Effect of Unemployment and Growth on Nigeria Economic Development

Abstract

Inflation is a primary cause of unemployment. And yet, learned men and reputable advisers prescribe it, and powerful politicians and officials apply it as a cure for unemployment. In the name of ‘’full employment” they create money and credit that generate the business cycle, misdirect human labour, reduce productivity of labour , and create mass unemployment. It was in the light of the above statement that brought the research to examine the effects of unemployment and growth of Nigeria economy. In making the research work explicit, Pearson Product Moment Statics was used to test the stated hypotheses. From the result of the finding, it was discovered that there is significant relationship between gross domestic products, inflation rate exchange and unemployment rate in the growth of Nigeria economy. Based on this, it was recommended that, government should also instill laws that will imbibe discipline, encourage and boost hardworking in the society. Opportunities should be made available and open to everybody without the power play of godfathers for easy bank credit. The billions of money being wasted on National Directorate of Employment by the federal government should be converted to loans for people without means but with viable and profitable projects that could guarantee employment through the production of both industrial and agriculture consumable products or goods.

Keywords: Unemployment, growth, Economic Development