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Youth Unemployment and Economic Growth

In: Business and Management

Submitted By pels777
Words 9897
Pages 40
1.1 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 with us with various degree for the past decades. Increasing population explosion of the last few years raised the situation to a critical dimension which cannot be ignored without disastrous consequences.
The number of unemployed persons keeps increasing with each passing day. Thousands of Nigerian graduates who have completed the compulsory National Youth...

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