One of the many issues facing Nigeria is the issue of unemployment. According to the 2019 Nigerian National Bureau of Statistics, 33.4% of the labor force were unemployed. With these figures, about 66.8 million citizens do not have a job, included in this population are millions of college graduates.
Unfortunately, high unemployment has been known to fuel crime, boost insurgency and promote low educational attainment. A strategy Nigerian universities can use to address the lack of jobs is through an experiential learning curriculum. Some universities in the U.S. have implemented such programs and have experienced great results. For example Loyola University, based in Chicago, started an organization called “Loyola Limited” in 2010.
Loyola students are hired by Loyola Limited, the students then develop a business plan to create a new small business under the Loyola Limited umbrella. These students are mentored by members of the Loyola faculty throughout the business creation and operations process. So far Loyola Limited runs the following businesses:
- Chainlinks – A specialized bicycle rental fleet that also provides bike maintenance services in Chicago. (Annual revenue: $15,355)
- Felice’s Kitchen – Restaurant that serves pizza, pasta, salad and other menu items. (Annual revenue: $130,940)
- The Flats at Loyola Station – A 10-unit guesthouse operated and managed by Loyola Limited. The primary difference between The Flats and a traditional hotel is that it offers a home-away-from-home condo experience. (Annual revenue: $282,655)
- Pub 10 – A lounge where anyone is welcome to visit, grab a drink, and relax. They offer a wide selection of wine, beer from local Chicago breweries, and modest coffee. (Annual revenue: $115,499)
- inQbate – A marketing agency that provides services to small businesses, organizations, and startups in Chicago. (Annual revenue: Not Available)
- The Wolf’s Kettle – A concessions business featuring food, beer, and wine – providing food service for fans at Loyola athletic events. (Annual revenue: $158,756)
My younger brother, who attended Loyola University, was part of the Loyola Limited company some years back and was able to provide some perspective on the program. He explained that the program provided great experiences, he worked in a property management company that managed majority of Loyola University’s properties in Chicago. He was responsible for operations, dealing with residential and commercial tenants, signing leases, attending courts cases during lawsuits, etc.
He explained that the CEO, who was a student was paid $13.50/hr and he was a Vice President getting paid $10.50/hr. He explained that most of the students in the program received great jobs post university because companies knew of the tremendous real life experiences they received running the small businesses in Loyola Limited. Having job titles such as vice president and listing out all your job accomplishments on a resume goes a long way for hiring managers.
Similarly, a Nigerian University like UNILAG (University of Lagos) can implement a similar program, let’s call it “Unilag Ventures”, where high performing first year students can apply to start a business under Unilag Ventures with startup funding from the University as well as corporate sponsors.
Source: The Guardian Nigeria
A Board should be created for Unilag Ventures, which will constitute of faculty members, Corporate Executives and also Government representatives. In addition, faculty and corporate mentors will be assigned to the students to help guide them through their operations. Having this Board and mentors will give students access to high profile individuals, who can help with job placement post-graduation, help provide corporate donations and also government investment in the Unilag Ventures program.
The students will provide a business proposal and plan to start a new business, which is vetted by the Board. Students receive startup funding and are guided by mentors. Students are given a stipend salary and receive class credit for the program to help offset time spent on the business. A critical objective of the businesses would include job creation in the community.
Below are a few small businesses these students can start under Unilag Ventures:
- Food and product delivery service (bicycle delivery)
- App/software development company
- Marketing/Social media agency
- Moving company
- T-shirt printing company
- Gaming Lounge
- Gym/Fitness center
Program Benefits:
- Job creation for current students and other members of the community
- Many Nigerian companies would be eager to recruit the students because of their unique real world experience
- Great entrepreneurship experience for students, who might end up starting a business post college as opposed to the corporate track
- Provides real life business skills and opportunity to network with other stakeholders such as vendors, customers, regulatory bodies
Ideally if 30 universities across the country replicated the Unilag Ventures model, it will have a positive impact on the unemployment issue due to jobs created through the venture and better training for the future work force of the country.
