Concept of Unemployment - SS2 Economics Lesson Note

Unemployment refers to a situation where individuals who are willing and able to work are unable to find jobs. This means that they are without work but actively seeking employment.

In Nigeria, unemployment is a significant issue that affects many people, especially among the youth population. The country has one of the highest unemployment rates in the world, with an estimated 33.3% of the population being unemployed as of 2020.

There are several reasons for the high unemployment rate in Nigeria, including a lack of job opportunities, a growing population, and a mismatch between the skills of job seekers and the available job opportunities. 

Unemployment has significant consequences for individuals and the economy as a whole. It can lead to poverty, social unrest, and a loss of productivity and potential.