ISSN 2756-3677
International Journal of Banking and Finance ISSN: 8201-4728, Vol. 7 (6), June, 2023. © International Scholars Journals
Original Research Articles
Implication Of Financing Social Security On Economic Stability In Igboland (South East) Nigeria
Okoye Chinasa Regina1 and Victor Okoye2
1Department Of Social Sciences, School Of General Studies, Federal Polytechnic Oko, Anambra State, Nigeria
2Chief Lecturer, Department Of Banking And Finance, School Of Management Sciences, Federal Polytechnic Oko, Anambra State-Nigeria. [email protected]
Accepted 18 January 2016
Abstract
Social security is a shared care arrangement designed to meet contingencies and other conditions of insecurity due to either deprivations or contingencies. It is widely practised globally. Social security is usually intended to raise welfare or reduce exploitation. But they actually work to raise the cost of labour in the formal sector and reduce labour demand and it is a major factor responsible for unemployment in Nigeria. Unemployment in Nigeria has become a major problem for policy makers. Nigeria has been financing social security overtime but their implications on economic stability have not been fully ascertained. This study sought to investigate the implications of financing social security on economic stability in Igbo land. The study adopted descriptive research design. The result of the study indicates that proper financing of social security has a positive and significant implication on economic stability of Igbo land. The implication of this is that financing of social security can contribute significantly to the growth of economic stability in Igbo land through reduction in unemployment. The issue of social security has been used over time in Igbo land, yet the region suffers from high unemployment rate and economic instability compared with other region in the country. We, therefore, recommend that social security financing in Igbo land (South East) in Nigeria should be focused on the activities that can reduce the level of unemployment rate and thereby maintain economic stability in the region.
Keyword: Social Security, Economic Stability, Unemployment, Labour, Igboland,