Research Document: Enterprising Nigeria: How “Job Seekers” can become “Job Creators” through Functional Entrepreneurship Ecosystems

Posted Wed, Nov 29, 2023 5:56 AM

In 2040, Africa will be the continent with the largest working population in the world. This implies that jobs will be needed for this rapidly growing population. Current projections show that underemployment and unemployment rates will rise, causing a shortfall in the number of available jobs for the working population. Entrepreneurship has been identified as a promising approach to “transform job seekers into job creators”, hence the challenge – how can Nigeria’s enterprising youths become sustainable job creators? At the core of this challenge are three key issues:
(1) translating the high volume of entrepreneurial activities in the country into investable job-creating ventures, (2) Closing the massive skills gaps among young Nigerian entrepreneurs, and (3) Building better-functioning entrepreneurship and innovation ecosystems to support startups. This policy brief submits that fostering collaboration amongst key ecosystem players can enhance the success rate of startups in Nigeria. It proffers key ecosystem support activities that can help young entrepreneurs before submitting three key policy options: Creating new entrepreneurship centres of excellence across Nigeria, creating a blueprint for entrepreneurship development in Nigeria, and developing a knowledge-sharing systems within the entrepreneurial economy.