EFFECT OF ENTREPRENEURIAL EDUCATION AS A TOOL FOR REDUCING UNEMPLOYMENT IN NIGERIA
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EFFECT OF ENTREPRENEURIAL EDUCATION AS A TOOL FOR REDUCING UNEMPLOYMENT IN NIGERIA
ABSTRACT
The study looked at the impact of entrepreneurial education as a method for reducing unemployment in Nigeria, using data from the departments of business administration and marketing at selected private institutions in Ogun State.
The study used a survey methodology and the purposive sample technique to recruit 450 students from all levels. Data from respondents was collected using a well-constructed questionnaire that was determined to be valid and trustworthy. The data collected through the delivery of questionnaires was analysed using Pearson correlation analysis.
The study found a positive and significant correlation between entrepreneurial curriculum, pedagogical approach, and student internship programme in Nigeria (r=0.772; p<0.05).
The study shows that entrepreneurial education has a major impact on reducing unemployment in Nigeria.
Based on the study’s findings, the study advised that entrepreneurial education be used by all institutions in Nigeria, both state, federal, and private colleges, to ensure that students’ futures are preserved. NUC should develop a department in the education ministry to supervise all universities’ curriculum
to ensure that all higher institutions in Nigeria have entrepreneurial education as a course that should be studied for at least two semesters. The government should make the economy friendly, so students in universities can be encouraged to expand their love for business.
By organising free lectures for university students, the government and university administration may help students understand why entrepreneurship is a viable option for overcoming unemployment.
Chapter one
INTRODUCTION
1.1 Background for the Study
Education is crucial to national growth. This is because it unlocks people’s economic potential; enables and equips individuals in society to participate in and profit from their national economy; promotes economic development; and serves as the foundation for transformation.
Education is a crucial instrument for promoting sustainability. The current global economic difficulties reveal that the whole globe is in a struggle between financial/qualitative education and disaster. (aluwong, 2010)
Entrepreneurship education, as a component of the overall educational system, is the acquisition of the skills, ideas, and managerial abilities required for employment creation. Instead of seeking work, an entrepreneur encourages it.
As a result, there is a need to embrace this style of education and offer all of the tools required to make it effective. Quality entrepreneurship education could be used to combat poverty and unemployment in Nigeria.
Education is considered to be qualitative when inputs such as students, teachers, finance, facilities, and equipment are converted through teaching and learning (theory and practice) to produce a desirable outcome.
The output is better prepared to serve themselves and society. The quality of input significantly determines the quality of output. In other words, the quality of the inputs to entrepreneurship education, such as teachers, students, and infrastructure, would have a significant impact on the output.
Unemployment is one of the most serious social and economic concerns facing Africa and the rest of the world this decade. Long periods of unemployment can have major long-term consequences for individuals, including lower earnings and social marginalisation.
Youth unemployment in Nigeria is high, even during periods of economic normalcy, such as the oil boom in the 1970s (6.2%), 1980s (9.8%), and 1990s (11.5%), rising to 21.1% in 2010 and 24% in 2011. (NPC, CBN, McKinsey Analysis, 2012).
It is estimated that one year of unemployment during youth can reduce annual earnings at age 42 by up to 21% (Gregg & Tominey, 2005), and that an extra three months of unemployment prior to the age of 23 results in an additional two months of unemployment, on average, between the ages of 28 and 33 (Gregg 2001).
Prolonged unemployment exacerbates these difficulties and increases the likelihood that they will be handed down to their children. In addition to these huge individual costs, the unemployed represent a large stockpile of untapped economic resources, reducing productivity and the possibility for economic growth.
Nigeria, like many other developing countries in Africa, is dealing with a serious unemployment problem, a declining standard of living, an increasing disparity between the country’s urban and rural regions, and insufficient social and physical infrastructure to meet the needs of a rapidly growing population (Ferej 1994).
According to the National Bureau of Statistics, Nigeria has more than 67 million unemployed youths in 2011. This is out of a population of approximately 167 million.
If not addressed soon, the scenario puts the country at risk of a serious catastrophe, and the greater the number of unemployed youngsters, the more probable a crisis would occur.
There is an urgent need to remove youths from the streets and put them to work in order to promote peace and economic progress in the country. Unemployment and poverty, particularly among young people, had long been major threats to Nigeria’s economic development.
To make ends meet, many unemployed people have turned to the informal sector to start small businesses ranging from little commerce to moderately successful production, manufacturing, and construction businesses. In general, a small enterprise is one that employs less than 20 people.
The small enterprise sector includes self-employed craftspeople, microenterprises, cottage industries, and small formal businesses. These small businesses may operate in trade, commerce, distribution, transportation, construction, agribusiness, manufacturing, maintenance and repair, or other activities.
As a result of the tendency towards the establishment of small businesses, the informal sector has grown to represent around 60% of the labour force in Africa (International Labour Organisation, 2006).
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