Exploring the Entrepreneurship option for Self Reliance (original) (raw)

ENTREPRENEURSHIP: A PANACEA TO YOUTH UNEMPLOYMENT CHALLENGE

International Journal of Entrepreneurship and Business Innovation , 2022

As the problem of youth unemployment persists, especially among developing economies like Nigeria, the need for a workable solution to this problem is continually being sought. Among possible alternative solutions to the problem is entrepreneurship. This paper, espousing entrepreneurship as a key to tackling youth unemployment, presented supporting views to this line of thought. Using descriptive approach, the paper highlighted the situation of youth unemployment in Nigeria, the challenges of the business environment, reliance on entrepreneurship and the way out.

Entrepreneurship -A Panacea for Youth Unemployment in Nigeria: Implication o

Introduction: In Nigeria, unemployment is a very serious problem combating all the states. Although accurate statistical data are lacking, local media reports however indicate that half of the Nigerian population of about 150 million are youths and that about 95% of them are unemployed. Idleness, decadence of economic stagnation and poverty have driven a large percentage of them into robbery, prostitution and violence. Nwachukwu and Nwamuo (2010) noted that when youths are not gainfully employed either in the public or private sector of the economy, they become very vulnerable to criminalities such as kidnapping, armed robbery, and many other social vices which are a menace to the society. In the same vain Ewumi, and Owoyale (2012) noted that one of the many pressing challenges facing Nigeria today is youths unemployment with the ripple effect of their resort to violent crime. All forms of antisocial vices are traceable to the unemployed youths. In order to address this issue of unemployment, the Federal as well as the State governments have made some efforts through some agencies by creating skills acquisition programmes, yet many graduates and even postgraduates degree holders are still parading fine and quality certificates without employment either by public or private organizations. As a result of this, the importance of entrepreneurship development of the economy has received increased attention in Nigeria in the recent time. The Federal Government of Nigeria since 1960 has put in place different kind of institutional frame work to promote small scale enterprises in the country. These include the establishment of industrial development centers (IDCS), the Small Scale Industries Credit Scheme (SSICS), Credit Guidelines to Financial Institution (CGFI), Working For Yourself/Entrepreneurship Development Programme (WFYP/EDP), National Economic Reconstruction Fund (NERF) and the Endorsement of Micro-finance Banking System (EMBS) whose duty is to give loans to enable their customers establish small scale businesses. All these are geared towards the promotion of entrepreneurship. Entrepreneurship, in this context, is seen as the process of discovering new ways of combining resources and becoming aware of business ownership as an option or viable alternative, by developing ideas for business; learning the process of becoming a business owner, undertaking the training to acquire the skills required to establish and develop business. It includes the practical application of enterprising qualities such as initiative, innovation, creativity and risk-taking into the work environment (either in self employment or employment in small start-up firms) using appropriate skills necessary for success in that environment and culture. The entrepreneur is often referred to as the agent of social, economic and technological development. The formal processes of equipping the entrepreneur with necessary insight and skill are through formal education, entrepreneurial training and development. Training is considered as the organized procedure by which people learn knowledge and/or skills for definite purpose (Bench, 1975). The objective of training is to cause changes in behaviour of the trained. It should be noted that training means to guide someone through instruction and drill for skills acquisition. Learning is another related concept which means the human process by which skills, knowledge, habits and attitudes are acquired and utilized in such a way that behaviour is modified. Thus education as used here is inclusive of training and learning process (Ogundele & Kio, 2002) and the essence of these training is for development. Development at the individual level according to Rodney (2005) is the increase in skill and capacity, greater freedom, creativity, self-discipline responsibility and material well being. The achievement of any of these aspects of personal development is directly related to the state of the society as a whole. At the level of social groups, development implies an increasing capacity to regulate both internal and external relationship. Rodney (2005) is of the view that the tool with which men work and the manner in which they organise their labour are important indices of social development. He further noted that development when used exclusively in economic sense, refers to how members of a society increase, jointly exercise their capacity for subduing the environment. Capacity here is dependent on the extent to which they understand the laws of nature (science), technological know-how and organisation of work which are assisted by the processes of formal education,

Entrepreneurship as a panacea to increasing youth unemployment in Africa

Alternative Horizon, 2021

The African youth population is expected to increase up to over 830 million by 2050 and an estimated 263 million young people may not be gainfully employed by 2025 according to the African Development Bank projection. This is quite worrisome as there is currently an increase in migration of young and skilled Africans to other continents, as well as poor living conditions, increased crime rates, and social vices among the African youth population as a result of unemployment, amongst other factors. Urgent attention is, therefore, required towards reducing the rate of unemployment in Africa. Although job creation and the provision of economic opportunities for citizens are constitutional duties of government officials and public office holders, the alarming increase in youth unemployment calls for a more holistic and sustainable approach to addressing this challenge-hence the need for human capacity building towards self-employment and sustenance. The promotion of entrepreneurship through formal and informal education in Africa, provision of mentorship programmes, and start-up funds will provide a short-and long-term solution to the scourge of youth unemployment in Africa.

