Mathematical Analysis of the Implication of the Proposed Rise in the Retirement Age on the Unemployment Situation in Nigeria

Abstract

The situation has aggravated poverty and brought about untold hardship particularly for the unemployed. Currently, there is intense debate regarding the adjustment in the statutory age of retirement in Nigeria. To that end, a deterministic compartmental mathematical model is designed to study the implication of the proposed increase in the national statutory age of retirement on the national output and the trend of unemployment in Nigeria. The mathematical interpretation of the compartments of the model leads to the corresponding first-order ordinary differential equations. The resulting equations are proved to satisfy the basic features of a good mathematical model. The unemployment-free equilibrium is derived and the stability analysis is performed via stability theory of nonlinear differential equations. Numerical simulation is conducted to validate the analytical results. Results from the simulation show that increasing the national statutory age of retirement will limit the rate at which individuals are moving from the unemployed state to the employed state but widen the rate at which individuals are joining and remaining in the unemployed state.

A Mathematical Model to Address Out-of-School Children Menace for Actualization of Sustainable Development in Nigeria

“…If there exists solutions, the menace of OOSC and how it can be tackled to fount sustainable development in Nigeria can be predicted. The famous Derrick and Grossman theorem, which has been explored in various studies, see [10] and [23] for example, shall be employed to establish existence of solutions for the proposed model. Lemma 2.1.…”

“…. (10) In (10), is evaluated to and . Since all the eigenvalues of the variational matrix (10) are not negative then the total schooling equilibrium is unstable.…”

“…(10) In (10), is evaluated to and . Since all the eigenvalues of the variational matrix (10) are not negative then the total schooling equilibrium is unstable. The implication of total schooling equilibrium being unstable is that getting all the children into school is not feasible.…”

“…where ISSN: 1844 -9581 Mathematics Section 687 (14) Given ( 14), the stability of partial schooling equilibrium can be examined following Routh-Hurwitz stability criteria [10,[35][36][37]. The partial schooling equilibrium is stable if in (14), and otherwise it is unstable [38][39].…”

“…First, the unemployment rate has been increasing in Nigeria. It reached 23.13% during the third quarter of 2018 and 40% in 2022 [9][10][11]. The existence of teeming unemployed graduates is enough reason for massive dropout.…”