Need For Nigeria to Empower Entrepreneurship | Covid-19 Pandemic.
Need For Federal Government of Nigeria to Empower Entrepreneurship After Covid-19 Pandemic: This article will enlighten us on what the federal state government of Nigeria needs to do after Corona-Virus Pandemic.
Need for Nigeria to Empower Entrepreneurship After Covid-19.
According to Professor E.O. Nwadialor, Entrepreneurship is the process through which individuals and / or government either on their own or jointly exploit available economic opportunities without being scared by associated risks, or inadequate resource under their control.
See also: Management Decision Making
According to World Health Organization (WHO); Corona-virus disease (COVID-19) is an infectious disease caused by a newly discovered corona-virus.
Corona-virus is a serious global infectious disease which has affected nearly 2 million people around the world, and it has also cause about 1 million deaths worldwide, this Pandemic disease originated in China at the end of 2019 in the city of Wuhan, which has more than 11 million residents.
It is true that the Corona-virus Pandemic disease has caused a lot of havoc in the world. In Nigeria precisely, a lot of companies, such as: Limited Liability Companies, Co-operations. Partnerships and Sole Proprietorship business etc, has been shut down for a long period of time, as such, it makes those business decline in terms of dividend and profit making.
In Nigeria, Banking Industries has shut down their operations, some are operating in given time limit, not only in Nigeria but in Africa at large. Some of the Deposit Money Banks (Commercial Banks) have relieve their workers of duties, in order to adjust to the current economy situation of the country (Nigeria).
Some Business, like Sole Proprietorship who shut down their business and stay at home with their family and friends can never meet up with their business transaction after the Pandemic, at such government of Nigeria should provide a package that will help, not only Sole Proprietorship but other organization such as limited liability company and a partnership business.
The federal government of Nigeria should provide financial incentive support to the people, the financial support can be categorize into three segment:
1, Seed Capital Grant:
Government and Non-organization (NGO) sometime provide grant to start small business, to support small and medium scale enterprise and their creation, the federal government of Nigeria should also provide funding assistant to SMES and individual.
Government scheme and support in aid entrepreneurship should be put in place, due to their creative ability, energy and the drive to achieve, most government support in the area of entrepreneurship is targeted at the youth segment of the country (Nigeria) Population.
This tends from the need to called youth restiveness, social vices and increasing rate of unemployment etc.
Government support in this area can be seen in three models
- Capacity Building
Financial Aspect: As to do with youth enterprise with innovation in Nigeria (YOUWIN) the federal government of Nigeria established this scheme for youth capacity building and seed capital provision, this program was a collaboration program of the ministry of finance, communication technology, youth development, women affairs and social development.
It involved an annual business plans competition for aspiring young entrepreneurs in Nigeria.
This was Launch in line with the federal government drive to create more jobs for young Nigerians.
The main objectives of this program was to support aspiring young Nigerians with entrepreneurial capacity and the ability to developed and execute business ideas that can lead to job creation. It provided aspiring youth with a platform to showcase their business acumen skills and aspiration to be business leaders inventors and mentors in Nigeria.
About 4,000 youth benefited from this scheme as at 2015 under former president Goodluck Jonathan, but this same scheme was totally sabotage as at 2018 and 2019 precisely.
2, Youth Entrepreneurial Capacity Building:
As a youth with ambition for growth, desire for achievement and great potential for economic autonomy, government of Nigeria should provide some development program such as:
YES (Youth Empowerment Scheme)
MAP (Mandatory Attachment Program)
CAP (Capacity Acquisition Program)
NDE (National Directory of Empowerment)
SMEDAN (Small and Medium Enterprise Development Agency of Nigeria).
Government of Nigeria should endeavour to make all this program active after this Pandemic rather than engaging on school feeding program, spending about 679 million naira daily.
If this program above are been put in place, more than 50% of Nigerian Youth will actively benefit and that will cut the rate of unemployment by 30-40 percent in the country.
3, Infrastructural Support
It is true that the Corona-Virus Pandemic (COVID-19) has put Nigeria government in chamber in terms of low level of infrastructure in the country. It is so barbaric that Nigeria cannot afford to combat the level of high cases of Corona-virus that other developed countries are able to contained, considering the level of resource that has been put in the National budget every year for health care, but Nigeria has failed in providing quality care facilities before this Pandemic.
Infrastructural comes after funding challenge, Infrastructure include the basic system and service needed by a country or an organization to run it’s business smoothly by building Transportation, Water, Electricity and Communication System. Nigeria government should provide its citizen with all the necessary needs within and after this Pandemic, and there should be need for the empowerment of entrepreneurship after COVID-19 Pandemic disease.
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