Entrepreneurship: An Option to Solving Unemployment Problem Among Nigerian Youths

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.