Digitalising Entrepreneurship for Nigerian Youth: Aluko Grand Highlights Pathway to Economic Growth, Social Development

Aluko Grand is the chairman of Daral Furniture, SADG Groups and Foundation. He has acknowledged Nigeria as a country with a large and youthful population, abundant natural resources, and a vibrant culture. However, he decried that it faces a myriad of economic and social challenges, such as high unemployment, poverty, inequality, and insecurity.

In this context, entrepreneurship has emerged as a key driver of youth development and national progress.

Entrepreneurship is the process of creating, launching, and managing a new business venture, usually involving innovation, risk-taking, and problem-solving.

Entrepreneurship can provide young Nigerians with opportunities to create jobs, generate income, and contribute to the economy and society. However, entrepreneurship is not easy, especially in a developing country like Nigeria.

He emphasises that it requires access to capital, skills, markets, infrastructure, and supportive policies. This is where digitalisation comes in. Digitalisation is the use of digital technologies to transform business processes, products, and services.

Digitalisation can enable young entrepreneurs to overcome many of the barriers and challenges they face in starting and growing their businesses. Some of the advantages of digitalising entrepreneurship for youth in Nigeria are:

Access to information and knowledge: Digital technologies, such as the internet, mobile phones, and social media, can provide young entrepreneurs with access to information and knowledge that can help them learn new skills, identify opportunities, and solve problems.

For example, online platforms, such as FATE Foundation, YouWiN!, and GenU 9JA, offer entrepreneurship education, training, mentoring, and networking for young Nigerians.

These platforms can help young entrepreneurs develop their business ideas, acquire relevant skills, and connect with mentors, peers, and potential customers.

Access to finance: Digital technologies, such as mobile money, online banking, and crowdfunding, can provide young entrepreneurs with access to finance that can help them start and grow their businesses.

For example, mobile money services, such as Paga, Flutterwave, and Paystack, enable young entrepreneurs to send and receive payments, manage their cash flow, and access credit.

Online platforms, such as Kiva, Zidisha, and Fundanenterprise, enable young entrepreneurs to raise funds from local and global donors, investors, and lenders.

Access to markets: Digital technologies, such as e-commerce, online advertising, and social media, can provide young entrepreneurs with access to markets that can help them sell their products and services, reach new customers, and expand their businesses.

For example, e-commerce platforms, such as Jumia, Konga, and SME MarketHub, enable young entrepreneurs to showcase and sell their products and services online, without the need for physical stores, inventory, or logistics.

Online platforms, such as Google, Facebook, and Instagram, enable young entrepreneurs to advertise and market their businesses, reach new audiences, and build their brands.

Access to innovation: Digital technologies, such as artificial intelligence, cloud computing, and blockchain, can provide young entrepreneurs with access to innovation that can help them create new products and services, improve their processes, and increase their efficiency and productivity.

For example, artificial intelligence can help young entrepreneurs analyse data, automate tasks, and enhance customer service.

Cloud computing can help young entrepreneurs store, access, and share data and resources, without the need for expensive hardware or software.

Blockchain can help young entrepreneurs secure transactions, verify identities, and protect intellectual property.

Digitalising entrepreneurship for youth in Nigeria can have significant benefits for the economy and society. It can create jobs, generate income, and reduce poverty.

It can foster innovation, creativity, and competitiveness. It can promote inclusivity, empowerment, and social development.

It can also contribute to the achievement of the Sustainable Development Goals (SDGs), such as SDG 8: Decent Work and Economic Growth, SDG 9: Industry, Innovation and Infrastructure, and SDG 10: Reduced Inequalities.

Therefore, it is important to support and encourage young Nigerians to embrace digitalisation and entrepreneurship as a pathway to economic growth and social development.