THE SOCIO ECONOMIC IMPACT OF UNEMPLOYMENT AND CRIME AMONG YOUTHS IN LAPAI COMMUNITY

THE SOCIO ECONOMIC IMPACT OF UNEMPLOYMENT AND CRIME AMONG YOUTHS IN LAPAI COMMUNITY

ABSTRACT

The study examined the socio-economic impact of unemployment and crime among youths in Lapai community, Niger state. The study indicated that youth unemployment has many negative effects to the society, economy, family, and individuals. From the response got from the questionnaires revealed that youth unemployment leads to poverty, low productivity, losses in foreign direct investment, low revenue generation, rural urban migration, illicit activities which increases crime, insecurity, anti-social activities such as armed robbery, prostitution, political thuggery, violence, kidnapping, restiveness and other social vices evident among the unemployed youths and this constitutes danger to the stability, growth and development of the state. The research concludes that, addressing the problems of youth unemployment, must involve all stakeholders. Suggestions from the analysis therefore, are that effective policy measures such as re-prioritization or revitalization of agricultural sector, reformation of educational system, provision of enabling environment and building of industries be pursued vigorously which will drastically reduce unemployment and poverty as well as eradicate the menace of youth unemployment in Lapai community in Niger State and Nigeria as a whole.

CHAPTER ONE

INTRODUCTION

1.1    Background of the Study

Globally, the world is experiencing mass unemployment of qualified and able-bodied youths and these have generated much concern for both governmental and non-governmental organizations, public and private sectors of the economy. The global economic recession of the 1980’s has caused rapid deterioration in Nigeria’s economic industrial output. In the 60’s and 70’s youth unemployment was not pronounced like today because the government then were proactively involved in providing jobs for graduates churning out from various higher institutions.

Over the years, youth unemployment has taken a centre stage in most socials and economic discourse in Nigeria because the youths remain the greatest asset and the life wire of any nation. Youth employment in any nation is universally acknowledged as the basic source of survival and economic development (Ajaji, 2008). The central issue in socio-economic development is how to create conditions necessary for rapid and sustained growth and productivity where, the ultimate goal is to improve people’s quality of life and standard through production of goods and services at affordable prices, provision of basic infrastructures, reduce poverty, create employment opportunities and conducive political, religious, social and economic environment. (Echeriri, 2007).

In Nigeria, youth unemployment is soaring high despite laudable programmes provided by federal, states and local governments to curb the growing concern of joblessness among the teeming population of the country. Several governments both past and present have tried to solve this issue but day to day it increases. President Ibrahim Babangida’s regime from (1984-1993) was the first administration to be confronted with mass unemployment which led to introduction of National Directorate of Employment (NDE) to tackle the scourge of unemployment but to no avail. President OlusegunObasanjo’s administration (1999-2007) came up with the national Poverty Eradication Programme (NAPEP) but could not solve this menace.

President UmaruYaradua’s administration (2007-2010) with the view of solving this problem initiated the seven (7) points agenda, yet no meaningful achievement was recorded and President Goodluck Jonathan (2011-2015) administration launched Youth Enterprise with New Innovations (YOUWIN) and Alhaji BolajiAbdulahji the minister of youth also organized a youth forum to help youths realize their goals in life, still there is high prevalence of youth unemployment in the Nigerian Sectors (Ikemefula, 2012).

The level of unemployment and crime among youths in Nigeria as well as Niger State and Lapai community in particular appears to grow in geometric progression every year, in contrast to its regional neighbours most of whom have far less resources. Anameza (2000), stated that Nigeria will have no prospect of measurable development or of improving the welfare of its people; unless it enhances the chances of employment for its graduates. The menace of unemployment has increasingly been recognized as one of the socio-economic problems currently facing many developing countries like Nigeria and Africa as a whole.

Overall, unemployment in Lapai community has affected youths from a broad spectrum of socio-economic groups, both of well and less educated, although it has particularly stricken a substantial fraction of youths from low income backgrounds and limited education. From the foregoing, it is obvious that unemployment, especially the unemployment of graduates, impedes the progress of Lapai community in many ways. Apart from economic waste, it also constitutes danger for political stability (Ipaye, 1998). It is disturbing to note that Nigeria’s graduates have limited chance of becoming gainfully employed. It is even more disheartening that the country’s economic condition is such that, it is hardly able to absorb an optimal proportion of the production of its own educational system. Gone are the days when employers went about looking for employees. It is now the turn of employees to move from one office to the other seeking for non-existent jobs. These days, thousands of young people are found waiting to be interviewed for just one, two or few vacant positions in some organizations or firms. Most people who cannot earn their living are prone to social vices. They look at themselves as second-class citizens for being unable to contribute to the society.

