There are so many problems in Nigeria; many of them are overwhelming and detrimental to the future of young people and their many potentials. However, it is difficult to aver the age of young people based on their years of existence and accomplishments because some people in their 50s do not only feel young, they act equally young and progressively. By this assertion, more than half of the Nigerian population is affected by the raging socio-economic problems in Africa’s largest population.
There are more than 70% of Nigerians within the young people’s ages if that includes those in their 40s and mid-50s. By implication, the majority of the people are passing through serious socio-economic problems that limit their potentials and opportunities. This is the reality of modern Nigeria in which opportunities are scarce and further smothered by the activities of extractive institutions (Robins & Acemoglu, 2007).
While the brief statistics above and its logical interpretation infers that Nigerians are less fortunate in terms of systemic arrangements and the enabling environment to discover their potentials and maximize them, the hypotheses in this discourse is that the most undying ones are still able to find their ways. Perhaps it is not exactly the case and therefore arguable that those who found their ways have been relentless or more hardworking because in reality some elements of luck and other factors which have made them more fortunate can be identified.
Generally speaking, some industries such as entertainment, art, and fashion by their very nature have more global markets and reach than the others. A key enabling factor for many of those globally focused industries is the innovations and rapid growth in the Information and Communication Technology. A good example of an industry that benefits from the ICT factor is the non-bank financial service industry, which could have ordinarily been affected by the poor external environments and local market. Paystack and Flutterwave are two of FinTech models of non-bank financial service providers that succeeded enormously on IT platforms to attract global opportunities because of their type of business and global reach made possible by technological innovations.
Some industries are existing on the edge of such global advantages by the reason of their nature and the maturity level already attained by the local markets. They are therefore poised to escape the harsh and limiting effects of the extractive economic arrangements. However, many of the manufacturing industries in Nigeria and many other local markets may find it difficult to attract similar global opportunities until they have become really matured or able to reach out further and farther maybe through cross-border opportunities.
At the ISM Lagos, we analyse existing international opportunities available for exceptional individuals and enterprises to put their invaluable skills and exceptional offerings to better use by downplaying the impacts of local business environments.
Join any one of our online or physical class discussions to enable you bring the analyses home and relate them to your professional experience.