ENTREPRENEURSHIP: A CAREER CHOICE FOR NIGERIAN YOUTH

FULafia Journal for Entrepreneurial Development (FUJED), 2022

The rising level of unemployment in Nigeria, with its consequences and the reality that government alone cannot provide job opportunities for the growing population. It became imperative for people particularly the youth to consider entrepreneurship as career choice and create employment opportunities to stimulate economic development. This study examined the need for entrepreneurship as career choice for Nigerian youth. Descriptive statistical analysis was used to compare data on number of enterprises and employment between 2013 and 2020. Data for the study were excerpted from National MSME survey report; previous researches and analyses of scholars; newspaper; magazines as well as journal articles that are related to the subject. The study involved extensive literature review which critically analyzed the present status and prospects of entrepreneurship development. The conceptual review focuses on definition of entrepreneurship and theoretical framework is guided by Schumpeter’s Theory of Entrepreneurship. The study reveals that as the number of small and medium enterprises increase, so do employment rate also increases. The study recommended that government should make policies that would lower the cost of doing business in order to enable the startups and existing enterprises to remain in the business world and continue to add value to the economy.

Entrepreneurship Education In Nigeria: A Panacea For Youth Unemployment

This paper discusses the need for entrepreneurship education in Nigeria geared towards enhancing sustainable development in the country. Since entrepreneurship skills remain vital in the real sector and the sustenance of economic development, it has become imperative for government to pay attention to this sub-sector. The problems facing the country ranging from acute poverty, youth and graduate unemployment, dependence on foreign goods and technology; to youth restiveness and violence among others has prompted government's recognition of this fact that has led to the introduction of entrepreneurial studies in tertiary institutions. The concern is to encourage youths to engage in useful livelihood. This paper therefore argues that entrepreneurship education will equip the students with the necessary skills with which to be self-reliant. The objective and strategies for re-designing entrepreneurship education are also discussed. The paper recommends that educational programmes at all levels of education should be made relevant to provide the youths the needed entrepreneurial skills.

Entrepreneurship Education: A Remedy to Youth Unemployment in Nigeria

International Journal of Advanced Academic Research, 2021

In a developing nation, entrepreneurship education has been and would likewise continue to be a great economic stimulation to serve as a remedy to the youth unemployment in Nigeria. This paper focused on entrepreneurship education as a remedy to youth unemployment. Some issues discussed include the youth unemployment, causes of youth unemployment, effects of youth unemployment, the concepts of entrepreneur, importance of entrepreneurship education as a remedy to youth employment, as well as often encountered challenges of entrepreneurial education and the strategies/solutions for effective entrepreneurship education. On the basis of these and other auxiliary discourses, conclusion was reached and recommendations were raised for consideration. These include a call for all stakeholders to allow the entrepreneurship education to reach out to the youth, regardless of theirethnic, cultural, religious, geographical or political affiliations by establishing good scheme aimed at encouraging...

ENTREPRENEURSHIP EDUCATION AS A WAY OF CURBING YOUTH UNEMPLOYMENT IN NIGERIA

One of the biggest challenges of Nigeria today is youth unemployment. Nigeria, being the giant of Africa has the largest number of youths who are yet to be properly mobilized and empowered for gainful economic activities. This can only be tackled through Entrepreneurship Education which involves teaching and learning of the needed skills, values, attitudes and knowledge that equip one to become self-reliant through being a good citizen who is an effective manager, value agent and risk bearer of business undertakings. Therefore, this paper discusses Entrepreneurship education and unemployment reduction in Nigeria, problems facing education and its graduate and ways of addressing this problems so that our national and human resources will be properly employed for economic emancipation, so as to turn our youths into job creators and not job seekers.

