In recent years, there has been a noticeable trend in Nigeria where an increasing number of individuals are opting for self-employment instead of taking on Salary jobs. This shift can be attributed to several factors that have influenced the mindset and aspirations of Nigerians.
According to a recent survey conducted among small business owners, independence is the key driver for self-employment, giving entrepreneurs the advantage of being their own bosses and being self-reliant. The number of small businesses in the formal and informal sectors of the Nigerian economy continues to increase due to the vital role that small businesses play as a driving force of any economy and the pillar of major developed economies worldwide. Despite Nigeria’s reliance on oil and revenues derived from it, the country’s economy is primarily supported by small businesses, including nano, kiosk, micro, and small businesses in particular
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Flexibility and Autonomy
Freedom to Pursue Passions
One of the primary reasons why more Nigerians are leaning towards self-employment is the desire for greater flexibility and autonomy in their careers. Traditional employment often comes with strict working hours and limited freedom to explore personal interests. By becoming self-employed, individuals have the opportunity to pursue their passions and align their work with their personal values.
Control over Work-Life Balance
Another significant advantage of self-employment is the ability to have better control over work-life balance. Many Nigerians prioritize spending time with family, pursuing hobbies, or engaging in other personal activities. By being their own boss, they can create a schedule that suits their needs and allows for a healthier integration of work and personal life.
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Financial Independence and Growth
Increased Earning Potential
Self-employment offers the potential for increased earning potential compared to jobs. Instead of relying on a fixed salary, entrepreneurs and self-employed individuals have the opportunity to scale their businesses and generate more income. This aspect appeals to Nigerians who aspire to achieve financial independence and build wealth.
Entrepreneurial Opportunities
Nigeria is a country rich in entrepreneurial opportunities. The vibrant business ecosystem and a growing market provide a favorable environment for individuals to start and expand their own ventures. Many Nigerians recognize the potential for success in entrepreneurship and prefer self-employment as a means to fulfill their ambitions.
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Overcoming Unemployment Challenges
Limited Job Opportunities
Nigeria, like many other countries, faces challenges related to unemployment. The formal job market often has limited opportunities compared to the number of job seekers. As a result, many Nigerians choose self-employment as an alternative to overcome the scarcity of jobs and create their own work opportunities.
Job Insecurity
Job insecurity is another factor that drives Nigerians towards personal businesses. The fear of losing a job due to economic downturns or company downsizing motivates individuals to establish their own businesses. By being self-employed, they gain more control over their financial stability and can mitigate the risks associated with jobs.
Challenges of Self-Employment
While self-employment has its advantages, it also comes with its own set of challenges. Some of the challenges of self-employment in Nigeria include:
- Lack of requisite training in entrepreneurship.
- Bureaucratic hurdles and lack of know-how keep people with a business idea from taking a step into self-employment.
- Difficulty in accessing finance.
- High mortality and non-performance of small businesses.
- Lack of government support for small businesses.
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