General News
Entrepreneurship: An Engine for Job Creation And Inclusive Growth in Nigeria
By Adeniyi Ogunfowoke
Entrepreneurship simply put is taking the risk of running your own business. In the case of Nigeria, young Nigerians have to brave quite a myriad of challenges before they can actually float their businesses. This has, however, discouraged, aspiring Nigerians to shelf their entrepreneurship dreams.
Unknown to them, being an entrepreneur does not mean you must have a brick and mortar store. You can run your entire business online – thanks to internet penetration.
Jumia has proven that direct and indirect jobs can be created via ecommerce. It has empowered thousands of Nigerians to run their businesses through various initiatives like the Jumia J Force Sales Consultancy, Jumia Vendor Hub, Jumia University and many others.
So, when it comes to job creation, you do not need to wait for the government. The government only needs to create an enabling environment while the private sector and entrepreneurs will provide the much-required employment. And being an entrepreneur is a reliable tool for closing the unemployment gap.
Entrepreneurs: Engines of Job Creation and Inclusive Growth
As developing countries continue to struggle with the limited capacity to create jobs and absorb new entrants into the labour market, the attractiveness of including entrepreneurship in job creation toolkits has grown. Presently, entrepreneurs and small- and medium-sized enterprises (SMEs) are widely considered to be vital to national economies, particularly because they create a higher share of total jobs than other employers.
While entrepreneurial activities create some new jobs in the short term, more interestingly, the competition created by new firms can replace inefficient companies. The loss of jobs from those companies and from failing startups is offset by job creation in the first year of a firm’s life, providing a net increase in jobs for the overall economy in the long term.
Challenges Facing Entrepreneurs in Nigeria
Promoting an ecosystem that nurtures entrepreneurs should be an important policy priority for governments looking to further develop their economies. However, despite an increased policy focus on the value of entrepreneurship and SMEs, there are still many challenges facing entrepreneurship in a country like Nigeria. They include but not limited to (1.) lack of capital ( 2) difficulty in securing loans (3) lack of infrastructure (4) poor entrepreneurship knowledge.
Despite these challenges, there are countless companies in the country that are performing and still employing Nigerians. In fact, capital is no longer an excuse when it comes to floating a business. There are a good number of fintechs out there that are willing and ready to grant business loans within 24 hours as long as you meet their requirements. On Jumia’s part, it offers business loans to vendors who have met the terms and conditions. This has boosted their businesses and helped them employ more hands. The reason why this types of loans are attractive to would-be entrepreneurs is that of their flexible repayment plans.
Improving the Ecosystem for Entrepreneurship
The entrepreneurship ecosystem in Nigeria is growing at a geometric pace. Today, there are incubation hubs, accelerators and innovation centres training and grooming the next set entrepreneurs. They will not only get training, but they will also get funding which cam sometimes be equity free. However, there is more to be done to ensure that the efforts are not just window dressing. There must be a strong and solid collaboration between government and SMEs, ecommerce companies and innovation centres. These will help ensure that the efforts are well-coordinated. Some of the other ways to improve the entrepreneurship ecosystem include regulatory reform, socio-cultural change and education and access to credit and financing.
Clearly, entrepreneurs across the country would benefit significantly from having easy access to neighbouring markets for finance, consumers, and input goods and services. Harmonizing supply chains for entrepreneurs would go a long way in improving their market position.
The economic urgency of providing jobs has become clear following the high unemployment rates. While surely not a panacea for all of Nigeria’s unemployment woes, programs that spur entrepreneurship and support SMEs can help Nigeria provide jobs and promote inclusive growth.
National Space Research and Development Agency (NASRDA) is set to commence the implementation of its space regulation and licensing mandate following the approval of a N20 billion take-off fund by President Bola Tinubu.
Speaking in an interview, Dr. Matthew Adepoju, director-general, NASRDA, emphasised that the agency’s regulatory functions, as outlined in the NASRDA Act (2010), have remained unfulfilled since its establishment in 1999.
To address this, Adepoju submitted a memorandum to President Tinubu advocating for enforcement of space regulation, leading to the recent approval of funds.
Adepoju highlighted the urgency of regulating Nigeria’s space sector to prevent misuse, particularly regarding security-sensitive activities.
The regulatory framework will oversee:
Satellite image providers
Geographic information system operators
Satellite-based telecommunications and broadcasting services
He warned that unregulated geographical data intelligence could be exploited by non-state actors, underscoring the importance of strict oversight.
NASRDA has set up a licensing platform open to public and private sector operators in the space industry.
