There is virtually no country where there is no unemployment problem. Nigerian has a developing country has a serious unemployment challenge. Many graduates of its higher institutions cannot find work. It is true and confirmed that three out of ten graduates of higher education cannot find work. For those who are lucky to find jobs, employers are concerned about their skills and fit with their job requirements. Standards have fallen in higher education due to years of poor funding, leading to a growing preference for overseas university education.
It is said that to every problem there is a solution. Looking at the Nigeria’s situation at the moment a major solution to the unemployment/underemployment problem is to tap into the opportunity made available through self-employment. Self employment is an idea which has the potential of reducing the burgeoning unemployment rate in the country.
So quickly we are going to be looking into what self employment is all about and the importance of being self-employed in Nigeria.
What is Self-employment
‘Self-Employed’ basically a state in which you work for yourself instead of working for an employer that pays a salary or a wage. A self-employed individual earns their income through conducting profitable operations from a trade or business that they manage directly.
It is essential to understand that being self-employed is a different thing entirely than simply being a business owner. A business owner is someone who owns a company but does not work with the day-to-day function of the company. To break is down for you, a person who is self-employed owns their own business, enterprise…, of which they are also the primary or sole operator. Moreover, there are often different taxation-related implications for being self-employed versus being a normal employee or a business owner.
The Importance of Self-employment.
With the explanation made above, I’m sure you should have cleared the confusion between being self-employed and being a business owner. So now let’s dive into the importance of self employment in Nigeria.
Being self-employed will upgrade the social status of every Nigerian Youth, by showcasing them as very successful entrepreneurs and operators of small scale industries.
Successful small business ownership by self-employed youth will infuse in them the passion and the psychological joy in working for themselves and seeing their businesses grow and mature to conglomerates and derive joy in being sources of employment to other Nigerians.
The entrepreneurship value gained as a result of being self-employed will teach the Nigerian Youths essence of business, which is finding a human need and filing it. A healthy society then can be created as the entrepreneurs go to work.
Indeed, self-employed individuals everywhere in the world serve as a very effective force for job creation, poverty alleviation and overall healthy economic growth, and in the case of Nigeria, a thriving small business sector holds the key to ending the vicious cycle of violence, terrorism and youth restiveness. Self-employment is a sure way to getting out of the rat race. As a self-employed person, you’re free to build whatever kind of business you want.
You can also run multiple businesses at the same time. If you set things up right, the ongoing maintenance of a business doesn’t have to be a nightmare. Being self employed is the best lifestyle I know. It can be an extremely exciting and rewarding opportunity for many including the country at large.
Now you can see that for Nigeria to attain greater heights as a great economy, empowering individuals to be self employed with the creation of more micro-finance banks that are well supported and regulated to render necessary financial supports to the right prospective beneficiaries with workable business blueprints to drive the Nigerian economy and create sustainable jobs for the youth.