LASU Journal of Employment Relations and Human Resource Management
(LJERHRM)
ISSN: 2705-3482
Volume 2, No. 1, December 2020
Pages 101-110
DOI: 10.36108/ljerhrm/0202.02.0170
GLOBAL OIL PRICES AND THE NIGERIAN LABOUR MARKET
DUMEBI, Ideh Anthony1 and OLUSANYA, Olasunmbo2
Department of Employment Relations and Human Resource Management, Faculty of Management Sciences, University of Lagos
E-mails: 1dideh@unilag.edu.ng, 2sunmboolusanya@yahoo.com
Abstract
Nigeria is both a major exporter of crude oil and major importer of refined petroleum products with high level of unemployment. Nigeria depends on oil for its revenue and as major input in most industrial sectors. This paper examined the opportunities created by the low global oil prices for improving the Nigerian labour market. The study adopted qualitative research approach. The key findings are that fall in oil price provides negative challenges for Nigerian labour market in the short-run but an opportunity for improved employment generation in the long-run. The study concludes that government should take advantage of the fall in oil price to develop other sectors of the Nigerian economy. The paper has contributed to knowledge by establishing among others, that low oil prices create opportunities for nations to improve the labour market conditions.
Keywords: Crude oil, economy, global, labour market, Nigeria