Entrepreneurship Uptake A Solution to Unemployment Challenges in Developing Countries: A Study of Nigeria

Abstract

The increasing rate of unemployment across states of most developing countries is gradually becoming too much to handle for most of their government. It is however evidence that if unemployment rate is allowed to continually grow, couple with mass retrenchment or sack of staff and increasing the population, then the nation is heading towards a shutdown. This study examines entrepreneurship a Solution to unemployment challenges in developing countries: a study of Nigeria. The study adopted descriptive design in the conduction of this study among entrepreneurs spread across six states within the southwestern geopolitical zone in Nigeria. Data were collected from primary sources through the administration of questionnaire to 323 respondents selected using the Area Sampling Technique; and they were analyzed using descriptive statistics. The result of the study revealed that, Factors militating against adoption of entrepreneurship in Nigeria include government policy, Availability and sources of fund, Inadequate knowledge of areas to explore and Family background. Other findings revealed that; entrepreneurship would influence unemployment challenges. Since it helps to improve individual financial capacity, standard of living of the people, faced out Unemployment, turn youths away from all forms of violence and help reduce the poverty level in the country. More findings revealed that, in other to make entrepreneurship attractive to young people, entrepreneurship studies in tertiary institutions should be reviewed and should be practical oriented, government at all level should organize entrepreneurship workshop and seminar in place of worship, communities and other areas of concentration to include other youths, government should endavour to make soft loan available for entrepreneurs to enable them improve on their productivity, entrepreneurs should be assisted financially (subsidizing cost) to attend international conferences to help and all media platforms should be engage in the campaign for adoption of entrepreneurship using every Nigeria languages.