Nigeria is a country known for its vast population; having a large number of this population as her labour force though underutilized. This is as a result of the inefficiency of the labour force caused by underemployment. To the Merriam Webster’s Dictionary, underemployment is “the condition in which people in a labour force are employed at less than full-time or regular jobs or at jobs inadequate with respect to their training or economic needs”.
In past years, different initiatives have been set up by the government, aimed at reducing unemployment. Among these initiatives is the N-Power, the Special Public Works amongst others. So far, these initiatives have provided a means of survival to some citizens as a result of training organised and stipends are given but for a duration. By identifying the massive unemployment and underemployment crises at hand, how have these interventions served as solutions?
It is noteworthy that, unlike in previous times where stipends were given, now training is set and the “stipend” now comes in the form of grants. This simply means that, on completion of the training, participants who are found to be diligent, are given the opportunity to use the skill and knowledge gathered to profer solutions to various societal challenges experienced in the country while the government handles the funds. Besides the government, some private organisations also fund risk worthy business plans. With funds being guaranteed, participants go into society as entrepreneurs with the sole aim of making an impact as well as profit.
Entrepreneurship, to Merriam Webster’s Dictionary, is the organisation, management and assumption of the risks of a business or an Enterprise. The person who indulges in entrepreneurship is an entrepreneur. To Joseph Alois Schumpeter, an entrepreneur is that innovator, who implements change in the economy by introducing new goods or new methods of production. He further posits that an entrepreneur is a disruptive force in an economy.
Having its meaning to be “to undertake” according to “entrependre” in French, it was taken as a way out of poverty by economists. For a country to be economically developed, there have to be entrepreneurs in every part of that country.
In Nigeria today, there are about 80% of people claiming to be entrepreneurs. Most persons believe that once a business is done and profit is made, entrepreneurship is assumed. This is far from it as entrepreneurship is beyond making profits. This notion of entrepreneurship is birthed by the alleviation of poverty, which is a reason entrepreneurship is encouraged. There is a problem identification which is followed by a solution construction. In getting to form a solution, there has to be a medium paved for the solution to get to the persons in need of it. It could be producing things in a new way like Joseph had said or it could be indulging in services that makes some persons have more time to give to their daily activities.
With these illustrations, the creation of applications like Uber and Bolt makes Travis Kalanick and Markus Villig entrepreneurs.
Also, the creation of Opay makes Yahui Zhou an entrepreneur. What makes the normal business different from entrepreneurship is the dynamic nature of the entrepreneur. An entrepreneur always finds a way out of obsolete things and a way to new ones. There is always a breakthrough in an entrepreneur’s mode of operation.
Currently, Nigeria’s crude oil serves as her main source of revenue outlasting other sectors of the economy. Having entrepreneurs will allow for other factors to have a percentage in the country’s growth scheme as entrepreneurship leaves no stone unturned. China, the USA, as well as other world powers, attained their status as a result of the government deliberate investments in their populace. This led to the constant rise and demand who engage in economic bolstering businesses.
There is also an increase in per capita income and simultaneously an increase in the Gross Domestic Product of the country. Entrepreneurship is a primary way to increase the country’s GDP. With the production of goods and with brings in higher income and with time allows for good infrastructure, Nigeria can see a positive change in her GDP.
It is pertinent that to drastically reduce the rising rate of unemployment in Nigeria, a paradigm shift is expedient. Human capital has to be heavily invested in. When this happens, Nigerians, who are known to be hardworking, will engage in activities that will positively strengthen and bolster the economy thereby reducing poverty, underemployment and unemployment.
Yusuf Fathia Abolore
