Business
Strategies For Empowerment Of Unemployed Graduates
It is regrettable that after ten years of uninterrupted democracy and during which Nigeria earned enormous billions of dollars from oil export, the statistics issued from national and international agencies confirm that unemployment amongst youth and graduates in particular has been alarmingly on the increase. The present state of youth unemployment has given rise to increased crimes that now threaten the peace, socio-economic and political stability of the nation. Terrorist crimes are increasing across Nigeria.
The VEEP strategy was created specifically for Africa by the USA Project Team to assist “DUTY” – Determined-Unemployed Talented Youth with the USA-SBA model of entrepreneurship empowerment which focuses on training, mentoring, coaching, funding with SBDC’s – Small Business Development Centres and ICT VBI/4SM Virtual Business Incubator. The African Revolutionary Entrepreneurship Empowerment Project is specially designed for the socio-economic and cultural values of Nigerian youth to ensure maximisation of the talents of the unemployed.
The USA-SBA model Project Team will be led by a global leader in entrepreneurship. It will be presented at an International Forum to be attended by distinguished USA Entrepreneurship and Funding Consultants.
As an interim measure, the USA founder of the African Entrepreneurship Empowerment Institute, has also called for the Federal Government to urgently strategise with the National and States Assemblies, to enact laws introducing the payment of unemployment benefits in Nigeria.
The Innovative USA entrepreneurship empowerment system will feature the establishment of SBDCs – Small Business Development Centres across the country for beneficiaries of the special project. A total of over 50,000 DUTY members will be mobilised – motivated for talent maximisation from the 774 local government areas in the first phase.
The current state of high youth and graduate unemployment in Africa at large and in Nigeria in particular is indeed a symptomatic Time Bomb that must be strategically detonated before it derails our nascent democracy; To stem the tide of rising frustrations amongst over 25 million disgruntled and distressed youth and unemployed graduates, Nigerian government at all levels must declare urgently a state of emergency in youth and graduate unemployment with scientific programmes that will have immediate impact on the lives of millions of “Duty” DeterminedUnemployed-Talented Youth. The tragedy that the nation must confront before the time bomb explodes is to rescue our youth from joblessness, as they now offer themselves in desperation, to ‘Drug Barons, Political godfathers and godmothers as thugs, robbers and assassins, international traffickers in human beings for sex trade in several foreign countries. The latest sector that is recruiting these youth for socio-economic and political terrorism is the ‘kidnapl industry. The frustration of the millions of unemployed graduates and talented youth can be unleashed on the society in unpatriotic counter productive activities.
The rise in youth unemployment has a strong correlation to rising crimes, corruption and political, socio-economic terrorism in all segments of the society by youth.
In the Punch Editorial, Sunday May 2, P.10, 2010 the former Labour Minister, Adetokunbo Kayode, in February 2009, remarked that 40 million Nigerians were unemployed. Quoting World Bank figurel he said “80 per cent of the country/s graduates were unemployable lacking skills and basic-entrepreneurial abilities; The Guardian of November 3, 2009, P. 67 stated, “Bail out the poor, not the fact cats.” World Bank – Unemployment of 13-25, 70 per cent million youth, urremployed.
The CBN Governor, Mallam Lamido Sanusi at a forum recently in Lagos stated that over 49 per cent of Nigerian youth was unemployed. The terrible scourge of youth and graduate unemployment in Nigeria was the theme of a 2009 National Unemployment Summit by Nigerian government and ILO. The World Bank Chief Economist in Nigeri,a Volker Trekhel, authored the report that revealed that 4.5 million enter the overstretched job market including 300,000 graduates. Much more disgusting was the reports’ projection that there would be 13.5 million unemployed youth by 2011 aged between 15 and 44.
The critical problem of youth and graduate unemployment in Nigeria has necessitated the establishment of various youth empowerment projects by the states and federal government agencies NDE; NAPEP; SMEDA, etc. The private sector has also intensified efforts to create employment generation programmes. The universities have also been advised to incorporate entrepreneurship courses in their curricula so as to equip the undergraduates with skills and knowledge to face the world in an increasingly competitive environment requiring ingenuity and self motivation for success.
The Nigerian situation is particularly pathetic because of the rising crime wave over the past ten years, now terribly exacerbated by the economic crisis in the industrial, agricultural and banking sectors.
The inspiration to establish the African unemployment project was from the impact of SMEs in the U.S.A. economy. Entrepreneurs and leaders globally are concerned about the massive socio-economic and political quagmire in Africa due to decades of corruption and underdevelopment. As a result, Nigeria, a unique country enormously endowed with human and natural resources, has become one of the richest oil exporting nations in the world but ironically one of the poorest and most underdeveloped and corrupt with decayed infrastructure. The tragedy of decades of massive corruption and underdevelopment is the deindustrialisation leading to staggering unemployment, especially of youth and graduates. Contemporary statistics report that the unemployed graduates population is estimated at about 20 million and youth as much (49.9%) youth – CBN Governor.
The USA-SBA Entrepreneurship Model has transformed the most powerful economy in the world into the centre of entrepreneurial capitalism and excellence. The most successful global models of innovative entrepreneurs have their roots in the countries and cities of the sprawling USA with support from both local, state and federal agencies. 60 per cent of the US economy is powered by the ubiquitous SBEs – Small Business Entrepreneurs. In USA, millions of innovations are nurtured by talented youth in high schools, colleges and universities and private sectors.
The innovation received tremendous support in cash and kind to drive their dreams from grants, attractive loans and from millions of US philanthropists, foundations, religious and academic organisations and SBA consultants and agencies in the 50 USA states. The USA slogan I can – yes you can is true of business and in politics. Any wonder, USA is fondly referred to as God’s own country?
The Reeps initiatives – the USA-SBA-model project is conceived for Africa as a Revolutionary Entrepreneurship Empowerment for productivity, socio-economic security. Nigerian youth, as the exmilitants in the Niger-Delta, continue to forge, intensely lament that there has been too much talk and little impactive action to alleviate their agonies. Why, the youths ask in consternation, have all the billions of naira announced spent by Federal and states’ agencies in poverty alleviation not yielded any appreciable impact? Instead the more billions are spent year in year out the increase in youth unemployment, crimes; sophisticated armed robbers, fraud, 419, and now kidnapping!
Fejokwu is the founder of USA-based African Entrepreneurship Empowerment Institute.
Larry Fejokwu
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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