It is the duty and responsibility of the government and different policy makers to provide such an environment and conditions which are conducive for the youth entrepreneurial activities. Different policy initiatives encourage and motivate young people to come up with new ideas and start their own youth enterprises. This will first reduce the incidence of unemployment to a great extent and as such would have dealt a massive blow to the problem of youth restiveness.
To do this effectively, the policymakers need to realize that alone public spending is not going to contribute towards the welfare of the youth. It is the policies of the states that must be created in a way that will help to stimulate the younger people as well as their parents and communities to invest in themselves. The main essence of implementing youth friendly policies is they are not as costly as direct investments but require a lot of political trade-off to actually implement the policies so that they benefit each and every young person living in the country.
According to The Next Generation Nigeria report, Nigeria’s future is at a time of rapid economic, demographic and social change. The report states that Nigeria stands on the threshold of what could be the greatest transformation in its history – with population growth slowing, and its ‘baby boom’ generation entering the workforce. By 2030, it will be one of the few countries in the world with young workers in plentiful supply.
The benefits of this to Nigeria are clear, according to the report: If the country continues with recent economic growth, improves education and health standards, and creates jobs, the average Nigerian could be 3 times richer by 2030 – and over 30 million people will be lifted out of poverty.
But the risks are as great as the opportunities: If Nigeria fails to plan for its next generation, it faces ethnic and religious conflict and radicalization, as a result of growing numbers of young people frustrated by a lack of jobs and opportunities. Nigeria needs to create 25 million jobs over the next ten years – and move its focus away from oil, which contributes 40% to national GDP, but only employs 0.15% of the population.
WHAT GOVERNMENT CAN DO TO ACHIEVE THIS.
Turning the dead assets most Nigerian home owners are sitting on into immediate capital which can quickly trickle down to create thousands of skilled and unskilled jobs like, carpenters, painters, plumbers, roofers, bricklayers, carpet installers etc. create or revamp their mortgage industry and create a secondary market to trade mortgage securities.
This means the homes are assets that can be converted to cash or capital. If the government can help most Nigerian home owners to access the capital locked in their homes, the Nigeria government can create several trillion Naira in capital instantly. This new capital can filter through the economy and be recycled several times while creating between 500,000 to over 1 million jobs.
According to a report in 234next.com, Ismail Ridwan, a senior economist with the World Bank, said, “the amount of credit needed to take Nigeria into the top 20 economies by the year 2020 would have to be generated internally.”
Peter Osalor is a multi-skilled director, chairman of trusts, proprietor and consultant. Peter Osalor has been a successful entrepreneur since 1992 when he formed Peter Osalor & Co and which has since grown to a very large client base with a turnover of millions. He is currently a fellow of the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in Nigeria (ICAN). Peter is also a member of the Chartered Tax Advisors and the Chartered Institute of Taxation in Nigeria (CITN).
He is a business mentor for Princess Trust in the UK. He is a member of the Inter Governmental Committee of ICAN and also a member of BCBC, which represents Black Church Membership of Christians whose responsibility is to ensure that the Christian businesses are not left out in the business opportunities arising from the 2012 Olympic Games In London.
Currently he is one of the professionals behind the Entrepreneur Revolution and Africa Entrepreneurs ( [http://theafricanentrepreneurs.com/] ). His T V program called success in your business ( [http://www.successinyourbusiness.com] ) has become a massive hit in Nigeria
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