Cost Implications of Unemployment on the Nigerian Economy

Abstract

Unemployment is like cankerworm and cancer that has plagued and which has eaten deep into the fabric of the economy. The study examines the menace of unemployment and its cost implications in relation to the activities of the Militants, the nefarious activities of Boko Haram sect and infrastructural vandalization by the unemployed youths on the economy. Survey research method was employed and data were collected from the sampled population with the aid of questionnaire and relevant secondary sources of data were also used. Chi square was used to test the hypotheses at 5% level of significance. Multiple regression analysis was employed to analyse the time series data used in the study. Findings show that unemployment has negative cost implications on Nigerian economy. It was recommended that a policy that will reduce unemployment to the bearest minimum be introduced.

Key words: Unemployment; Cost Implication; Nigerian Economy.