Charles Soludo?”, and my answer is that I am still there, only that I have been too busy with extensive international travels to participate in or comment on our national politics and economy. But I occasionally follow events at home. Since the survival and prosperity of Nigeria are at stake, the least some of us (albeit, non-partisan) must do is to engage in public debate. As the elections approach, I owe a duty to share some of my concerns. In September 2010, I wrote a piece entitled “2011 Elections: Let the Real Debate Begin” and published by Thisday. I understand the Federal Executive Council discussed it, and the Minister of Information rained personal attacks on me during the press briefing. I noted more than six newspaper editorials in support of the issues we raised. Beside other issues we raised, our main thesis was that the macro economy was dangerously adrift, with little self-insurance mechanisms (and a prediction that if oil prices fell below $40, many state governments would not be able to pay salaries)...
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...INSTABILITY AND ETHNIC/RELIGIOUS CRISES IN NIGERIA BY: IRABOR PETER ODION 07037830536 DEPARTMENT OF SOCIAL STUDIES, COLLEGE OF EDUCATION, IGUEBEN, EDO STATE BEING A PAPER PRESENTED AT THE COUNSELLING ASSOCIATION OF NIGERIA (CASSON) HELD AT SCHOOL HALL, NATIONAL GRAMMAR SCHOOL, NIKE ENUGU, ENUGU STATE FROM 16TH TO 17TH OF APRIL, 2012 ABSTRACT Counselling-which that provides direction or advice as to a decision or course of action is inevitable in any organisation, institutions or society. More importantly, the roles of counselling in a country like Nigeria made up of diverse ethnic groups and often confronted with socio-political menace that threatens her existence cannot be over emphasized. This study therefore investigates the roles and important of counselling towards the sustainability of Nigeria socio-political development and ethnic/religious unity. Finally, the study examined and recommended how Nigeria can equally experience stable socio-political and ethnic/religious unity with the counsellors playing divergence role in the society. INTRODUCTION Nigeria is a country of extraordinary diversity and as such has extraordinary complexities (Irabor, 2011). Indeed, Nigeria adventure into pluralism of religions and ethnic diversities owns its origin to colonial conquest which permeated the entire continent of Africa beginning from the early 19th century. In the case of Nigeria, the amalgamation of the Northern and...
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...andy chuks Role of business in Economic Development in Nigeria[->0] Share This, Tweet, +1 or Recommend &&&&&&&&&The role of business or entrepreneurship in economic development in Nigeria is very crucial and forms the backbone of National development. Below are some of the roles played by business in developing the economy of Nigeria. - Employment Generation: In Nigeria privately own small, medium and large scale business has come to be known as major source employment creation, unlike pre independence era where government was the major employer. By doing this business has helped in reducing the rate of unemployment. Businesses employs people to help them achieve their aims and objectives, with the establishment of businesses in Nigeria unemployment rate have fallen to some extent. - Direct Creation of Wealth by Contribution to the Gross National Product (GNP): GNP is the total monetary value of all goods and services produced in a country within a particular year. Businesses contributes directly to this because with more businesses the GNP will increase, also as businesses grow GNP increases. A country's level of economic development in determined by its GNP. - Provision of Technical Innovation: Innovations has been engineering by businesses seeking to improve their products and services. These innovations has brought tremendous improvement in the economy of countries. - Providing Competition: Businesses compete among themselves to perform better, this competition...
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