Youth unemployment is a crucial issue in Niger state and Nigeria at large because the youth constitute a major part of the labour force and they have innovative ideas, which among other factors are important in the development process of the country. A large proportion of the youths however are unemployed. The negative consequences include psychological problems of frustration, depression, hostility and gradual drift of some visible unemployed youths into all manner of criminal behaviours (Okafor, 2011). Unemployment is generally is indeed a pathetic situation that calls for urgent attention, to address the socio-economic effects accompanied by it.It is on this background that the study is undertaken with the view of examining the socio-economic impact of unemployment and crime among youths in Lapai with the view of suggesting ways of improving and ameliorating youth unemployment in the community and Niger State at large.

1.2       Statement of the Problem

Youth unemployment and crime in Lapai community is alarming as the rate is growing geometrically. Youth unemployment in the state is becoming unbearable as it threatens the growth of the state. It is apparent that youths in any society are the greatest assets of national development if given the opportunity of employment. Due to non-availability of ample employment opportunity in the state, the teeming youths with vibrant energy cannot contribute effectively and efficiently to the economic growth and development of the state but rather utilizes such energy in unacceptable means of satisfying their needs, wants and goals in life by engaging themselves in social vices such as armed robbery, kidnapping, violence, political thuggery, cybercrimes, fraud (419), murder, killing human beings and drug trafficking, with prostitution as the only means of survival. Our present society is not helping matters as it places much emphasis and values on materialism.

The problem of youth unemployment in Lapai and the state has also affected the local government area, individuals, families, communities, society and government, and has indeed hindered the socio-economic growth and development of Lapai and the state, thereby challenging the leadership and people of Niger State as it brings about poverty, high crime rates and deviant behaviours, malnutrition, poor health condition which later results in high death rates (Brown, 2011).It is these seemingly insurmountable problems that necessitate this academic work, to examine the socio economic impact of unemployment and crime among youths in Lapai community.

1.3       Objectives of the Study

The main objective of this study is to examine the impact of unemployment and crime among youths in Lapai community.

In view of this, the specific objectives of the research work are as follows:

1.         To examine the effects of youth unemployment and crime situation in Lapai community.

2.         To examine the effects of youth unemployment on the crime in the study area

3.         To find out the extent youth unemployment has affected the socio-economic well being of the individuals of Lapai community.

1.4       Research Questions

The following constitutes the research questions for the study.

1.         What are the effects of youth unemployment and the level of crime in Lapai community?

2.         What are the effects of youth unemployment on the level of crime in the study area?

3.         What are the consequences of youth unemployment in the study area?

1.5       Research Hypotheses           

Following the objectives of the study as outlined in section 1.3 and the research question as outlined in 1.4, the research hypotheses are as follows:

1.         Ho: There is no significant relationship between youth unemployment and crime in Lapai.

            H₁: There is significant relationship between youth unemployment and crime in Lapai.

.

2.         Ho:      There is no significant relationship between youth unemployment and crime the study area.

            H₁: There is significant relationship between youth unemployment and crime the study area..

3.         Ho: There are no consequences of youth unemployment in the study area.

            H₁: There are consequences of youth unemployment in the study area.

1.6       Significance of the study

The justification of this study lies in the fact that this is another effort to effect a social scientific evaluation of the extent and cause of unemployment and crime among youths in Lapai community.

This work will also provide  insight on the critical problem of graduate unemployment and its various ramifications in Nigeria. It will therefore provide information to non-governmental organizations (NGO) working on the area of unemployment and poverty alleviation.

It is felt that knowledge of facts and their relationship must come before any national policy decision could be made and meaningfully executed. Hence, the present study is a step towards that direction.

This study is also intended to encourage other researchers to carry out research on the urban unemployment questions.

1.7       SCOPE AND LIMITATIONS OF THE STUDY

The research deals specifically with the socio-economic impact unemployment and crime among youths in Lapai community and not unemployment on an international or global scale which is explicitly beyond the scope of this research.

