AN ECONOMIC ANALYSIS OF GROWTH, UNEMPLOYMENT AND POVERTY IN NIGERIA

Tokunbo Osinubi ()

The IUP Journal of Applied Economics, 2006, vol. V, issue 1, 53-68

Abstract: Nigeria is a nation that is endowed with multifarious and multitudinous resources-both human and material. However, due to gross mismanagement, profligate spending, kleptomania and adverse policies of various governments of Nigeria, these resources have not been optimally utilized; these resources have not been adequately channeled to profitable investments to bring about maximum economic benefits. As a result of the foregoing, Nigeria has been bedeviled with unemployment and poverty. Economic growth, which is supposed to be a solution to the problems of unemployment and poverty, appears not to be so in Nigeria. Nigeria s official statistics show that economic growth has not always been accompanied by decline in unemployment and poverty. It is in this respect that this study finds it worthwhile to address the following questions using time series data for a 31-year period, 1970-2000: (a) what is the nature of relationship between poverty, unemployment and growth in Nigeria? (b) what steps should be taken to ensure that growth is such that brings about decrease in unemployment and poverty in Nigeria?

Date: 2006
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