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Entrepreneurship development and employment generation in Nigeria: Problems and prospects

This paper took a study of Nigeria’s growing unemployment situation and how it increasingly dwindles the potentials of the country, especially following official figures from the Bureau of statistics that puts the figure at about 20% (about 30million), which still did not include about 40million other Nigerian youths captured in World Bank statistics in 2009. By implication, it means that out of the 150 million Nigerians, 50% are unemployed, or worse still, at least 71% of Nigerian youths are unemployed. These days, employment creation is no longer the prerogative of government but, a joint effort between the public and private sectors. It is in this regard that this paper seeks a permanent solution to this endemic and pandemic phenomenon in Entrepreneurship development. In doing so, the paper is divided into eight segments, covering the background of the study, literature review and theoretical discourse on entrepreneurship development in Nigeria and its potency in employment generation as well as its problems and prospects. At the end of the study, having utilized the secondary source of data generation to source data for the paper, relying extensively on current articles from ardent scholars on entrepreneurship development and government statistical documentations, the paper made several findings and recommendations among which is that government should make entrepreneurship sellable to the people by inculcating it into the educational curriculum at every strata of the educational sector and also utilize a re-modeled NYSC scheme to educate the youths more on the importance, essence and need for entrepreneurship development especially on a practical basis and then find a means of supporting these entrepreneurship projects cutting across all spheres of the country; and also create enabling environment for entrepreneurship to thrive by ensuring social security and adequate infrastructural facilities.