Reviving Nigeria’s Economy Through Youth Entrepreneurship

By Aremu Ebunoluwa Toluwani,

Youth unemployment remains one of Nigeria’s most pressing issues, contributing to the rise of social vices such as robbery, kidnapping, fraud, political thuggery, and prostitution. The development of a nation is directly tied to the resourcefulness of its citizens.

For a country to thrive, opportunities must abound, allowing the population to be gainfully employed and contributing to national progress. I once learned that countries like the United States of America break down professions into specific and specialized roles, ensuring that almost everyone has something to do.

This is reflected in their diverse range of university courses, tailored to meet various industry needs. This concept struck me deeply, especially when I realized that in Nigeria, if you do not have a degree in high-demand fields such as medicine, law, or finance, you may find yourself working in areas you are unprepared for, simply to make ends meet.

However, despite the challenges of unemployment and job scarcity, many young Nigerians have turned to entrepreneurship, starting small businesses even while in secondary school or as early as their first year in university. According to the State of Entrepreneurship (SOE) Survey 2023, there has been a notable increase in entrepreneurs aged 15-29.

While the majority of entrepreneurs still fall in the 30-39 age bracket, the youth have played a significant role in creating new businesses, accounting for over 70% of new ventures in the past year. Youth entrepreneurship is a catalyst for job creation, innovation, and economic diversification, gradually reducing overdependence on government employment.

Young entrepreneurs are stepping into key sectors like agriculture and technology, contributing to the nation’s export potential by introducing new products and services. The embrace of digital platforms and innovations has further enhanced productivity and expanded the scope of Nigerian businesses.

The potential of youth entrepreneurship to drive Nigeria’s economic growth is immense. Individuals like Mr. Oluwatobi Ajayi, CEO and founder of Nord Automobiles Limited, and Mark Essien, CEO of Hotels.ng—Nigeria’s largest online hotel booking platform—are examples of young Nigerians positioning the country to compete globally.

Entrepreneurs such as Odunayo Eweniyi are harnessing creativity and resilience to not only improve their own livelihoods but also stimulate national development and combat insecurity. It’s inspiring to see how some Nigerian youths are actively contributing to the nation’s growth.

I strongly urge the government to create an environment that supports the creativity and ingenuity of young Nigerians. There is a pressing need for stronger support systems, including easier access to finance, mentorship, and policies that foster an enabling business environment.

If these measures are prioritized, youth entrepreneurship will fuel economic growth and position Nigeria as a hub of entrepreneurial excellence in Africa. Focusing on empowering young Nigerians could trigger major growth, not just in the economy but across all sectors.

Aremu Ebunoluwa Toluwani is a student at Bowen University and an intern at PRNigeria. She can be reached via: [email protected]