Abstract
Youth unemployment is a problem that affects developing countries, including Nigeria. Recent research on youths and their involvement in entrepreneurship activities is gaining ground seriously due to the economic downturn that increases unemployment. The study's goals include providing suitable suggestions to promote entrepreneurship, problems confronting youth entrepreneurship, the examination of the role of entrepreneurial education in youth employment, and schemes that boost youth entrepreneurship. Data was collected from the primary source by using a structured questionnaire. The sample was selected using a stratified random sampling technique. The target respondents were youths between the ages of 20 and 40 years. Data was gathered from 220 youth entrepreneurs in Lagos, Nigeria. SPSS and Excel were used to analyse the data. The study found out parents and family influenced their decision to start a business. Lack of access to finance and financial risks were found to be significant demotivators for youths against starting up a business. Education was seen to support the entrepreneurial careers of the respondents. The study also showed that difficulty in attracting funding was a significant problem affecting youth entrepreneurship. The recommendations include Tertiary institutions should train students in entrepreneurship. The government should set up special funds (Loans & Grants) for youth entrepreneurship. Youth should be involved in policy development on entrepreneurship. Capacity-building should be organized often for youth entrepreneurs. More functional incubation centers should be established across the country to breed young entrepreneurs. Established adult and youth entrepreneurs should be encouraged to mentor up and coming, youth entrepreneurs. The government should be consistent in youth entrepreneurship policy. The Government should address the issue of multiple taxations, poor infrastructure, poor planning, corruption, etc. The government should encourage citizens to patronize homemade goods. Bureaucratic bottlenecks concerning government transactions with entrepreneurs should be eliminated. The government should improve the ease of doing business.
Highlights
Youth unemployment is a challenge confronting most developing countries, though developed countries are not exempted [four]
Questionnaires designed to understand youth entrepreneurship in Nigeria were distributed amongst 220 youth entrepreneurs in Nigeria
Most of the respondents were between the ages of 20 and years (47.27%), while 37.27% were between the ages of and 40
Summary
Youth unemployment is a challenge confronting most developing countries, though developed countries are not exempted [four]. One of the most critical challenges facing the world today is youth unemployment [62]. Nigeria has gotten one of the highest rates of youth unemployment in the world due to a lack of employment skills and, a very wide skill gap [35]. Youth unemployment in Nigeria is observed to be on the increase, and various efforts seem not to be yielding significant results [4]. According to the National Bureau of Statistics [49], Nigeria's unemployment and underemployment rates are a combined of 55.7% at the end of the 2nd quarter in the Year 2020 [47]. Nigeria is a paradoxical nation, blessed with enormous resources but confronted with high unemployment [43]. Traditional career paths and opportunities are fast disappearing [77]
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