The reason for choosing this area was that Niger state is represented by virtually many tribes due to its industrial and administrative nature.

Also, in the course of this work, the researcher encountered certain problems which constituted limitation to the study.

The major problem is the difficulty in dealing exhaustively with such an all pervading vice as a graduate unemployment in urban centres in Niger state. Very few want to be identified as unemployed as its affect them.

Secondly, the Librarian strictly observed a rigid protocol. The table for consultation with library offered the student the opportunity to use the library strictly followed by order. This strictness was exacerbated by the hesitation of the librarian in lending out some materials for consultation.

1.7       Definition of Terms  

Socio-economic: In the context of this study, refers to the social and economic realities of social problems in our society and the extend it affects the society. It is concerned with the study of the society.

Effects: It refers to the causes, implications, result, or outcome of a thing.

Youth: Official policy defines a youth as a young person aged 18-40 years who is passing through mental and physical developmental processes in preparation to face life challenges, a period between childhood, teenager and adulthood.

Unemployment: when a great many people are unable to find work, unemployment results. It can also be defined as the inability to obtain a job when one is willing and able to work. Also, it occurs when the supply of labour outstrips the demand for labour. It also means lack of sufficient employment in the formal and informal sector.

Youth Unemployment can be defined as the conglomeration of young persons with diverse background, willing and able to work but cannot find any. It is the situation when young persons aged 18 – 35 years who are actively looking for work but fail to find any one during a long period of time.

In this study, Youth Employment according to the opinion of my respondents is defined as a situation where the working age (human resources) are not resourceful, or engaged in the labour market both in public or private sector of the economy.

Armed Robbery: According to the Nigerian constitution and Police report, it can be defined as the use of guns or other dangerous weapons to inflict intimidation and fear into another person to gain access to someone’s house, shop, office, or social institution. It is the use of force and arms to steal from someone. But in this study, it will be defined as those unlawful or unapproved means where young men and ladies use violence, to inflict people and property and get what they want from them.

Kidnapping means the unlawful seizing or carrying away of a person by force or fraud in order to obtain ransom for his or her release. It is the taking away or transportation of person to hidden and isolated area usually false imprisonment against the person’s will either to kill or to receive money as ransom. In this study, according to my respondents, is the method of hiding people, used by poor young men to get their own share of money from the rich.

Poverty: means the state where someone cannot satisfy the basic needs of life such as food, shelter, clothing, money and other basic necessities of life. It is the state of being poor, inferior or insufficient in amount. Here, it means the condition where one lacks wealth, money or job as a result of no opportunity or certain factors of life.

Political Thuggery: This can be defined as sponsored thugs used by politicians during political rallies, campaigns and election to win their opponents and acquire a position or office. It also means using violent, brutal behaviour, intimidate and all manners of weapons to attack, or kill an innocent opponent for reason of political differences. In this study, it is a tool or means of killing, abduction, violence or threat to life used by politicians to overthrow their opponents and acquire power or political office.

IMPACT OF UNEMPLOYMENT ON NIGERIA ECONOMY

IMPACT OF UNEMPLOYMENT ON NIGERIA ECONOMY

ABSTRACT

This study examines the impact of unemployment on Nigeria economic. The term unemployment has been defined as a situation whereby those who are willing and able to work do not find job. This is mostly seen among graduates of various institutions of learning especially in underdeveloped nation like Nigeria. The study was designed to investigate the impact on unemployment on Nigeria economy. The research focuses on determining the causes and effects of unemployment and how the problem of unemployment in Nigeria will be reduced to a minimal level or even eradicated. It focuses on this objective: to determine the relationship between unemployment and economic growth in Nigeria (GDP).The method of analysis used in testing the hypothesis is the t-test, f-test e.t.c. Data for the study was obtained from the Central Bank of Nigeria statistical bulletin. The major findings were that unemployment has a negative effect on the gross domestic product (GDP) of the Nigerian economy. Some suggestions and policy recommendations were made based on the findings

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

One of the greatest challenges facing the Nigeria economy is unemployment which has maintained a rising trend over the years. The total labour force in Nigeria is made up of all persons aged 15-64 years excluding students, home keepers, retired persons and stay-at-home to work or not interested. Unemployment in Nigeria is defined as the proportion of labour force that was available for work but did not work in the week proceeding the survey period for at least 39hours.

