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Entrepreneurship and youth unemployment crisis in Nigeria

How can entrepreneurship solve the youth unemployment crisis in Nigeria?

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    Youth unemployment is a phenomenon that occurs when a person who possesses relevant qualified requirements and is actively searching for employment is unable to find a job. It is often used as a measure of the health of the economy and as such, one of the macro-economic problems which every government is expected to monitor, regulate and provide the required enabling environment. According to the National Bureau of Statistics (NBS) in the fourth quarter of 2016, 47.40% of the Nigerian youth are unemployed/underemployed. In light of this, the need for the Nigerian youth without reliance on the labour market and government to seek avenue for self-employment and self-fulfillment is impelling.

    Entrepreneurship as the innovative and or dynamic process of creating incremental wealth is therefore the much-needed skills required to enable the young people in Nigeria to turn ideas into actionable products and services. Entrepreneurship therefore requires passion, vision, commitment and sustainable partnerships; at its earliest stage can be described as self-employment and as it advances, it has the capacity to provide avenue for gainful employment. Starting a business increases competition in the market, which creates jobs and promotes sustainable growth in the greater economy – all of which are keys to tackling youth unemployment.

  • Passion – The self-fulfillment of utilizing one’s talent/skills; this is the inherent parameter required by an entrepreneur which enables him/her to be strongly internally driven to pursue his/her dream towards entrepreneurship.
  • Vision – An entrepreneur with the right vision to expand an identified passion coupled with the right plans, grows to possess an irrepressible business. Strategic visions therefore are (and should be) anchored on ensuring value additions/ socio-economic impact towards creating a legacy driven business.
  • Commitment/Consistency – An entrepreneur is expected to be consistently committed towards overcoming obstacles and setbacks, selecting the right team/people to work with, as well as building trust.
  • Sustainable Partnerships – This parameter requires an entrepreneur to source and engage in sustainable business partnerships especially in areas beyond the natural expertise of the entrepreneur.

      In submission, entrepreneurship can indeed, practically solve the youth employment crisis in Nigeria if entrepreneurs in Nigeria imbibe the aforementioned parameters through which an eco-system of sustainable employment and engagement can be created. In essence, jobs are created, they are secured, they are empowering and they are sustainable.

     Therefore, to expand successful and positive employment opportunities for the Nigerian youth, challenges such as lack of funding, inadequate infrastructure and education, corruption, nepotism without industrial investment must be eradicated. This will aid in preventing social injustices, vices, unrest and economic deprivations notably such as terrorism, corruption, moral decay, etc.

      Notably, the Federal Government of Nigeria supports entrepreneurship programmes, which seeks to develop, grow and sustain small businesses such as YouWin, etc. The Nigerian government and its people at all levels must therefore continue to create the right conditions that allow more entrepreneurs to start, grow and maintain businesses, implement policies, which nurture the Nigerian environment towards effective wealth creation and social sustainability.

Very well articulated! Thanks.

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