Is Entrepreneurship the Solution to Unemployment in Nigeria or the Advent of Another?

Most of the time we tend to see entrepreneurship as the solution to the unemployment condition of Nigeria, but in the real sense is it truly the solution or another disaster waiting to happen?

Nigeria Economy and system is one that makes life difficult for the common man, after spending years at the University, a common man finds it hard to get a befitting job. About 21.7 Million Youths are unemployed in Nigeria as at the time of writing this post, some of the employed are over-utilized and underpaid. It seems this order is going to continue for a long time.

That’s why smart Nigerian youths decided to go through the entrepreneurial journey and this has given rise to about 17.4million SMEs in Nigeria. People troop into the entrepreneurship world every day. It seems we have found a solution to unemployment since many people are now self-employed but, hey! It’s the beginning of another problem.

Most of these businesses never thrive beyond their first year, some manage to enter five years while some are just in business because the founder is still alive. No growth, no progress, and a rapid decline in sales. When these happen, they get tired, some fall into depression with the thought of how to repay loans, some become useless and some give up on life by throwing in the towel.

We cannot fold our arms to see this happen to the dreams and aspirations of people, we know entrepreneurship is great but, there is a need to do it the right way if we don’t want it to be another problem to our society.

Continue reading “Is Entrepreneurship the Solution to Unemployment in Nigeria or the Advent of Another?”