Nigerian youths are highly creative and innovative. They have great ideas, which makes them potential entrepreneurs. With necessary resources and support, Nigerian youth can play a key role in the nation’s socio-economic development. Thus, government has not relented in ensuring that the youths are provided with empowerment through schemes that support them to startup their ventures…CONTINUE READING>> ...CONTINUE READING
Government through the CBN set up initiatives such as The P-yes and the youth entrepreneurship development programmes which provide financial supports, mentorship, and training for young entrepreneurs. These schemes and programmes cost the government billions of naira aimed at raising entrepreneurial youths and create thousands of job opportunities including self reliance.
The introduction of a compulsory general course by the Nigerian government in universities known as Entrepreneurship and Innovation has tailored the youth towards entrepreneurship – its basics and the good it can do to every youth and the entire country especially amidst the economic crisis and the increasing global demand for creativity and innovation.
While many youth have taken up this challenge and making a positive difference in their communities, there is also a troubling trend of young people engaging in fraudulent or illicit activities to make ends meet. According to a report by the Economic and Financial Crimes Commission, EFCC, in 2022 alone Nigeria lost $500 million to internet fraud. Internet fraud is a serious problem in Nigeria just like cases of fake products are on the rise.
What is the cause of the illicit entrepreneurial ventures? It could be the desire to take shortcuts and get rich quick. Many Nigerian youths have a wrong mindset towards success and profit, especially with the rise of pressures coming from social media and the various contents youths come across which trigger desires to get rich quick and spend big like celebrities.
The desire of many youths is limited to profiteering which has led to money at all cost syndrome and not on job and value creations that can be of great impact to Nigeria and the world at large. Lack of adequate mentorship and mindset building: Many youth venture into various entrepreneurship sectors without proper mentorship and with a poor mindset. Sadly, in Nigeria there is a poor system of mentorship for young entrepreneurs.
As a result of trial and error many youths have given up on their innovations and succumbed to peer pressure, which has led them to illicit activities “for survival”. Also, the minds of many youths are not adequately built to withstand the pressures of entrepreneurship in its infantry stage and have given up on their innovations due frustration and poor resilience which are all a product of a wealth built mind.
Many illicit entrepreneurship emerge as a result of the success of these fraudulent acts. Another concern is the impact that these negative examples have on younger youths, who may been inspired to take the same shortcuts to success that they see being promoted by some of their peers. Negative influence has resulted to anti moral entrepreneurship ventures as many follow what they see.
This has caused great havoc because it not only hurts the people who are scammed or harmed by counterfeit products, but also damage the reputation of all Nigerian entrepreneurs and make it difficult for honest businesses to succeed. Indeed, anti moral entrepreneurship has eaten deep into Nigerian societies. However, hope is not lost because measures can be taken to curtail the trend.
Young people should be taught the importance of hardwork, patience, and building up their business over time. There is need to instill in them the virtues of contentment and gratitude. By focusing less on material wealth and more on the intrinsic rewards of their work, we can help them build a mindset that will lead to true success. Also, every Nigerian youth has the potential to create a better future for themselves and their communities.
The key is to harness their skills and talents while ensuring that their entrepreneurial ventures are morally sound. This will lead to greater innovations, crime-free societies, and ultimately a better Nigeria. Let’s work together to make this vision a reality…CONTINUE READING>>
