ENTREPRENEURSHIP EDUCATION- A PANCEA TO GRADUATE UNEMPLOYMENT IN NIGERIA
1.1 Background of the study
Historically, the Nigerian economy has relied heavily on oil revenue. Agriculture, which was once the backbone of the economy, has been neglected. No thanks to the oil boom, which appears to be threatening the country’s oil supply. According to the World Bank, oil income benefits only 1% of the country’s population (2000). What is the reason for this? The main issues are widespread corruption and a lack of effective governance. If the country takes entrepreneurship education seriously, it may help to alleviate the rising rate of graduate up-employment. According to Idowu, over 600,000 graduates from various high schools graduate each year, with 60% of them unable to find work, causing considerable concern (2006). The fear is that these graduates will struggle to find work. find employment, in part because entrepreneurship development programs at colleges and universities are still in their early stages and have yet to have a significant impact. Unemployment is a recurring issue in Nigeria year after year. However, due to limited resources, no government, no matter how large, will be able to eliminate unemployment. There are no better options in this situation than to learn the necessary skills for a more active lifestyle. Most developing countries, including Nigeria, strive for self-sufficiency. Nigeria has vast mineral, agricultural, and human resources, the vast majority of which are untapped. It has a larger internal market than other African and international emerging economies (2000). The creation of a long-term economic and social system
Government policy has also focused on improving the social environment for the formation and operation of businesses in order to increase job creation. To summarize, the majority of Nigerian educational system graduates are simply certificate holders with little or no education. Even those who make a concerted effort to learn are not functionally informed. The following statements may pique people’s interest, prompting them to wonder who qualifies as a graduate. What is the difference between a functionally educated person and an educated person? The solution is in our ability to produce competent and innovative students in our various schools.
Entrepreneurship is defined as “the pursuit of inventions, money, and business acumen in order to convert innovations into economic products!” in accordance with Adegbite (2010). (2010). He went on to say that in response to a perceived opportunity, this could lead to the formation of new organizations or the revitalization of existing ones. The most common type of entrepreneurship is the formation of a new company. The National Policy of Education (2004) focuses on a united, powerful, and self-sufficient country. The strategy goes even further, emphasizing the importance of gaining the necessary knowledge and abilities in order to obtain paid office work or work for oneself. According to Hirsch and Peter (2005), “initiative taking, the organizing and reorganizing of social and economic mechanisms to turn resources and situations into practical account, and risk acceptance were observed on the entrepreneur’s behavior.” Grayson (2004) correctly stated that According to Ordu et al in Grgb, there is no standard definition of entrepreneurship (1998). Entrepreneurship can include starting and growing one’s own business. It entails owning and managing a small business. According to Idowu (2006), entrepreneurship is the process by which new businesses are formed. It has been described as a human creative act that produced something valuable from nothing. It is the pursuit of opportunity based on available resources rather than available resources. Entrepreneurship is the study of the skills needed to take the risk of starting a business. According to Osula, it is all about devising winning strategies and putting them into action with all the zeal, perseverance, and passion required to win any game.
a (1999) and Inegbenebor (1999) (2001). (2006)
The goal of entrepreneurship education is to instill entrepreneurial mindsets in future business owners. It encourages young people to think about entrepreneurship and the role of the business community in economic and social development. Students are encouraged to examine the rapid changes around them and to consider self-employment and business development as a career option. According to Ordv et al (2010) and Adegbite (2010), entrepreneurship education is the type of education provided to a group of people in order to instill in them the principles, skills, and practices required to see and evaluate business opportunities, gather the necessary resources and the desire to take advantage of them, and take appropriate action to ensure success in any chosen profession. It functions as a
The foundation for the development of the adaptable abilities needed to engage in knowledge-intensive economic activities. Entrepreneurship education, according to Grayson, is “specialist instruction provided to students of vocational and technical education in order to gain the skills, concepts, and management talents and capacities to be self-employed rather than hired for compensation” (2004).
1.2 Research problem statement
The importance of entrepreneurial education in Nigeria cannot be overstated. The reality on the ground reveals a sector riddled with issues or roadblocks. According to Sulaiman, the following are the major barriers to entrepreneurship growth in Nigeria (2010). 1. Corruption is widespread and appears to be institutionalized; it is impossible to complete a task without compensating the person who has already been paid for the work. As a result of corruption,
Doing business in Nigeria is costly. 2. ambiguity There is far too much societal instability in all states/geographical zones. Either militants from the Niger Delta are targeting oil plants in the south, or Boko Haram is targeting public and private infrastructure in the north. 3. Inadequate entrepreneurship development programs Until recently, there was little or no program in Nigerian schools and universities to introduce graduating students to the concept of entrepreneurship and prepare them to work for themselves. 4. Inadequate Infrastructure The services and infrastructure required for an economy to function are in poor condition. Power, roads, and communication are the most severely affected.
1.3 The study’s objectives
The study’s primary goal is as follows:
1. To determine whether or not something is meaningful
Education for young people has the potential to increase their self-reliance.
2. To determine whether graduate training and support are required to assist them in establishing a career in small and medium-sized businesses.
3. Determine whether skill training will reduce Nigeria’s unemployment rate.
4. To learn how to reduce unemployment in Nigeria.
1.4 Research Issues
1. Can meaningful education help young people become self-sufficient?
2. Is graduate training and support available to assist them in establishing a career in small and medium-sized businesses?
3. Can skill training reduce Nigeria’s unemployment rate?
4. Is it possible to reduce unemployment in Nigeria?
1.5 Importance of the research
The importance of this study cannot be overstated because:
This study will look into Entrepreneurship Education.
as a panacea for Nigerian graduate unemployment
l The findings of this study will undoubtedly provide much-needed information to government organizations, educational boards, and academia.
1.6 The Study’s Scope
This study looks at entrepreneurship education as a panacea for reducing graduate unemployment in Nigeria. As a result, this study will be restricted to graduates and entrepreneurs in Anambra state.
1.7 Research limitations
A number of factors hampered this study, which are as follows:
just like any other research, from a lack of needed accurate materials on the topic under study to an inability to obtain data
The researcher faced financial constraints in obtaining relevant materials as well as printing and collating questionnaires.
Time constraint: Another constraint is the lack of time.
to switch between writing the research and doing other academic work, making the researcher uncomfortable
1.8 Term operational definition
Entrepreneurship is defined as the activity of establishing a business or businesses and taking financial risks in the hope of profit.
Unemployment: the state of being out of work.