The regulation will cover Nigeria’s three space segments:
Upstream – Deep space activities
Midstream – Satellites and orbital objects
Downstream – Ground stations and space service users
Although the agency has yet to access the N20 billion fund, Adepoju confirmed that regulatory and licensing functions have commenced.
Amazon has released more details on Project Kuiper, its plan to establish a satellite internet service resembling Starlink. The first launch of satellites for Amazon’s Kuiper project is set to ascend as soon as April 9, less than a week away.
27 satellites are planned to be deployed using an Atlas V rocket, which will blast off from Cape Canaveral Space Force Station in Florida.
This is just the earliest beginnings of the system, which Amazon says will be made up of 3200 satellites in low-Earth orbit. And that’s just for the “first-generation” system that will provide home internet to, according to Amazon, “virtually any location on the planet”.
Amazon has more than 70 additional launches for Project Kuiper planned over the next few years, including sending satellites on rival SpaceX’s rockets.
“We’ve designed some of the most advanced communications satellites ever built, and every launch is an opportunity to add more capacity and coverage to our network,” says Rajeev Badyal, Vice President of Project Kuiper.
“This will be the first time we’ve flown our final satellite design and the first time we’ve deployed so many satellites at once.”
Despite being quite early on in establishing the satellite array required for a functional satellite internet system, Amazon expects to be able to start offering the service “later this year.”
Project Kuiper vs Starlink
Rival Starlink currently has more than 7000 satellites in low-Earth orbit, and future plans include expanding that array to a count of 34,400.
Starlink has also become the leading provider of space junk, with the company’s satellites falling out of orbit “almost every day” according to Space.com.
Satellite internet services like those of Starlink and Project Kuiper require a satellite receiver, which currently starts at £300 for Starlink models.
Starlink charges £75 a month for home internet, which can provide up to 220Mbps typical internet speeds, according to the company’s website.
Satellite internet can often be a workable solution for homes not covered by optical fibre or 4G/5G mobile internet.
The company has also supplied Ukraine with internet connectivity since Russia invaded Ukraine in 2022.
“My Starlink system is the backbone of the Ukrainian army. Their entire front line would collapse if I turned it off,” SpaceX CEO Elon Musk claimed on X. He has since claimed he does not plan to deactivate Ukraine’s access to the service.
Nigerian Military, in partnership with Briech UAS, a communications company, has unveiled the first and largest indigenous attack drones and bombs in Nigeria and Africa.
Briech UAS, alongside the Nigerian Army, demonstrated these attack drones and bombs at the company’s headquarters in Abuja on Wednesday.
General Christopher Musa, chief of Defence Staff (CDS), hailed the initiative as a significant milestone in Nigeria’s progress toward self-reliance in defence technology and a crucial step in enhancing national security.
Musa highlighted the importance of developing combat drones, particularly for intelligence gathering. He pointed out that these drones would play a pivotal role in addressing complex and asymmetric security threats.
“These force multipliers will greatly enhance the operational effectiveness of our military, especially in a world where global politics complicate the procurement of advanced military hardware,” he stated.
“Countries that do not produce these solutions face bureaucratic and diplomatic challenges when acquiring essential platforms. We are directly addressing this challenge.
“If we do not produce what we need, we will be at the mercy of others, even if we have the financial resources to acquire them.
“By manufacturing these drones locally, Nigeria reduces dependence on foreign resources, ensures faster acquisition, and strengthens its ability to respond to security threats swiftly.
“With the brilliant minds we have, particularly among our youth, we can create outstanding technology that competes on a global scale,” Musa said.
Plateau Governor Caleb Mutfwang underlined the importance of supporting indigenous products for Nigeria’s growth.
He stressed that the drones would be vital in safeguarding the country’s sovereignty, particularly in Plateau State, where some of these technologies have already been deployed to enhance the efficiency of ground forces.
Mutfwang also revealed that his state was collaborating with local bomb and drone manufacturers like Briech UAS to counter insurgency with domestically produced weapons.
“As a nation, we made a mistake by allowing non-state actors to acquire capabilities nearly on par with state actors,” he stated.
“We’ve entered into a partnership that has led to the deployment of these facilities in our state. We’ve seen substantial improvements in the effectiveness of our security forces.
“It was a mistake to let non-state actors gather capabilities that could almost overpower legitimate state forces. We must correct that imbalance.
“We must ensure no one within our borders has capabilities that surpass or match those responsible for protecting our national sovereignty,” he added.
Earlier, Dr Bright Echefu, chairman of Briech UAS, noted that insurgent groups like Boko Haram and ISWAP have been using commercial drones for reconnaissance and attacks.
“These drones have been used to track and attack our troops, coordinating ambushes and executing crude aerial strikes,” he said.
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