PROJECT TITLE (INFERRED) THE STUDY FOCUSES ON THE EFFECT OF UNEMPLOYMENT ON THE NIGERIAN ECONOMY. SPECIFICALLY, IT EXPLORES THE RELATIONSHIP BETWEEN UNEMPLOYMENT AND REAL GROSS DOMESTIC PRODUCT (RGDP) IN NIGERIA, OFTEN REFERENCING OKUN’S LAW.
Abstract
Abstract (Summary of Research)Objective: The research aims to determine the impact of unemployment, alongside other variables like interest rates, investment, and money supply, on Nigeria's Real Gross Domestic Product.Methodology: The study employs an econometric method using Ordinary Least Square (OLS) estimation. It utilizes time-series data extracted from the Central Bank of Nigeria (CBN) statistical bulletin covering a 30-year period (1985–2015).Theories Explored: The work discusses various economic theories including the Search Theory, Insider-Outsider Theory, and Okun's Law to explain the inverse relationship between unemployment and output growth.Key Findings: The analysis indicates that unemployment in Nigeria exhibits an inverse relationship with the growth rate, consistent with standard economic theory.Significance & Policy: The study intends to provide the Nigerian government with useful information to combat unemployment and create job opportunities for skilled labor and graduates. It suggests the adoption of a high-employment budgetary framework and fiscal discipline.
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