Unemployment is generally seen as a macro-economic problem as well as socio-economic problem .Unemployment arises as a result of insufficient and non-availability of jobs to correspond with the growing population, even those who are employed sometimes live with the fear of being unemployed due to job insecurity and retrenchment of workers. There is employment of factors of production if they are engaged in production. The term unemployment could be used in relation to any of the factors of production which is idle and not being utilized properly for production. However, with reference to labour, there is unemployment if it is not possible to find jobs for all those who are eligible and able to work. Labour is said to be underemployed if it is working below capacity or not fully utilized in production (Anyawuocha, 2013)

Unemployment can either be voluntary or involuntary. Voluntary in the sense that one chooses not to work because he or she has means of support other than employment. Example is an idle rich man. On the other hand, involuntary unemployment exist when persons who are eligible and willing to work at the prevailing rate of pay are unable to find work. (Anyanwa 1995). According to the central bank of Nigeria (2014), unemployment rose to 450% during 2014 statistics on unemployment rate. Unemployment has been seen as a world-wide economic problem and has been categorized as one of the serious impediments to social progress .Apart from representing a huge waste of a country’s manpower resources, it generates welfare loss in terms of lower output thereby leading to lower income and well being of the people (Akinboyo, 1987, and Raheem 1993). Unemployment is a very serious issue in Africa (Vandemortele, 1991, and Rama 1998), and particularly in Nigeria (Oladeyi, 1994 and Umo, 1996). The need to avert the negative effect of unemployment has made the tackling of unemployment problems to feature very prominently in the development objectives of many developing countries.

The socio-economic effect of unemployment includes: fall in national output, increase in rural-urban migration, waste of human resources, high rate of dependency ratio, poverty, depression, frustration, all sorts of immoral acts and criminal behaviour e.g prostitution, armed robbery e.t.c. The social effect of unemployment brings to light the need to proffer possible solution to salvage our nation Nigeria

1.2     STATEMENT OF THE PROBLEM

Working with the data from the national bureau of statistics, it indicates that the national unemployment rate in the first quarter of 2017 was 14.6%, compared with 13.7% in 2016. The urban and rural rates were 14.4% and 15.0% respectively compared with 10.2% and 14.8% in 2016. Further analysis showed that the distribution of unemployment ranged from 14.1%vfor the age group of 25-44 to 23.5% for the age group of 65-70. Desegregation according to geopolitical zones showed a very uneven distribution with the south-south zone having the highest unemployment rate of 29.5% and south-west at the rear with 8.5%. Between these extremes were the north-east with 18.5%, south-east 18.1%, north central 15.8% and north-west 14.2%. It is based on the increasing problem posed by unemployment on individuals and the nation at large that government has been embarking on various policies to control and reduce unemployment but yet has not yielded any positive result, rather it seems to be escalating. Drastic measures must be taken by government to curtail this problem of unemployment. The statement of problem is based on the economic, social and political effects of unemployment

1.3     RESEARCH QUESTIONS.

1. Is there any relationship between unemployment and economic growth?

2. Do unemployment have any significant impact on economic growth?

3. What are the factors affecting Unemployment and Economic Growth in Nigeria?

1.4     OBJECTIVE OF THE STUDY

The general objective of this study is examine the impact of unemployment on Nigeria economy. The specific objective include:

1. To determine the relationship between unemployment and economic growth in Nigeria
2. To examine the impact of unemployment on economic growth in Nigeria
3. To identify the factors affecting Unemployment and Economic Growth in Nigeria?

1.5     RESEARCH HYPOTHESIS

The null research hypothesis for this work is;

1. Unemployment does not affect economic growth in Nigeria

1.6     SIGNIFICANCE OF THE STUDY

The significance of this study is to make research on the effect of unemployment for most qualified graduates of various institutes of learning and also qualified skilled labour. The result of this study will provide useful information needed by government to fight unemployment and help create employment opportunities in Nigeria.

The significance of this study lies on the fact that huge amount of resources (human and capital) are unemployed which could cause poor economic performance. This thesis will help policy makers to establish the extent of the effect of unemployment and inflation rates on economic growth. This thesis will improve the body of existing literature and also serve as a policy document. The problems of high level unemployment and inflation need to be addressed in order to improve economic growth.

