Perspectives of economic policy and solution to unemployment problem in Nigeria

Abstract

The paper undertakes a survey of monetary, fiscal and other policies embarked upon partly to reduce the unemployment problem in Nigeria since the early 1970s, and found that though these policies were generally in the right direction, they were poorly implemented, resulting in only marginal expansion of output and employment. In order to achieve sustained economic growth which will favourably enhance the employment situation, the paper suggests a bold restructuring of the economy, particularly with regard to increasing its foreign exchange earning capacity. The paper also stresses the need to check rapid population growth, reorientate manpower development programmes to avoid imbalance between skills and needs, embark on rapid transformation of the rural areas and encourage labour-intensive agro-based industries.