Embracing the Future: The Rise of Youth Entrepreneurship
Youth entrepreneurship is becoming a transforming force in Nigeria, a country known for its resilience, cultural depth, and entrepreneurial spirit, propelling economic growth and societal change. Young Nigerians today are using their creativity, enthusiasm, and resolve to launch companies that not only solve regional problems but also have an international impact. This article examines Nigeria’s dynamic youth entrepreneurial scene, stressing its importance, particular difficulties, and how the government and private entities have impacted youth entrepreneurship support.
The Significance of Youth Entrepreneurship in Nigeria
Increasing Self-Sufficiency and Independence:
Young people who engage in youth entrepreneurship are more self-reliant and independent. A strong sense of ownership and responsibility is ingrained when a business initiative is conceived, planned, and carried out. Young business owners gain experience in decision-making, problem-solving, and course-charting. This empowerment goes beyond the workplace; it moulds people into self-starters, leaders, and community contributors who aren’t scared to take the lead.
Building an Innovative Culture from the Ground Up:
A fertile ground for new ideas and creative solutions is youth entrepreneurship. Young entrepreneurs frequently offer a distinct viewpoint since they are not constrained by prevailing conventions. Youth’s natural exuberance, inventiveness, and risk-taking propensities foster an environment that values ongoing innovation.Youth-led entrepreneurship propels a dynamic and forward-thinking landscape, pushing growth and influencing the future of business, from tech companies revolutionising industries to socially aware ventures addressing global concerns.
Skill Development and Real-world Learning:
Engaging in entrepreneurship at a young age provides invaluable real-world learning experiences. The hands-on nature of starting and running a business equips youth with diverse skills, from problem-solving and critical thinking to communication and financial literacy. The entrepreneurial journey becomes a classroom, offering practical lessons beyond traditional education. These skills not only enhance the employability of young individuals but also lay the foundation for a generation that is adaptable, resourceful, and well-prepared for the complexities of the modern workforce.
Improving the Social and Economic Outcomes:
Entrepreneurship by young people has the power to have a big social and economic impact. Young entrepreneurs frequently approach societal issues from a different angle, starting businesses with the intention of changing the world for the better. Youth-led enterprises become change agents by tackling issues like social inclusiveness, the environment, or sustainable practices. This dedication to social responsibility encourages other young people to start their own businesses with a purpose and helps create a more thoughtful and caring corporate environment.
Challenges Faced by Entrepreneurs in Nigeria
Inadequate Infrastructure:
This is a major issue that Nigerian entrepreneurs deal with is infrastructure. Because of the poor condition of the nation’s roads, power, and other fundamental infrastructure, businesses find it challenging to run effectively. The extra expense that entrepreneurs frequently incur for supplying their own power sources and transportation raises their overhead expenses. Because of this, business owners are now forced to provide their own infrastructure, which raises overhead expenses and lowers their ability to compete.
Inability to Obtain Funding:
The majority of business owners find it difficult to raise the money needed to launch or expand their companies. Small business owners frequently find it difficult to repay loans from banks and other financial organisations because of the high interest rates associated with these loans. The government has made an effort to solve this problem by launching programmes like the Bank of Industry, however these programmes are frequently badly carried out and have little effect.
Corruption:
In Nigeria, corruption is another important problem that has an impact on entrepreneurship. Obtaining licenses, permissions, and government contracts can be challenging for entrepreneurs due to bureaucratic red tape, bribery, and other corrupt activities. This frequently results in a scenario where entrepreneurs must violate their morals in order to launch their companies. There are several causes of corruption in Nigeria. Corruption has a long history in the nation, and many public servants are implicated in it. Another factor that has contributed to corruption is the government’s lack of transparency and accountability.
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The Role of Government and Private Entities in Youth Entrepreneurship Support.
The Nigerian government and some private bodies have contributed greatly to shaping a sustainable and inclusive economic future. By providing youth entrepreneurship support, addressing challenges, and investing in supportive ecosystems, so that Nigerian youths can unleash the full potential of its young entrepreneurs to drive prosperity, create jobs, and inspire the next generation of leaders. We would be looking at some of these initiatives.
YOUTH ENTREPRENEURSHIP SUPPORT PROGRAMME (YES-P)
The Youth Entrepreneurship Support (YES) Programme is BOI’s effort at addressing the worrisome phenomenon of youth unemployment in Nigeria by building the capacity of the youths and funding their business ideas. The YES programme is aimed at equipping young people with the requisite skills and knowledge to be self-employed by starting and managing their businesses.
YOUTH ENTREPRENEURSHIP DEVELOPMENT PROGRAMME (YEDP)
The Youth Entrepreneurship Development Programme (YEDP) was established by the Central Bank of Nigeria as part of its efforts to improve credit delivery in order to address the challenges of unemployment, encourage entrepreneurial spirit among Nigerian youth, and facilitate the growth of small and medium-sized enterprises. The program’s objective is to awaken the dormant entrepreneurial spirit in the throngs of young people by offering them timely and reasonably priced funding to carry out their business concepts. This will offer a long-term solution to boost employment, increase GDP (GDP) from sources other than oil, and deal with the problem of restlessness among young people.
Entrepreneurship Development Centres (EDCs)
To assist in empowering the youth and diversifying the economy, the government, through the CBN, established and supported Entrepreneurship Development Centres (EDCs), introduced the Microfinance Policy, Regulatory and Supervisory Framework for Nigeria, and, between 2006 and 2008, the NYSC Entrepreneurship Training Programmes, Venture Prize Competition, and Sensitization Campaign.
African Youth Empowerment-Nigeria (AYEN)
African Youth Empowerment Nigeria (AYEN) is a non-profit organizations established to address the gaps of diversity, empower youths in numerous areas of life, capacity building, youth involvement in service projects, civic engagement, philanthropy and decision-making of their communities. All projects reflect a commitment to investing in the lives of youth and are driven by individual initiative, teamwork, and youth-adult partnerships.
Conclusion
A small number of NGOs and well-to-do businesspeople have also made financial contributions. A few examples are the Youth Empowerment and Development Initiative (YEDI), the Diamond-Crest for Youth Education Foundation, the New Era Foundation, the Youth for Technology Foundation, and LEAP Africa. The Tony Elumelu Foundation for Entrepreneurship in Africa is another. All of these steps were done in an attempt to boost the development of jobs, reduce poverty, and generate revenue for both individuals and people and the government, resulting in economic diversification that will lessen reliance on government spending and oil revenue, fostering economic growth and development.
References:
Why Is Youth Entrepreneurship Important? – Medium
Challenges Faced by Entrepreneurs in Nigeria – Linkedin
Youth Empowerment and Entrepreneurship in Nigeria: Implication for Economic Diversification – Research Gate.
