DETERMINANTS OF UNEMPLOYMENT IN NIGERIA, CAUSES AND EFFECTS: USING TIMESERIES ANALYSIS.
Abstract
This study investigates the determinants of unemployment in Nigeria using time series analysis from 2010 to 2022, employing the Augmented Dickey-Fuller (ADF) test for stationarity and Ordinary Least Squares (OLS) regression for estimation. The research examines the relationships between the unemployment rate and various economic indicators: GDP growth rate, inflation rate, interest rate, labour force participation rate, education level, and minimum wage.The findings reveal a significant relationship between the unemployment rate and GDP growth rate, suggesting that economic expansion is directly linked to job creation in Nigeria. Conversely, the analysis indicates an insignificant relationship between unemployment and other variables, including inflation rate, interest rate, labour force participation rate, education level, and minimum wage. These results imply that while economic growth plays a crucial role in reducing unemployment, other factors may not exert a substantial impact within the examined period. The study emphasizes the need for targeted policies that not only stimulate GDP growth but also address structural issues that contribute to persistent unemployment in Nigeria, highlighting the importance of aligning educational outcomes with labour market demands.
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