Abstract/Summary

In 2040, Africa will be the continent with the largest working population in the world. This means jobs will be needed for this growing population. Current projections show that underemployment and unemployment rate will rise, meaning that there will be a shortfall in the number of available jobs for the working population. Entrepreneurship has been identified as a promising approach to “transform job seekers into job creators” hence the challenge – how can Nigeria’s enterprising youths become sustainable job creators? At the core of this challenge are three key issues: (1) translating the high volume of entrepreneurial activities in the country into investable job-creating ventures, (2) Closing the massive skills gaps among young Nigerian entrepreneurs, (3) Building better-functioning innovation ecosystems to support start-ups. This policy brief submits that fostering collaboration amongst key ecosystem players can enhance the success rate of startups in Nigeria. It proffers key ecosystem support activities that can help young entrepreneurs before submitting three key policy options: Creating new Entrepreneurship Centres of Excellence across Nigeria; Creation of a blueprint for entrepreneurship development in Nigeria and the development of knowledge-sharing systems within the entrepreneurial economy.