Impact of Entrepreneurship on Unemployment/ Underemployment Rate in Nigeria: Islamic Perspective
Nigeria independence in 1960 had brought a reactive governance targeting provision of manpower to satisfy limited governmental or white-collar jobs from parastatals, ministries and industries which were mostly under government control. Practice of entrepreneurship which led to self-sustenance, self-reliance and self-esteem before independence was neglected, and not even considered in the schools’ curricula. A reflection of Nigerian style of entrepreneurial system of olden days should be seen in the curricula of Nigerian educational system to address employment challenges. The development will provide enablement for business development with due consideration of cultures and religions. In Nigeria, success of entrepreneurship practice is divided into four, namely golden age (up to 1970), trial age (1970-till date), sustainable age and consolidation age, indicating degree of success attainable. For system sustainability, Nigeria’s educational system should be restructured to reflect the technical and entrepreneurial skills needed to drive home national economy. Creation of educationally-based entrepreneurship system and provision of enablement for school leavers to take up businesses after graduation will consolidate employment stability of the nation. Suggestions were provided to enable movement from schools (after graduation) to shops, industries, or farms without waiting for government-based job.