Challenges of Economics Recession in Nigeria: Implications for Entrepreneurship Education

Abstract

Nigeria's economy is facing the most severe financial crisis. The risk of global recession has heightened significantly. The mainstay of the economy of most developing countries including Nigeria has increased. If this situation continues to deteriorate (negative economic growth) developing countries economy could go into depression. The instability in Nigeria's financial markets poses severe challenges to policy makers requiring urgent measures to stem the tide. The International Monetary Fund (IMF) has projected that Nigerian economy will most likely contract by 1.8 percent this year. If that forecast comes to pass, it will be the first time in about 26years that the nation's economy will record such low level of growth. At no other time in recent history has Nigeria's economy been in this danger. The precarious economic outlook calls for government and policy maker's urgent intervention to ensure sustainable economic growth. The unacceptable high rate of youth unemployment in the country, the low standard of living, low per capital income, capital flight, and the hope of technology transfer which is tending towards a mirage call for entrepreneurship education. Although, several attempts have been made at encouraging entrepreneurship education in Nigeria there is no gain saying the fact that this initiative has failed to produce the desired results. The economic growth of a nation is a function of the level of the resourcefulness of the people which to a great extent relates to the level of quality of the training and purposeful development of education in that nation. The essence of this paper is to give an analytical synthesis on issues bordering on the economic recession confronting Nigeria and to also highlight the role of entrepreneurship education as a panacea to the economic issues.