The rise of entrepreneurship as an alternative to job opportunities in Nigeria

In Nigeria, over the years, the demand for job opportunities has significantly outweighed the supply.

The high level of unemployment in the country has left numerous graduates with the daunting task of finding a decent job to match their skills and qualifications.

As a result, entrepreneurship has become a rapidly growing alternative to job opportunities in Nigeria.

Entrepreneurs in Nigeria have been taking advantage of the ever-advancing technology to create innovative solutions across different sectors of the economy.

In this article, we will assess the rise of entrepreneurship as an alternative to job opportunities in Nigeria, and how it can help spur economic growth in the country.

One of the reasons why entrepreneurship is gaining momentum in Nigeria is the ever-present problem of youth unemployment.

According to a survey carried out by the National Bureau of Statistics in 2020, Nigeria’s unemployment rate soared to 33.3%, with youth unemployment positioned at 42.5%.

These numbers are staggering and serve as a wake-up call for entrepreneurial minded youths in the country.

Rather than waiting for non-existent job opportunities, many young Nigerians are pursuing their entrepreneurial interests and creating employment opportunities for themselves and others.

In recent years, entrepreneurship has become a viable career path, thanks to the government’s support and the increased availability of entrepreneurial resources.

The government of Nigeria has been making efforts to boost entrepreneurship in the country by setting up different schemes and programs aimed at supporting young entrepreneurs.

For instance, the Central Bank of Nigeria’s (CBN) loan schemes, such as the COVID-19 Targeted Credit Facility, Youth Investment Fund (YIF), and Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), have helped many young entrepreneurs start and grow their businesses.

Also, different organizations in Nigeria, such as the Tony Elumelu Foundation, have shown support for entrepreneurship by funding and mentoring aspiring entrepreneurs across the country.

Another factor that has fueled the rise of entrepreneurship in Nigeria is the availability of funding options.

In the past, many entrepreneurs in Nigeria have found it challenging to secure funding to start their businesses.

However, with the increasing number of angel investors and venture capital companies operating in the country, there are more investment opportunities for startups than ever before.

One of such companies is Microtraction, a Nigeria-based investment platform that provides funding and mentorship to early-stage startups.

Furthermore, the rise of technology in Nigeria has created numerous opportunities for entrepreneurs.

With the increasing penetration of smartphones and the internet, Nigerian entrepreneurs have been able to create innovative solutions across different sectors of the economy, such as agriculture, fintech, health, and e-commerce.

For instance, agritech startups like Thrive Agric and Farmcrowdy have helped smallholder farmers access funding and market opportunities.

Similarly, fintech startups like Flutterwave and Paystack have transformed the payment landscape in Nigeria, making it easier for businesses to accept and access payments online.

The benefits of entrepreneurship in Nigeria are varied, and they include the creation of employment opportunities, the diversification of the economy, and the promotion of innovation.

With the country’s diverse economy, entrepreneurs can thrive in various sectors, from agriculture to technology.

Furthermore, through entrepreneurship, Nigeria can reduce its reliance on imported goods and services and become more self-sufficient.

Going forward, entrepreneurship’s rise as an alternative to job opportunities in Nigeria will require more support from the government and other stakeholders.

The government can support entrepreneurship by creating policies that favor small businesses, improving access to funding and mentorship, and providing physical infrastructure like power and transportation.

There is also a need for more mentorship programs that will guide aspiring entrepreneurs on their journey.