Socio-Economic Impact of Graduate Unemployment on Nigeria and the Vision 20:2020

Abstract

The main research question for this study is; what is the relationship between social policy, economic development, education, and the level of unemployment in the Nigerian economy? This study contributes information to employers, investors, policy makers, labor planners, academicians, employees and the job seekers. We attempt to evaluate the impact of the high level of unemployment in the country on Nigeria’s Vision 20:2020. The methods of analysis include graphs, tables, pie charts, percentages and multiple regressions; combining primary and secondary data. Nigeria’s Vision 20:2020 will not be entirely smooth sailing in the 8 years ahead, as there are many aspects of the Vision parameters including employment that have failed to live up to people’s expectations. Rural-urban development is imbalanced; rich-poor gap is yet to be bridged. It is difficult for the unemployed and farmers in many poor areas to receive good medical services and education. This absolute poor population has not yet shaken off poverty in preparation for 2020. Many of them even have no land to farm. Their lives should be made meaningful and bearable by 2020. We recommend agriculture and tourism as Nigeria’s priority sectors for employment creation. Our recommendations also include entrepreneurship, infrastructure construction for both rural and urban geography, stable polity, maximum security, sound education and health systems, international partnership, as well as regional economic, social and political integration.