The impact of social issues on the future of small businesses in Nigeria

Nigeria is a federal republic located in West Africa. It has a population of over 170 million people, with an economy growing at 6% annually. The country has a large number of small businesses which makes up the majority of its private sector workforce. Despite this fact, there are many challenges facing these businesses due to societal issues such as youth empowerment and poverty alleviation. In order for these issues to be resolved, small businesses need support from governments through policies that ensure their success!





Entrepreneurship

Entrepreneurship is an undeniable life-saver for Nigeria. It has the power to solve social and economic issues in Nigeria by creating jobs, making money, and giving people hope. Entrepreneurship provides a platform for Nigerian citizens to create something from nothing, which makes it a vital part of our country's future and prosperity.


The problem is that Nigerians have been left out of this opportunity due to many factors. These include political instability, lack of education and access to capital as well as corruption among some officials and politicians who are supposed to help entrepreneurs succeed.


Entrepreneurship also has the ability to be disruptive in Nigeria because it promotes innovation, encourages creativity, and helps create new market opportunities. This can be seen in industries such as technology where there is a huge demand for products that are not yet available on the market due to limited supply or high cost of production.



Women empowerment

Women empowerment is a social issue, a business issue, a political issue, an economic issue, and a security issue.


It is important to note that women empowerment is not only about being able to work and earn for herself but also about being able to contribute to society. This is why it is important for her to be empowered in order to contribute more towards the growth of Nigeria as well as the development of her community.


This means that in addition to having a good education so that she can become employable and support herself financially; she should also have access to health care services as well as public transport so that she can go about her daily activities with ease.


In addition to these basic needs being met; women should also have access to financial resources such as microcredit loans in order for them not only to be able to make ends meet but also invest into their businesses which will help them improve their livelihoods further on down the line.



Youth empowerment

Youth empowerment is the foundation of the future of small businesses in Nigeria. It is crucial to our understanding of what constitutes a successful business model and how it can be achieved by leveraging on the youth population.

The importance of youth empowerment for small businesses cannot be overstated, as it not only provides unemployed young adults with opportunities to create jobs for themselves, but also helps solve issues related to unemployment and poverty within their communities. A study conducted by UNICEF showed that if 5% or more of young people were given access to vocational training programs (such as apprenticeships), then this would result in significant gains for both economy and society at large.

Youth empowerment has been shown as key in solving corruption problems within governments; however, this does not mean that there aren't other ways through which one can tackle these issues effectively on their own without relying on government intervention alone!



Poverty Alleviation

The impact of poverty is a major issue in Nigeria, the world and it is also a major issue for small businesses.

Poverty has been identified as one of the main reasons for low productivity among small businesses. This can be attributed to a lack of resources such as training facilities and finance capital which would enable them to produce more products or services at a lower cost than their competitors.



Society issues like youth empowerment and poverty alleviation are so paramount to the future of small businesses in Nigeria.

Society issues like youth empowerment and poverty alleviation are so paramount to the future of small businesses in Nigeria.

In order for a business to thrive, it needs a supportive environment where customers trust them and they can deliver on their promises. This often leads customers to buy products or services from that particular company because they have faith in them. But when there are societal issues like corruption, poor governance, high unemployment rate among young people under 25 years old (Youth Unemployment), low wages/incomes etc., this will make it difficult for companies who depend on these factors for survival as well as growth.



Conclusion

The world has changed, and the future of small businesses is going to be different. We have to expect things will be different in 10 years. In order to thrive and survive, we need to start thinking about how we can adapt our business models to fit these new realities. It’s not going to happen overnight but it is something that needs immediate attention as soon as possible if we want our companies/organizations survive.





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