1.7     SCOPE AND LIMITATIONS OF THE STUDY

The scope of this study is centred on the effect of unemployment on the Nigerian economy. The regression analysis was also based on the use of time-series data extracted from the central bank of Nigeria statistical bulletin. The method of analysis used in testing the hypothesis is the t-test, f-test e.t.c. Possible suggestion and recommended were also made.

It is worthy to note that every research work posses alot of problems and limitations. However, the difficulties encountered includes, inadequate and non-availability of relevant data owing to the fact that unemployment in most under-developed countries e.g Nigeria is not evenly distributed and thus varies from one place to another, financial constraint, high cost of transportation and the difficulty in locating the various research centres.

EFFECTS OF UNEMPLOYMENT AND INFLATION ON ECONOMIC GROWTH IN NIGERIA

EFFECTS OF UNEMPLOYMENT AND INFLATION ON ECONOMIC GROWTH IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1     Background to the study

The Nigerian economy has remained largely underdeveloped despite the huge human and natural resources. The country is richly endowed with various mineral types all over the country. Huge amount is generated annually from petroleum products. More than 40 types of solid minerals have been identified in over 500 locations in the country Musa(2010). Yet the per capita income is low, unemployment and inflation rates are high. There are many socio-economic challenges. The economy has continued to witness economic recovery which is immediately followed by economic recession and depression.

The situation in Nigeria is disturbing. The various macroeconomic policies by government have been unable to achieve sustained price stability, reduction in unemployment and sustained growth cannot be achieved. The poor state of the economy has confirmed the need to manage the economy effectively. The essence of macroeconomic management underlines the rationale for the existence of government as a vital economic agent. However, it appears that government intervention has not been able to cure the ills in the Nigerian economy.

The continued economic crisis, with the associated problems of high inflationary pressure, high exchange rate, and debt overhang, adverse balance of payment and high inflation rates is difficult to explain. Against a high rate of unemployment and underemployment, a large public sector, low wages and poor working conditions has been persistent high inflation rates in Nigeria. Also, underemployment and unemployment is a prominent feature of the Nigerian economy. Consequently, the full potentials of labour-surplus economy have not been fully exploited.

In the 1960s and early 1970s, the Nigerian economy provided jobs for most Nigerian and absorbed considerable imported labour while inflation rates were low. The wage rate compared favourably with international standards and there was relative industrial peace in most of the years. Following the oil boom of the late 1970s, there was mass migration of people, especially the youth, to the urban areas seeking for jobs. Following the downturn in the economy in the early 1980s, the problems of unemployment and inflation increased, precipitating the introduction of the Structural Adjustment Programme (SAP). The rapid depreciation of the naira exchange rate since 1986 and the inability of most industries to obtain adequate raw materials required to sustain their output levels fuelled inflation. There was rapid depreciation of the naira which caused sharp rise in the general price level, leading to a significant decline in real wages and increased poverty. The low wages contributed to a weakening of the purchasing power of wage earners and declining aggregate demand. Consequently, industries started to accumulate unintended inventories.

1.2     Statement of the problem

Economic growth in Nigeria has been poor since 1986 when SAP (Structural Adjustment Programme) was introduced. Economic growth in Nigeria was not encouraging between 1986 and 2012. The continuous economic crisis reflected in high inflationary pressure, high level of corruption, exchange rates distortions, debt overhang, high rates of unemployment to mention a few. Unemployment and inflation are two twin evils that have eaten deep into the fabric of the Nigerian economy over the years.

The trends in economic growth rates, unemployment rates and inflation rates in Nigeria from 1986-2012 have been puzzling. The data obtained from the Central Bank of Nigeria (CBN), 2013 Statistical bulletin revealed that by 1986 economic growth rate stood at 3.1 percent, in 1987 the value became negative -0.69 implying retrogression and was the least ever achieved for the period under review; the highest economic growth rates achieved was 11.36 in 1990 after which the rates has been abysmally until in 2003 when the growth rates hits 10.2 percent; from 2003 economic growth rate has been less than 10 percent, in 2012 the growth rate recorded was 6.58. The trend in economic growth has been fluctuating over the years under review.

