The Political Economy of Youth Entrepreneurship in Nigeria: A Study of Federal Capital Territory, Abuja

Abstract

Unemployment is a familiar term in Nigeria; its definition is crystal clear in the living conditions of most Nigerians. Against this background, the study focused on The Political Economy of Youth Entrepreneurship in Nigeria: A study of the Federal Capital Territory, Abuja. The specific objective of the study is to determine the extent to which the Nigerian government has promoted Youth Entrepreneurship in the FCT, Abuja. The study is an exploratory analysis. It utilised both primary and secondary data. The area of study is the Federal Capital Territory, Abuja. The population in this study is the youths in the six area councils of the Federal Capital Territory, Abuja. The sample was selected from youths in each of the six Area Councils of the Federal Capital Territory, Abuja. The chosen research sample consisted of 400 youths from the six Area Councils as respondents in this study; this sample size was determined using Taro Yamane's Statistical framework, and the sampling technique employed was purposive. The research used a carefully structured questionnaire, which was analysed using simple percentages in statistical tables. In this study, the researcher reviewed the Theoretical Framework using the Classical Marxist Theory. The study found that the Nigerian state has suffered unquantifiable losses due to the neglect of Youth Entrepreneurship. In the face of the recent recession, depression, and probable  slump  in  major  global  economies  occasioned  by  COVID-19,  the  primacy  of Entrepreneurship becomes indisputable. The study recommends that the government focus more on developing the informal sector of the economy to create a favourable environment that encourages youths to venture into business and create wealth.