RELATIONSHIP BETWEEN UNEMPLOYMENT AND INFLATION IN NIGERIA (1980-2012)

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RELATIONSHIP BETWEEN UNEMPLOYMENT AND INFLATION IN NIGERIA (1980-2012)

CHAPTER ONE

INTRODUCTION

1.1      Background To The Study

Inflation is regarded as the general rise in the prices of goods and services over a period of time in the nation Balami (2006). It is also connected with money and referred to as too much money in circulation chasing few commodity. Hamilton (2001) describes inflation as the increase in money supply as against low production level in the country. It is measured as the rate of increase in the general price level over a specific period of time.

Unemployment is defined as the number of economically active population without work but are willing and seeking for work. These include those who have lost their jobs and have voluntarily left work (World Bank, 1998). The research therefore seek to determine the relationship between unemployment and inflation in Nigeria for the period (1980-2012).

 

1.2      Statement of the Problem

Inflation and unemployment are the major cause of underdevelopment

In the country. The Nigerian economy is greatly affected by inflation, unemployment resulting in economic recession. Adebayo and Ogunrinola,(2006).Unemployment has led to increase waste of the nations human resources ,while inflation has resulted in the general decline of the living standard of the people . Consequently, the full potentials of labour-surplus economy have not been fully exploited. Adebayo, (2010).The problem confronting the research is to determine the relationship between unemployment and inflation in Nigeria (1980-2012).

 

1.3      Objectives of the Study

Inflation is regarded as the general rise in the prices of goods and services over a period of time in the nation Balami (2006). It is also connected with money and referred to as too much money in circulation chasing few commodity. Hamilton (2001) describes inflation as the increase in money supply as against low production level in the country. It is measured as the rate of increase in the general price level over a specific period of time.

 Unemployment is defined as the number of economically active population without work but are willing and seeking for work. These include those who have lost their jobs and have voluntarily left work (World Bank, 1998). The research therefore seek to determine the relationship between unemployment and inflation in Nigeria for the period (1980-2012)

 

To determine the relationship between unemployment and inflation in Nigeria

To determine the causes of unemployment and inflation in Nigeria

To determine the effect of unemployment and inflation in Nigeria

 

1.4      Research Questions

What is the relationship between unemployment and inflation in Nigeria?

What are the causes of unemployment and inflation in Nigeria?

What is the effect of unemployment and inflation in Nigeria?

 

1.5      Significance of the Study

The study shall elucidate on the relationship between unemployment and inflation in Nigeria.

It shall also serve as a veritable source of information to economic experts and adminitrators including government officials for the formulation of policy

1.6      Research Hypothesis

Ho The level unemployment and inflation in Nigeria is low

Hi   The level unemployment and inflation in Nigeria is high

 

 

 

1.7      Scope of the Study

The study focuses on the appraisal of the relationship between unemployment and inflation in Nigeria.

 

1.8      Limitations of the Study

The research was confronted by some constraint including geographical factor and logistics.

 

 

 

1.9 Definition of Terms

INFLATION DEFINED

Inflation is regarded as the general rise in the prices of goods and services over a period of time in the nation Balami (2006). It is also connected with money and referred to as too much money in circulation chasing few commodity. Hamilton (2001) describes inflation as the increase in money supply as against low production level in the country. It is measured as the rate of increase in the general price level over a specific period of time.

 

 

 

UNEMPLOYEMENT DEFINED

Unemployment is defined as the number of economically active population without work but are willing and seeking for work. These include those who have lost their jobs and have voluntarily left work (World Bank, 1998).

 

 

REFERENCES

 

Adamu, W. (1993). Perspectives Policy and Solutions to Nigeria’s Unemployment Problems, Lagos, Economic and Financial Review, CBN.

Adebayo, (2010) .Youth unemployment and the National Directorate of Employment, Self-employment programmes. The Nigerian Journal of Economic and Social Studies. Applied Economics and Finance Vol. 2, No. 3; 2015

108

 

Adebayo, A., &Ogunrinola, I.O. (2006). Contemporary Dimensions of unemployment problem in Nigeria: A special challenge under the National Economic Empowerment and Development Strategy”. NES 2006, Ibadan, Nigeria. Africa: Past Experience and Future Prospects in J. de Melo and A. Panagariya (eds).

