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ENTREPRENEURSHIP EDUCATION- A PANCEA TO GRADUATE UNEMPLOYMENT IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

Historically, the Nigerian economy has been heavily reliant on oil income. Agriculture, which was once the economy’s mainstay, has been neglected. No thanks to the oil boom, which now seems to spell the end of the country’s oil supply. Only 1% of the country’s population benefits from oil income, according to the World Bank (2000). Why is that? The main concerns are high levels of corruption and a lack of effective governance. If the nation takes entrepreneurship education seriously, it may help to alleviate the rising rate of up-employment among graduates. Over 600,000 graduates from different high schools graduate each year, with 60% of them unable to find work, causing considerable worry, according to Idowu (2006). The concern is that these graduates may struggle to find work, in part because entrepreneurship development programs at colleges and universities are still in their infancy and have yet to have a major effect. In Nigeria, unemployment is a recurring issue year after year. However, it must be recognized that no government, regardless of size, will be able to eliminate unemployment due to finite resources. In this scenario, there are no better options than to learn the necessary skills for a more lively lifestyle. Self-sustaining development is a goal for most emerging nations, including Nigeria. Nigeria has enormous mineral, agricultural, and human resources, the majority of which have yet to be exploited. It has a bigger internal market than other emerging nations in Africa and abroad (2000). The development of a sustainable economic and social environment for the formation and operation of businesses in order to increase job generation has also been a focus of governmental policy. To summarize, the majority of Nigerian educational system graduates are simply graduates with different colors of certificates but little or no education. Even individuals who make an effort to learn are not functionally informed. The following claims may pique people’s interest, leading them to inquire about who qualifies as a graduate. Who is a functionally educated person and who is an educated person? The solution rests in our capacity to create competent and innovative students in our different schools.

Entrepreneurship is described as “one who pursues inventions, money, and business acumen in an attempt to convert innovations into economic products!” according to Adegbite (2010). He went on to say that this may lead to the formation of new organizations or the revitalization of existing ones in response to a perceived opportunity. Starting a new company is the most common type of entrepreneurship. The focus of the National Policy of Education (2004) is on a unified, powerful, and self-reliant country. The strategy goes even farther, emphasizing the need of acquiring the required knowledge and abilities to obtain paid office work or to 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 the acceptance of risks were noticed on the behavior of the entrepreneur.’ Grayson (2004) aptly explained that there is no standard definition of entrepreneurship according to Ordu et al in Grgb (1998). Entrepreneurship may include establishing and growing one’s own company. It entails the ownership and management of a small company. Entrepreneurship, according to Idowu (2006), is the process through which new businesses are formed. It’s been described as a human creative act that resulted in the creation of something valuable from nothing. It is the pursuit of opportunity based on the resources available rather than the resources available. Entrepreneurship is the study of the abilities required to take on the risk of starting a company. It is about devising winning tactics and putting them into action with all the zeal, perseverance, and passion required to win any game, according to Osula (1999) and Inegbenebor (2001). (2006)

Entrepreneurship education aims to instill entrepreneurial mindsets in future business owners. It encourages young people to consider entrepreneurship and the business community’s role in economic and social development. Students are encouraged to analyze the fast changes that are occurring around them and to explore self-employment and business development as a career option. Entrepreneurship education, according to Ordv et al (2010) and Adegbite (2010), is the type of education given 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 serves as a basis for the development of the adaptable abilities required to engage in knowledge-intensive economic activities. Grayson defines entrepreneurship education as “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 Statement of research problem

It is impossible to overstate the significance of entrepreneurial education in Nigeria. The reality on the ground indicates a sector rife with concerns or roadblocks. The following are the main obstacles to entrepreneurship growth in Nigeria, according to Sulaiman (2010). 1. Corruption is rampant and seems to be institutionalized; one cannot do a task without compensating the person who has already been paid for the work. Because of corruption, conducting business in Nigeria is expensive. 2. Uncertainty In all states/geographical zones, there is much too much societal instability. Either Niger Delta militants are targeting oil plants in the south, or Boko Haram is hitting public and private infrastructure in the north. 3. Programs for entrepreneur development that aren’t up to par Until recently, Nigerian schools and universities had little or no program to introduce graduating students to the idea of entrepreneurship and prepare them to work for themselves. 4. Deficient Infrastructure The services and infrastructure required for an economy to operate are in a bad state. The worst-affected areas are power, roads, and communication.

1.3 Objectives of the study

The primary objective of the study is as follows

1. To find out if meaningful education for young people could make them self- reliance

2. To examine if graduate training and support is necessary to help them establish a career in small and medium size business;

3. To find out if training skills will reduce unemployment rate in Nigeria

4. To find out how unemployment can be reduced in Nigeria

1.4 Research Questions

1. Can meaningful education for young people make them self- reliance?

2. Can graduate training and support necessary to help them establish a career in small and medium size business?

3. Can training skills reduce unemployment rate in Nigeria?

4. Can unemployment be reduced in Nigeria?

1.5 Significance of the study

The significance of this study cannot be underestimated as:

l This study will examine Entrepreneurship education as a pancea to graduate unemployment in Nigeria

l The findings of this research work will undoubtedly provide the much needed information to government organizations, education board and academia.

1.6 Scope of the study

This study examines Entrepreneurship education- a pancea to graduate unemployment in Nigeria. Hence, this study will be delimited to graduates entrepreneurs in Anambra state.

1.7 Limitations of the study

This study was constrained by a number of factors which are as follows:

just like any other research, ranging from unavailability of needed accurate materials on the topic under study, inability to get data

Financial constraint , was faced by the researcher ,in getting relevant materials and in printing and collation of questionnaires

Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy for the researcher

1.8 Operational definition of terms

Entrepreneurship: the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Unemployment: the state of being unemployed.

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Full Project – ENTREPRENEURSHIP EDUCATION- A PANCEA TO GRADUATE UNEMPLOYMENT IN NIGERIA

Full Project – ENTREPRENEURSHIP EDUCATION- A PANCEA TO GRADUATE UNEMPLOYMENT IN NIGERIA

Full Project – ENTREPRENEURSHIP EDUCATION- A PANCEA TO GRADUATE UNEMPLOYMENT IN NIGERIA

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