In Nigeria, the term “entrepreneurship” is particularly well-liked among young people. With a population of more than 200 million, Nigeria is the most populous country in Africa. 60% of its residents are under 30. Despite the numerous challenges the Nigerian economy faces, entrepreneurship remains one of the most viable solutions for young people to create employment opportunities and improve their level of living. This essay will look at young people in Nigeria’s potential for entrepreneurship.


Increasing Employment and Combating Unemployment

One of the most significant potentials for entrepreneurship among  Nigerian youth is the capacity to create jobs and address unemployment. Nigeria has a significant unemployment issue; according to National Bureau of Statistics statistics from 2020, the country’s young unemployment rate rose to 33.3% in Q4 of that year. Nigerian youth can create their own occupations through entrepreneurship because the formal economy offers few job opportunities.


Creativity and Innovation

Another advantage for young people in Nigeria is the chance to show their creativity and ingenuity through entrepreneurship. Nigerian youth are not sluggish; rather, they are dynamic, inventive, and full of energy. With the right help and funding, Nigerian adolescents may turn their ideas into thriving companies that can compete worldwide. The success of businesses like Paystack and Flutterwave in the fintech sector is evidence of the creativity and brilliance of Nigerian millennials.


Access to Fund and Support

Access to funding and other resources remains a significant challenge for young entrepreneurs in Nigeria. Yet lately, more funding opportunities and support programs have been targeted at young entrepreneurs in Nigeria. The Tony Elumelu Foundation Entrepreneurship Programs and the Bank of Industry Youth Entrepreneurship Support (YES) Program are two instances of initiatives that provide funding and support to young businesspeople in Nigeria.


Developing Nigeria’s Economy

Entrepreneurship has the potential to significantly contribute to the growth and development of the Nigerian economy. Good business development would increase economic activity, generate jobs, and improve Nigerians’ living standards. Nigeria’s government has put in place a variety of legislation and initiatives to encourage entrepreneurship because it understands how crucial it is to promote economic progress.



In conclusion, young people in Nigeria have a great opportunity to use entrepreneurship to showcase their innovation and creativity, create jobs, acquire access to funding and support, and contribute to the growth and development of the Nigerian economy. Notwithstanding the commercial world’s challenges, young Nigerian entrepreneurs have the potential to prosper and have a positive impact. With the right support and resources, Nigeria may develop into a hub for innovation and entrepreneurship, opening the door to a better future for the country’s youth and the entire population.


Isyaku Ahmad


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