Youth unemployment: Entrepreneurship development programme as an intervention mechanism

African Journal of Business …, 2010

Within the framework of potential efforts and strategies to boost employment and job creation for young people, entrepreneurship is increasingly accepted as an important means and a valuable additional strategy to create jobs and improve livelihoods and economic independence of young people. Regrettably, problems of unemployment as experienced by the educated youths and even the uneducated but skilled youths have become more pathetic in many developing economies, despite the neo-liberal strategies in addressing the issue of enhancing human capital. The aim of this paper is therefore to examine the constraints that impede young people in search of non-existing jobs and the urgent need to orient people of these affected economies particularly Nigerians on imbibing selfemployment and entrepreneurship through vocational and entrepreneurial training programmes as a short-term intervention mechanism.

Trickling down youth unemployment in Nigeria by leveraging on Entrepreneurial Education

According to the 2012 National Bureau of Statistics (NBS), Nigeria’s population is said to have grown to about 167 million. The population influx includes approximately 50% young people who are between the ages of 15 and 34 years old. This demographic figure has been left out of the economic dividends with the prevailing rate of unemployment among the youths. In 2012, the number of unemployed youths was approximately 11.1 million. University graduates also constituted about 20% of the youth unemployment and often remained unemployed for five years or more post-graduation (NISER, 2013). Various international organizations in the field of development have signaled that this figure could constitute a huge ticking time bomb in Nigeria if nothing is done to reduce the unemployment rate. There are many contributing factors why the prevalence of unemployment among Nigerian youths is at an all-time high. Reasons such as high population growth rate of 3.5% per annum; poor educational curriculum that does not reflect or meet the challenges of the 21st century graduate; skills mismatch between graduates and potential employers; infrastructural deficits due to weakening effect brought about by the structural adjustment program (SAP) and unsound, inconsistent, distorted public policies relating to youth development and unemployment all contribute to youth unemployment. These listed reasons, although quite tangible for unemployed graduates to overcome, are difficult to reach because graduates lack essential entrepreneurial education. With proper entrepreneurial education, youth could diminish a critical social divide and other societal vices within the country. Young people can indeed become game changers by strengthening the informal sector of the country. Although ignored, the informal sector currently contributes about 57.9% of the country’s total Gross Domestic Product (GDP). In an effort to decrease youth unemployment, this paper seeks to present the new model of education that has been tested at various fronts within Nigeria to curb unemployment, while also promoting job creation vis-à-vis economic empowerment. The paper critically looks at how various stakeholders can work together to absorb the dividends by promoting entrepreneurial education to strengthen the sector. This paper will give examples of local success stories to illustrate how a social business such as Business Management Consortium (BMC) and other institutions within Nigeria have been able to leverage the Entrepreneurial Education tool to bridge this employment divide . As strategic planning is needed to exact change, and combat the menace of youth unemployment plaguing the nation of Nigeria, the proposal provides insights into models that already exists within the framework of BMC as a social enterprise; the possibilities existing across various sectors and points to action elements on how to make the necessary adjustments to ensure that this youth bulge does not constitute a greater burden to the country in the future. Keen attention is given to concrete implementation strategies that can be locally promoted across different scales but with a long-term national and regional outlook.

Youth Entrepreneurship: A Path to Nigeria's Development

International journal of social science and human research, 2023

The world is constantly in a state of flux. Contemporary realities such as the Internet revolution with the accompanying Information Age appear to have placed young people above other demographic categories. Increasingly, young people between their teens and early adulthood have been taking very active parts in economic activities and leading critical sectors, especially IT, banking, and small and medium-scale enterprises (SMEs). Their unmatched compliance and savviness in the use of the virtual space have exposed them to limitless knowledge and opportunities that hitherto were difficult to access. The case is not different in Nigeria. Nigerian youths are a formidable population category whose imaginative and creative ability can turn around Nigeria's dwindling economy if bolstered with an enabling environment. However, the Nigerian State has not been able to leverage the ingenuities and economic capacities of its largest population cluster. This is particularly paradoxical considering Nigeria's continuous struggle for development. This paradox informs this paper. In it, I foreground the need for the Nigerian State to shift its focus to youth entrepreneurship and encourage bourgeoning youth entrepreneurs to develop innovative economic and/or business activities that can improve the different aspects of Nigeria's economy and social development. This has become an imperative, especially in light of accidental events like COVID-19. Innovative entrepreneurship, injecting new efforts and ideas, and leveraging youth potential will benefit Nigeria and will not only engender healthy economic performance but also reduce mass unemployment and poverty. Nigeria's dream of becoming a global economic powerhouse may be built around the entrepreneurship, innovativeness, and creative capacities of her youth population.