Youth Entrepreneurship: A Path to Nigeria's Development

Abstract

The world is constantly in a state of flux. Contemporary realities such as the Internet revolution with the accompanying Information Age appear to have placed young people above other demographic categories. Increasingly, young people between their teens and early adulthood have been taking very active parts in economic activities and leading critical sectors, especially IT, banking, and small and medium-scale enterprises (SMEs). Their unmatched compliance and savviness in the use of the virtual space have exposed them to limitless knowledge and opportunities that hitherto were difficult to access. The case is not different in Nigeria. Nigerian youths are a formidable population category whose imaginative and creative ability can turn around Nigeria’s dwindling economy if bolstered with an enabling environment. However, the Nigerian State has not been able to leverage the ingenuities and economic capacities of its largest population cluster. This is particularly paradoxical considering Nigeria’s continuous struggle for development. This paradox informs this paper. In it, I foreground the need for the Nigerian State to shift its focus to youth entrepreneurship and encourage bourgeoning youth entrepreneurs to develop innovative economic and/or business activities that can improve the different aspects of Nigeria’s economy and social development. This has become an imperative, especially in light of accidental events like COVID-19. Innovative entrepreneurship, injecting new efforts and ideas, and leveraging youth potential will benefit Nigeria and will not only engender healthy economic performance but also reduce mass unemployment and poverty. Nigeria’s dream of becoming a global economic powerhouse may be built around the entrepreneurship, innovativeness, and creative capacities of her youth population.