THE IMPACT OF YOUTH UEMPLOYMENT ON ECONOMIC GROWTH IN NIGERIA

Nigeria, a country located in West Africa, is nonetheless the country's most populous city and the most important market economy of the region. Nigeria's economy is continually growing year by year, and its urbanization contributes immensely to its growth. However, the country has yet to absorb its burgeoning youth population. The situation is quickly deteriorating (Tonuchi and Idowu2020). Any country's future is dependent on the activities and success of its youth. As a result, these actions and success appear to have an effect on the aggregate value of final goods and services generated in an economy. Economic growth is a vital breakthrough in successive cycles of an economy. Unemployment is the term used to describe the condition of the number of individuals in an economy who are able and willing to work but cannot find employment at the prevailing wage rate. Thus, youth unemployment and economic growth have become two major challenges facing the developing nation. (Serifat, 2020) Fiscal and monetary frameworks, childcare plans, vocational training and education plans, and youth implementation plans or policy support are examples of some areas where the government can step in to help the youth. A national strategy can range from focusing on job creation and incentives to training and training programs for the growing population. However, some of the interventions can be qualified as having better importance than others. For example, investing in education, child care, and youth training projects, and engaging in mobile and versatile training and planning (Duncan et al.2023).

The population of Nigerian youth in Nigeria currently makes up approximately 90 million individuals, or roughly half of the country's total population. This implies that the youth demographic currently has more individuals than at any time before in the country's history, a situation that creates both the opportunity for high economic growth through the utilization of participative measures and the potential for crisis. As Talk says, either way, the democratization of the demographic via extension in approaches and creation of space could have constructive and favorable consequences for dissimilar individuals and sectors in the society. The extension in approaches and the creation of space should contribute to what he refers to as "acceleration and expansion of economic growth" with each accompanying social consequences. Consequently, extended approaches should multiply human labor productivity, which if properly remunerated and widely diffused, should assist in output increment and poverty alleviation (Abubakar et al.2022). The crucial role that youth employment plays in the development of any nation is not in doubt. While young individuals can contribute to economic advancement by implying skill or knowledge obtained in school or even through industrial or some other forms of training attached to what they have learned in their homes, these contributions may or may not result from a rural or urban-based commercial or institutional as well as private enterprise. The dynamism and expansiveness of the Nigerian business environment provides businesses with a large assortment of services. This short essay is tailored to describe the impact of youth employment on economic growth in Nigeria. To this end, the structure fills the stage for proceeding discussions (Bello et al.2021).

In Nigeria and most developing countries, unemployment is a global problem affecting the economy and the people. Since millennials are the majority of the workforce, the economic status of the country is dependent on domestic output and global integration. According to the MPC, unemployment and the labor force, many people seek innovative ways to obtain a means of employment. This is particularly true in Nigeria, where the situation is close to reaching a crisis point, unlike other sub-Saharan countries. Leaders usually reject economic models and employability schemes, social investment projects, work programs, and other special programs that can affect immigrants (Adenike, 2021). Also, there are not enough opportunities for young people to integrate into small businesses or start-ups that can give them prospects such as training, education, and experience. Over the years, employability has remained persistently linked with peer learning groups, given the fact that potential providers are increasingly under pressure to skip jobs, where help is available to avoid working and explicitly or implicitly view that jobs must be done for pay - or - look untaken or not good enough. Developing in or out of work, however, is often narrowly classified in terms of business supply (since employment is a result of location and duration) and human resources, broadening from vocational skills, aptitude tests, and other qualifications and certifications. Why aren't the youth employed in these businesses? The statement of the issue is that there is a tendency not to consider the nature of the economy, but also the nature of work. Moreover, they have a clear explanation for the recruitment or non-recruitment of employers. Staff recruitment is a time-consuming process and, in the final analysis, hiring new workers is a high-risk investment.

1.4 Objectives of the Study

The impact of youth unemployment on economic growth in Nigeria is enormous. The earlier the youth are employed, the more the nation's economy grows. It is imperative for the government to create policies to employ them for economic growth and development of the country. Moreover, this study would be of significance for other researchers (prospective researchers) who would undertake to update research of the same semblance. This study would explicitly discuss the determinants of youth employment in Nigeria. This would be important to propose practical claims, create awareness, and suggest directions for future researchers concerning young adults and labor market issues. Moreover, it would have policy implications in increasing the rate of young adults' employability through sets of development policies. It is logically believed that an unemployed person is like a parasite to his family members and to the society at large. This present study would be beneficial to ministries and parastatals, agencies and institutes responsible for eradicating youth unemployment from our Nigerian economy. It is believed that this study will aid the government of Nigeria to a large extent by offering practical policy options that would dampen the problem of youth unemployment. The study will also help the government and educational planners to engage in human capacity development, through the development of quality and functional education and training rather than quantitative education. Theoretical outlook and findings are yet to correspond to the rational premise of the practical impact of the unemployment rate on the nation's economy. Hence, this research has contributed to influencing government, top executive managers, policy planners, and studies. If sound academic work is done and the aim is achieved, it can reduce poverty to its barest minimum amongst the Nigerian community and also become a material for qualitative and sustainable economic growth and development. The present study is aimed at identifying the impact of youth employment on economic growth in Nigeria. In Nigeria, the importance of youth unemployment goes beyond the personal use of individual labor, for many youth employment and lack of it have important policy implications for the nation. The implication of the study is important for researchers, institutions, industries, employers of labor, government, and the general public.

The study examines the linkage between youth development and economic growth in Nigeria, essentially between 2000-2021. It also examines the impact of youth and economic growth using cointegrating and error correction models (ECM). In addition, the study tests the causality between the dependent and independent variables using the Granger causality test technique. The effect between youth activities and development was found to be significant. The causality analysis finds the presence of unidirectional causality, which was found between unemployment and real GDP. The area of the study is on the effect of youth activities and development on economic growth in Nigeria. It will cover the period of 21 years from 2000 to 2021. The Nigerian economy has not been able yet to realize its full potential as a result of youth joblessness and/or underemployment. This situation has required the government to allocate most of its resources to social investments in order to have a brighter future for its youth. Almost all research on youth renovation and social development in Nigeria has been carried out in the areas of poverty, unemployment, underdevelopment, and the social implications of youth activities. But as important as these are, they have not yet comprehensively assessed the nexus between youth activities and development on the economic growth elements in the Nigerian economy. This is due to the youth unemployment rate in the Nigerian economy, which stood at 15.1% in 2000 and 33.4% in 2021 respectively (33.7% in 2021). Although it was noted that the employment rate has decreased in Nigeria from 34.5% to 27.1%.

Economic Growth: An increase in the productivity of goods and services over a period of time; leads to an increase in output, income, savings, trade, investment, and profit. 

Unemployment: According to John M. Robert, "It is the state or condition in which people who are able and willing to work do not have a job."  

Economic: It is concerned with the production, distribution, and consumption of goods and services in an economy. 

Employment: According to the Bureau of Labor Statistics, "It is taking part in the workforce of picking up and leaving of a lot of workers." It shows the size of the labor force, the degree of improvement in the economy, and the rising and lowering of national productivity.