Technology Entrepreneurship as Panacea to Youth Unemployment in Nigeria

Immigration-Recruitment-in-NigeriaBy Kenneth Omeruo

I am of the opinion that perhaps the ugly, unfortunate and regrettable incident where many young Nigerians lost their lives in a stampede during the Nigerian Immigration Service recruitment exercise could have been avoided if the government had taken youth unemployment a bit more seriously and as a top priority over the years.

This recent disaster is only reminding us ones again that youth unemployment is a big issue that calls for urgent attention and pragmatic solutions. One of the things we need to look at is how to create more jobs through youth entrepreneurship. With this in mind it all starts by tackling the problems that hinder entrepreneurship in Nigeria some of which are: lack of finance for aspiring entrepreneurs, infrastructural deficiency in Nigeria, inadequate business support for young entrepreneurs, skill and talent gap. The earlier the government begins to create an enabling environment for youth entrepreneurship to thrive the better for us as a nation.

It therefore becomes important that we also begin to look at the trends and what is happening in other economies, how technology is leap-frogging developments. This will direct government’s effort at fostering entrepreneurship in Nigeria. The right types of businesses should be encouraged. Put simply, Nigerian youths should be encouraged to go into tech-based businesses.

According to the Journal for Sustainable Development entrepreneurship generally and technological entrepreneurship in particular are now considered as the engine for economic development. Most emerging economies and developing countries have adopted Technology Business Incubation to fast-track the creation of new technology-based enterprises because of its more than 80% success rate of new venture creation, and have consequently benefited from its multiplier effects such as technology/knowledge transfer, employment generation and wealth creation. Technology-driven and knowledge-based developments not only exhibit tremendous business potential, but also offer a range of innovative applications beneficial to various sectors of the society.

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