Youth unemployment challenge and entrepreneurship prospects in Lagos, Nigeria

Abstract

Youth unemployment in Nigeria is still a significant issue, and entrepreneurship has been proposed as a potential solution. This study aims to investigate the prospects of entrepreneurship among youths in Lagos, Nigeria. The theories used in this research include the Conflict and Human Capital theories. A mixed-methods approach was used to collect quantitative data using questionnaires from a representative sample of youths in Ikeja. A total of 370 questionnaires were administered. Data on socioeconomic factors, employment status, and entrepreneurial activity were gathered through questionnaires. Additionally, in-depth interviews were conducted to gather qualitative data, providing insight into how young people interpret and experience entrepreneurial growth and its impact on unemployment. 10 respondents were interviewed for the course of this study. The findings indicate that young adults who participated in entrepreneurial activities had higher employment rates and lower unemployment rates than their contemporaries who did not pursue entrepreneurship. It was also found that entrepreneurship provides local communities with opportunities to generate income, enhance skills, and create jobs. The study also discovered that various issues, including limited access to funding, a lack of entrepreneurial skills, and a challenging business environment, constrain the impact of entrepreneurial development on reducing adolescent unemployment. A small sample of the stakeholders that must offer targeted interventions and support for these components includes the government, educational institutions, and financial institutions. It was recommended that policymakers focus on fostering an environment that addresses the challenges listed by providing full support for young entrepreneurs through financial aid, skill development, mentorship programmes, and favourable corporate legislation.