Regulation in its broader sense, means the imposition of restrictions on the various sectors of an economy. For example, prior to 1986, regulatory controls were the main approach to macroeconomic management in Nigeria. On the contrary, deregulation aims at the removal of controls, thereby enhancing competition and efficiency in the allocation of resources in the economy. Since 1987, deregulation has been the central framework for macroeconomic management in Nigeria. It is often argued that deregulation is associated with high levels of unemployment. Thus, analyses developments in the Nigerian labour market during the period, 1980‐93. Available data show that Nigeria’s unemployment rate declined marginally under deregulation as opposed to regulation. Despite this development, unemployment still remains a critical issue in Nigeria today. Also shows that even industrial relations deteriorated under regulatory controls. Consequently, concludes that the labour market in Nigeria did stabilize in the period 1987‐93, as opposed to the period 1980‐86.
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