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Saturday, July 15, 2017

ENTREPRENEURSHIP: A WAY TO ALLEVIATE POVERTY AND REDUCE UNEMPLOYMENT IN NIGERIA


Theme: Alleviating Poverty & Unemployment in the Nigeria Economy.

Tag line: "Making Life Better For All Nigerians"


Category: Entrepreneurship Development & Skill Acquisition
TopicEntrepreneurship - A way to alleviate Poverty and reduce Unemployment in Nigeria
Focus Area/Coverage: Nigeria As a Nation

By: 

Ambassador Babalola Abimbola


Introduction:

Nigeria is a nation with a population of over 180 million people and more than half of this population are youths under 30 years of age. Due to the current state of the economy, dwindling revenue and the inability of the government to provide needed jobs for its citizen, majority of the people in this category who are of employable age and eligible to work can barely earn a living. Though some of these youths are educated and ought to be assets to the nation, they are more of liabilities because of their inability to fend for themselves. There are youths who have several qualifications in formal education but are still unemployed and at the end of the day, they are not better than their uneducated mates. This high level of unemployment among youths has immensely contributed to the high level of poverty in the nation. Since having an education does not automatically guarantee employment in Nigeria today, an alternative that may be considered is the development of entrepreneurial skills.

Case Review:

According to business dictionary, Entrepreneurship is the willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. It is the readiness to create a business, even with the possibility that it might fail. There are several businesses that can be established in communities in Nigeria that do not require a large capital, but can start out from somewhere as small as the corner of a living room. Such businesses include fashion designing, beauty business (Hair and makeup), catering, large printing business, and so on. These are businesses can be started in a small way and then grown into a franchise. But to achieve this, the necessary skill, expertise and key traits such as creativity, ability to keep going in the face of hardship and social skills should be acquired. Such skills can be acquired simultaneously with a formal education without one disturbing the other if the individual is diligent. 

Recommendation: 

In order to better equip a youth, the individual should be made to acquire the skill very early. This can be done during the teenage years while in secondary school or while in the university. This will make the learning process easy. There are quite a number of people today who sponsored or are sponsoring their education with money from such business. There are others who have their degrees but are successfully running their own businesses using these skills and earning a comfortable living. Some are even better off than people who work for organizations in a formal environment.

Conclusion:


It is important to understand that not everyone will have the privilege to practice with their degree. Also, with a population that keeps rising yearly, there is need for more businesses. The place of a formal education cannot be over-emphasized but having a skill that can help to develop a small or medium scale business is not out of place. Education will help to guide and package the same business that looks common to every other person in a distinctive way while the skill will provide a means of livelihood without waiting around for an unemployment opportunity that may never come. Development of skills to become entrepreneur of small scale business will help to reduce the high unemployment statistics in Nigeria.


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