Entrepreneurship Sustainable Employment And A Thriving Economy

Entrepreneurial initiatives improve the economic health of a country, argues Leila Abu

Nigeria is home to one of the largest youth populations globally and the World Bank forecasts that by the end of the decade, the country will have one of the largest working-age populations.

The National Bureau of Statistics (NBS) data has shown that Nigeria’s unemployment rate increased from 27.1% to 33.3% in the second quarter of 2020. The NBS report further reveals that more than 60% of its working-age population is under the age of 34. However, today’s employment prospects still need to catch up to this growth.

Unemployment has far-reaching consequences for a country, including poverty, social instability, and a lack of economic growth and development. Therefore, exploring and implementing practical solutions to address the unemployment crisis is essential. In recent years, entrepreneurship has become a means of sustainable employment. Some 32% of businesses surveyed in 2022, were newly created, giving rise to a new wave of entrepreneurs.

To combat unemployment, businesses and individuals have had to develop innovative strategies for fostering entrepreneurship. This is because entrepreneurial initiatives have shown to improve both the economic health of a country and the standard of living of its citizens.

Let’s take BetKing as an example. As Nigeria’s top digital entertainment and sports betting platform, we believe in creating entrepreneurial opportunities for young people through reliable revenue sources.

Over the years, we have made it possible for young people and budding entrepreneurs to perceive sports betting as both a fun gaming experience and a business. This is evident in our vibrant agent network, which offers interested individuals, the unique opportunity to own their businesses. Today, over 20,000 betting shops have been created with 47% being owned by entrepreneurs under 40 years of age.

More than ever, we understand the importance of impacting agents’ lives. In this regard, we have established numerous initiatives for our growing network of agents nationwide.  An example is the “100 BK Shop Giveaway” initiative which provided one hundred cashiers and agents with fully furnished storefronts in June 2022. 

At KingMakers, we believe that our employees are our greatest asset and differentiator. As Head of People, I am proud to say that our company is committed to aiding the growth and development of our employees.  We recognize that our employees are our most valuable asset, and investing in their growth is essential to our long-term success. We offer a variety of training programs and workshops to help our employees develop new skills and stay up-to-date on the latest trends in their field. We also provide mentorship programs and encourage our employees to seek out new challenges and take on leadership roles within the company.

Another critical aspect of our approach to employee development is ensuring equal opportunities for all employees. We believe that every employee should have the opportunity to grow and succeed, regardless of their gender, race, ethnicity, or any other characteristic. We strive to create a diverse and inclusive workplace where everyone feels valued and supported, and we are committed to eliminating any barriers that may prevent our employees from achieving their full potential.

Prioritizing employee welfare is another way the organization supports its employees. We understand that our employees are not just workers, but people with lives outside of work. We offer a range of benefits and support systems to ensure that our employees feel supported and valued such as flexible work arrangements, comprehensive health, and wellness programs.

In conclusion, the issue of unemployment and ways to tackle it will always be a continuous conversation in Nigeria. However, the BetKing is paving the way by providing practical solutions through our entrepreneurial efforts, and providing employment opportunities in communities we operate in. We remain enthusiastic and committed to creating a brighter future for all Nigerians.

Abu is Head of People – Africa, KingMakers