The trends in unemployment and inflation rates in Nigeria from 1986-2012 was also puzzling. The trend revealed that by 1986 unemployment rate was 5.3 percent while inflation rate was 5.4 percent. Both unemployment rates and inflation rates were not stable but fluctuating over time. The lowest rates of unemployment and inflation recorded were 1.8 percent and 0.2 percent in 1995 and 1990 respectively. Unemployment reaches 24.7 percent by 2012 while inflation reaches the highest in 1999.

The main goals of macroeconomic policies were the achievement of high, rapid and sustained economic growth, stable low unemployment and relative price stability but the trends above shows the contrary. Among the main and major problems of policy makers were how to achieved and maintain low and stable unemployment rate as well as relatively low prices so as to achieve high economic growth.

Studies by (Garba, 2010, and Olowononi and Audu (2012), have examined the nature and causes of unemployment in Nigeria and found disturbing trends. There are very few studies which have been undertaken regarding the effect of unemployment and inflation on economic growth in Nigeria. Some of the existing studies used basically descriptive statistics (see Olowononi and Audu (2012). Aminu and Anono, (2012), Bakare, (2012) and Rafindadi, (2012) conducted similar studies and their findings were controversial especially in the area of impact of the two twin‟s evils (unemployment and inflation) on the growth of the Nigerian economy. Bakare found negative relationship between unemployment, inflation and growth, Rafindadi (2012) found negative non-linear relationship between unemployment and output growth while Aminu and Anono found positive relationship between inflation and economic growth in Nigeria. Another study was also conducted in the same vein in China by Chang-Shuai Li and ZI-Juan Liu (2012) on unemployment rate, economic growth and inflation.

The results revealed that unemployment impacted negatively on growth while inflation impacted positively on growth in China. The puzzling trends of economic growth rate, unemployment rate, and inflation rates in Nigeria and the controversial results obtained in the empirical results provide the need to examine the relationship between unemployment, inflation and economic growth in Nigeria.

1.3 Research questions

Arising from the research problems are the following questions:

1. What is the relationship between economic growth, unemployment and inflation?
2. What is the causes, effects and trends of inflation in Nigeria?
3. What are the trends, structure and causes of unemployment in Nigeria?

1.4     Objectives of the study

The main objective of the study isto examine the impact of unemployment and inflation on economic growth in Nigeria.

The specific objectives of this study include the following:-

• To estimate the relationship between economic growth, unemployment and inflation.
• To analyse the causes, effects and trends of inflation in Nigeria.
• To assess the trends, structure and causes of unemployment in Nigeria.

1.5     The Hypothesis to be tested is as follows:

Null hypothesis (Ho)

Ho: Unemployment and inflation have no effect on economic growth in Nigeria.

Alternative hypothesis (H1)

H1: Unemployment and inflation have effect on economic growth in Nigeria. 5

1.6     Significance/justification of the study

The adverse effects of unemployment and inflation on economic growth has attracted the attention of government and researchers the world over. Among the main and major problems of policy makers are how to maintain low and stable unemployment as well as relatively stable prices so as to achieve high economic growth. Several studies were conducted on the impact of unemployment and inflation on economic growth in Nigeria.

The significance of this study lies on the fact that huge amount of resources (human and capital) are unemployed which could cause poor economic performance. This thesis will help policy makers to establish the extent of the effect of unemployment and inflation rates on economic growth. This thesis will improve the body of existing literature and also serve as a policy document. The problems of high level unemployment and inflation need to be addressed in order to improve economic growth.

1.7     Scope and limitation of the study

The thesis covers 1986 to 2012. This period is chosen because structural adjustment programme (SAP) began in 1986. In the course of the study, the major factors that were responsible for high unemployment and inflation were investigated. The major limitations to this study were the unreliable data on unemployment and inflation rates. Therefore, the interpretation of results obtained from any computations that uses the data must be done with caution. Sometimes there are conflicting data on the same variable from different sources.

1.8     Organization of the studies

This thesis is organized into five chapters. Chapter one which is the introduction started by providing a background of the subject matter, the problems and objectives follow. These are  followed by hypotheses, rationale and scope of the study as well as the organization of the chapters. Chapter two presents related literature concerning conceptual literature, theoretical, and empirical literature. Chapter three contained the research methodology, which consist of the sources of data, model specification and methods of data analysis, while the results and discussion are presented in chapter four. Chapter five contains the summary, conclusions and recommendations of the study. They are followed by references.