Impact of Youth Unemployment on Economic Growth in Nigeria: A Review Paper.

Abstract:

Youth unemployment is a critical socio-economic issue in Nigeria, with far-reaching implications for the country's economic growth and stability. This review paper examines recent research on the impact of youth unemployment on economic growth in Nigeria, synthesizing findings from various studies to provide a comprehensive understanding of the dynamics at play. The paper highlights the significant negative relationship between youth unemployment and economic growth, exploring mechanisms such as reduced productivity, increased social costs, skill atrophy, lower aggregate demand, and discouraged investment. The review also discusses the effectiveness of current policies aimed at mitigating youth unemployment and offers recommendations for new policy interventions. Key challenges and limitations in the existing literature are identified, including gaps in longitudinal studies, regional and gender disparities, and data quality. The paper concludes by emphasizing the need for targeted and sustained efforts to address youth unemployment to foster sustainable economic growth in Nigeria.