YOUTH ENTREPRENEURSHIP EMPOWERMENT AND SUSTAINABLE COMPETITIVENESS IN NIGERIA

Abstract

The study examines the factors that shape the entrepreneurial intention and sustainability of youth in Nigeria, particularly access to finance, entrepreneurial education, entrepreneurship skill development and institutional support. Youth entrepreneurship has emerged as an important tool to enhance the economy, innovation and employment, particularly in the developing world, where unemployment is a major issue. The study particularly seeks to examine the effect of access to finance on youth entrepreneurial intention, the effect of entrepreneurial education and skills development on youth entrepreneurial intention and the effect of institutional support on youth entrepreneurial sustainability. The study uses the theories of planned behaviour and sustainable entrepreneurship theory. The survey method applied was the quantitative survey approach of a cross-sectional design. The respondents for the study were young entrepreneurs aged between 18 and 35 years in selected states of Nigeria. A total of 420 samples were sent out,t and 386 were returned, which is a 91.9% response rate. The data were collected by using a structured questionnaire, then analyzed with descriptive and inferential statistics using SPSS computer software. The results indicate that access to finance has a positive relationship with entrepreneurial intention, and entrepreneurial education and skills development had a significant positive effect on entrepreneurial intention, which helps to increase the skills and self-efficacy of youth. Additionally, institutional support was determined to have a significant positive effect on entrepreneurial sustainability as it offers policies and support systems as a whole. The study therefore suggests the need to have an integrated approach of financial inclusion, quality entrepreneurship education and supportive institutional structures for supporting youth entrepreneurship in Nigeria. It suggests that sustainable entrepreneurial outcomes and sustainable economic development can be obtained through improved access to finance, enhanced entrepreneurship training and support, as well as improved support systems for entrepreneurs.