Academic journal article Ife Psychologia

Youth Unemployment and Entrepreneurship Prospects in Nigeria: A Developmental Perspective

Academic journal article Ife Psychologia

Youth Unemployment and Entrepreneurship Prospects in Nigeria: A Developmental Perspective

Article excerpt

Introduction

"Contrary to common belief, Nigeria's greatest resource is its young population; and not oil resources (Onno Ruhl, World Bank Country Director for Nigeria). Many scholars have written widely on entrepreneurship and its potency to generate employment, thus, underscoring its quintessence, significance and relevance in the development pursuit of any given economy. The experiences of developed economies in relation to the roles played by entrepreneurship buttresses the fact that the importance of entrepreneurship cannot be overemphasized especially among the developing countries. In order to highlight its significance in relation to the growth and development of a given economy, entrepreneurship has been variously referred to as a source of employment generation. This is because entrepreneurial activities have been found to be capable of making positive impacts on the economy of a nation and the quality of life of the people (Adejumo, 2000). Studies have established its positive relationship with stimulation of economic growth; employment generation; and empowerment of the disadvantaged segment of the population, which include women and the poor (Abimbola & Agboola, 2011; Thomas and Mueller, 2000; Reynolds, 1987).

Nigeria as a country has numerous employment, business and investment potentials due to the abundant, vibrant and dynamic human and natural resources it possesses. Tapping these resources require the ability to identify potentially useful and economically viable fields of endeavors. Nigerians have made their marks in diverse fields such as science, technology, academics, business and entertainment. Thus, entrepreneurship activities and innovative ingenuity in Nigeria have developed enterprises in the following areas. Agricultural/agro-allied activities where there are foodstuffs, restaurants, fast food vending etc. In the area of solid minerals, there are quarrying, germ stone cutting/polishing and crushing engineering. In power and transport, there are power generations, haulage business (cargo and passengers). In the area of information and telecom business, there are manufacturing and repairs of GSM accessories and the printing and selling of recharge cards. In hospitality and tourism business, there are hotels, accommodation, resorts centers, film and home video production; in oil and gas business, there are construction and maintenance of pipelines, drilling, refining bye products. In the area of environmental and waste management business, there is refuse collection/disposal, recycling, and drainage/sewage construction job. In the area of financial banking services, there are; banking, insurance and stock trading. In engineering and fabrication work, there are machines and tools fabrications. There is also the building and construction, where there are plan and design services and material .

However, most of the viable economic opportunities are taken for granted by unemployed youths, they would rather worry about the economy's ups and downs. According to Beinhocker (2007) and Krugman (1992) people hardly ever bother about considering the economy as a whole or as a system, whereas, opportunities about all around the economy of the biggest industrialized city of the world to the smallest rural village. Round the clock and around the world, people are working, designing, organizing, manufacturing, servicing, transporting, communicating, buying and selling. The trillions of intricately coordinated decisions that must be made every minute of every day around the world to keep the global economy going, the complexity of these activities is indeed mind-boggling, yet there is no one particularly in charge of who does what, when and how. The responsibility for the coordination of these potentials and opportunities lies with the youth, populace and institutions of governance in the economy. Each sector within the Nigerian economic system (see illustration 1 above mentioning a few), have peculiar opportunities that can deliver on the needs for development, sustainability, growth and most especially unemployment. …

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