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

Abstract

Africa’s future as the largest working population in the world by 2040 implies underemployment and unemployment rates will rise,  causing a shortfall in the number of available jobs for the working population. To prepare for this imminent future, “job seekers” must  become “job creators”. By leveraging the power of enterprise and entrepreneurship, this brief seeks to address how Nigeria’s enterprising youths can 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, (3) Building better-functioning entrepreneurship and innovation ecosystems to support start-ups. This policy  brief submits that fostering collaboration amongst key ecosystem players can enhance the success rate of start-ups in Nigeria. It proffers  key ecosystem support activities that can help young entrepreneurs before submitting three key policy options: i) creating new  Entrepreneurship Centres of Excellence across Nigeria, ii) creating a blueprint for entrepreneurship development in Nigeria, and iii)  developing knowledge-sharing systems within the entrepreneurial economy.