Ajibefun, J.S., &Daramola, S.O. (2003). Labour Management Relations inNigeriaEconomic Recovery, Lagos, Management inFeder G., On Exports and Economic Growth Journal.

Alabi, R.A., &Osasogie I.D.(2006). Income Generation by and 90s: Implication forpolicydirections in the 21st century. NCEMA Policy Seminal Series. Ibadan, Nigeria. Annual Conference Nigeria and Evans Company.

Aigbokhan, F. (2002).The Socio-economic Situation of Youthsin Africa: Problems, Prospects and Options: A Paper Presented at the Youth Employment Summit, Alexandria, Egypt, 1-13.

Balami, G. (2006).Innovation and Growth in Developing Countries, Journal of Development Economics, July. Growth in Developing Countries, Journal of Economic Literature, 33(3), September Growth in the Global Economy (Cambridge, Mass: MIT Press).

Bannock A. (1998).The Theory of Economic Integration between informal and formal sector enterprises in Nigeria”. African Development Review,13(1).

Bhagwati,R. (1998).Ministering Growth: A Geometrical.

Brahmbhatt, &Dadush, U. (1996).Disparities in Global.

Briggs, J.E. (1973). Unemployment Statistics and What They mean in Monthly LabourBulletin, Washington, and D.C.U.S.Department of Labour.

Brooman, O. (2006). Manpower Utilization in Nigeria. Analysis of Some causes and consequences of Unemployment, Lagos, FBN Bi-Annual Review.

CBN/FOS/NISER (2001).A study of Nigeria’s informal

Central Bank of Nigeria (1987). Annual Report and Statement of Accounts, Lagos, CBN.

Central Bank of Nigeria (1993). Perspectives of Economic Policy Reforms in Nigeria, Lagos, CBN.

Central Bank of Nigeria (1998). Annual Report and Statement of Accounts, Abuja, CBN.

Central Bank of Nigeria (2000). The Changing Structure ofthe Nigerian Economy and Implications for Development, Lagos, Realm Communications.

Central Bank of Nigeria (2003). Annual Report and Statement of Account, “Abuja, CBN.

Central Bankof Nigeria/World Bank (1994). Employment Policies and Poverty in Nigeria, CBN.

Damachi, G.S. (2001). Socio-Economic Development in Nigeria, Port Harcourt, Pam Unique Publishers.

Dabalen B.C.et al. (2000). Nature and determinants of the linkages

Daramola, S.O. (2003). Inter-Sect oral Indicators of Employment Potential in Nigeria, Monograph Series No. 2, Ibadan, NISER.

Douglas on, G.U., & Gbosi, A.(2006).The Dynamics of Economy 1997, Lagos.

Federal Government of Nigeria. (1997). National Workshop on Employment Statistics, Abuja.

Federal Office of Statistics.(1988). Labour Force Sample Survey,” Lagos, FOS.ForeignTrade (Brighton: Wheat sheaf Press).

Gbosi, A.N. (1993). The Nature, Causes and Consequences of Unemployment on the Nigerian Economy, Pambasad, India, ANVESAK.

Olalokun, F.O. (1979).Structure of the Nigerian Economy, New York, St. Martin’s Press. Participants in the National Directorate of Employment in Edo State. NES 2006, Ibadan, Nigeria.

54-167. Enugu: Jamo Enterprises.

World Bank (1998). World Development Indicators,”Washington, D.C. The World Bank.

World Bank (2006). World Development Indicators, Washington, D.C., The World Bank.

RELATIONSHIP BETWEEN UNEMPLOYMENT AND INFLATION IN NIGERIA (1980-2012)

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Inflation is regarded as the general rise in the prices of goods and services over a period of time in the nation Balami (2006). It is also connected with money and referred to as too much money in circulation chasing few commodity. Hamilton (2001) describes inflation as the increase in money supply as against low production level in the country. It is measured as the rate of increase in the general price level over a specific period of time... economics project topics

RELATIONSHIP BETWEEN UNEMPLOYMENT AND INFLATION IN NIGERIA (1980-2012)

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