Browsing by Author "Adamolekun, Omolola Janet"

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    EFFECT OF ECONOMIC DIVERSIFICATION AND INNOVATION ON YOUTH UNEMPLOYMENT IN NIGERIA
    (Covenant University, Ota, 2026-08) Adamolekun, Omolola Janet; Covenant Univbersity Dissertation
    This study examined the connection between innovation, economic diversification, and youth unemployment in Nigeria and evaluated the degree to which innovation and economic diversification had an impact on youth unemployment. This was done in order to investigate the relationship between economic diversification, innovation, and youth unemployment in Nigeria between 1994 and 2024. The study made use of secondary data. Data on youth unemployment (proxy for youth unemployment), scientific and technical journal articles (proxy for innovation), and mobile phone subscriptions were obtained from the World Bank World Development Indicators. However, the Shannon Index (a proxy for economic diversity) and trade openness were calculated using information from the Central Bank of Nigeria (CBN) statistics bulletin, and information on government spending was also obtained from the same source. Data was analysed in accordance with the study objectives using the Augmented Dickey Fuller (ADF) Unit root test, Autoregressive Distributed Lag (ARDL) bounds test for cointegration, and Autoregressive Distributed Lag (ARDL) estimation based on the discovery that variables were at a mixture of orders of integration of zero and one. According to the study's findings, there was a long-term relationship between innovation, economic diversification, and youth unemployment in Nigeria. However, the error correction term showed that 59.80% of deviations from equilibrium are corrected over the long term. Innovation was found to have a significant positive relationship with youth unemployment in the short term and a significant negative relationship with youth unemployment in the long run, while economic diversification had an insignificant relationship with youth unemployment in both the short and long term. Furthermore, whereas government spending was important for lowering youth unemployment in the long run only, mobile phone subscriptions increased youth unemployment in both the short and long term. Additionally, the relationship between innovation and economic diversification had a significant impact on youth unemployment in both the short and long term. However, in the short term, this interaction increased youth unemployment while in the long term it amplified the decline in youth unemployment. Based on the aforementioned findings, the study suggested, among other things, that the Nigerian government prioritise targeted investment in education and skill development, especially in STEM fields, digital literacy, and vocational training; that public spending be redirected toward industries with high employment potential, such as education, technology, and industrial development; and that policies be shifted from access to utilisation of digital infrastructure by encouraging digital entrepreneurship, remote work opportunities, and tech-enabled small businesses.