Higher Education in Nigeria as Correlates of Youth Preparation for Small Scale Business

1.0 Introduction

1.1 Background of Study

Higher institutions in Nigeria have been saddled with the main responsibility of training both youths and the nation’s professional personnel such as managers, scientists, engineers and technicians who participate in the development, adaptation and diffusion of innovations in the country. The development of higher education in the country is correlated with economic development. However, matching the quality of the products of institutions of higher learning in the country at present with the country’s higher educational laudable goals simply reveals that the Nigerian nation has not yet found her path on what was planned for it through higher education in terms of preparing the youths for small scale business. It is against this background that this study examines the extent to which higher education in Nigeria has really succeeded in preparing youths for small scale business and the world of work.

Higher education, as defined by National Policy on Education (2013) is the education given after secondary education in Universities, Colleges of education, Polytechnics, Monotechnics, including those institutions offering correspondence courses. The goals of tertiary education in Nigeria as spelt out by the policy are: to contribute to national development through high level relevant manpower training; to develop and inculcate proper values for the survival of the individual and society; to develop the intellectual capability of individuals to understand and appreciate their local and external environment; to acquire both physical and intellectual skills which will enable individuals to be self-reliant and useful members of the society; to promote and encourage scholarship and community service; to forge and cement national unity; and to promote national and international understanding and interaction.

On the other hand, Schumpeter (1994) defines small scale business as the ability to perceive and undertake business opportunities, taking advantage of scarce resource utilization. In simplest form, small scale business is the willingness and the ability to seek out investment opportunities and to run an enterprise for profit. In this later sense, small scale business takes premium over capital. It is equally more fundamental than capital because capital formation is the result of entrepreneurial activity. Entrepreneurs are therefore regarded as central figures in economic development. Their contributions run through labour actions, movement of capital goods and conversion of raw materials into finished products, and ultimately, effectual distribution of the products to final consumers.

Entrepreneurs are therefore those who search and discover economic opportunities, marshal the financial and other resources necessary for the development of the opportunities, evaluate alternatives available in the environment and allocate resources to the most profitable ones as well as take the ultimate responsibility for the management and/or successful execution of opportunities. An Entrepreneur is somewhat comfortable with taking and assuming risks which are impassioned with the dream being pursued. He or she knows where to get help, and when it is needed as well as being ever ready to receive changes in the business surrounding environment (Schumpeter, 1994).

Consequently, institutions of higher learning in Nigeria are expected to commence training high level manpower whose characteristics are usually obsessive, focused, articulate, and resourceful. In this way graduates will turn out typically charismatic leaders, and tend to be introspective in the skills of job creation, wealth generation and innovative skill utilization.

Besides, empowering Nigerian youths towards wealth creation, employment generation, poverty reduction and value re-orientation (NEEDS, 2005) is a foremost cardinal point for strategic macro-economic framework. This also reflects in the recent increase in the demand for educational programmes in small scale business in the country’s tertiary institutions, parastatals and non-governmental paradigms. If fully satisfied, this new vision and values would shine the spotlight on small medium scale business activities in Nigeria. Thus, increased higher education on entrepreneurial skills would create that perfect opportunity to stimulate economic growth. Higher institutions of learning are therefore to properly train individual youths who will have the right tools necessary to commence and grow successful businesses with reduced risk of failure. It is in this vain of activities that higher education contributes to human resource development in many ways. Investment in higher education therefore remains a key contributor to the nation’s economic growth.

1.2 Statement of Problems

Investigation revealed that entrepreneurs and the small businesses they create are economic stimulators. Our country’s economic growth hinges on our ability to create new jobs through small scale business, and successful small scale business, in turn, requires well-trained graduates from our institutions of higher learning who are aspiring entrepreneurs willing to take the helm of venture creation. But the underpinning issue at this point still remains ascertaining whether the quality of education offered at present by tertiary institutions in the country is the one assuring the genuine preparation of young graduates for small scale business and not for job seeking.

The above issue of concern is predicated on the apparent hues and cry of many scholars (Tawari, 2002; and Okoroma, 2006) about the poor quality and falling standard of tertiary education in Nigeria, which is seriously incapacitating the system from producing the right type of graduates that suits the desired human capital needed for job creation and genuine economic growth and development in the country.

This study therefore attempts to examine the extent to which higher education in Nigeria has prepared the youths for small scale business.

1.4 Aim and Objectives of Study

The aim of the study is to examine the relationship between higher education in Nigeria and the preparedness of Nigerian youth for engaging in small-scale business ventures. In achieving this aim, the following specific objectives were laid out as follows:

1. To examine the extent to which university education influences the development of students’ intellectual skill for small scale business;
2. To explore the collaboration between higher education institutions and industry stakeholders in fostering entrepreneurship;
3. To evaluate the presence and effectiveness of entrepreneurship-related courses and programs in Nigerian higher education institutions;
4. To ascertain whether university education influences the development of students’ affective skill for small scale business; and
5. To determine the extent to which university education influences the development of students’ psychomotor skill for small scale business.

1.5 Research Questions

The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:

• Has university education been influential to the development of students’ intellectual skill for small scale business?
• Are entrepreneurship-related courses and programs in Nigerian higher education institutions effective?
• How relevant is university education to the development of students’ affective skill for small scale business?
• To what extent has university education been influential to the development of students’ psychomotor skill for small scale business?
• What is the collaboration between higher education institutions and industry stakeholders in fostering entrepreneurship?

1.6 Research Hypothesis

In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.

Hypothesis One

• H₀1: University education has not significantly influenced the development of students’ intellectual skill for small scale business
• H₀2: University education has not significantly influenced the development of students’ affective skill for small scale business
• H₀3: University education has not significantly influenced the development of students’ psychomotor skill for small scale business

1.7 Significance of Study

This study is significant for providing relevant information on the need to improve on higher education towards proper preparation of undergraduates for the world of work.

It will also be a sensitization document to undergraduates and anybody who accesses it on the paramount importance of going for small scale business skills development education programmes to acquire relevant skills that will enable one survive in a depressed economy.

The results of the study are also meant to create a high level of awareness among prospective graduates on the relevance of small scale business education.

The study is also significant for articulating the need for education planners and Nigerian tertiary institutions’ authorities (private and public) to direct effort at inculcating courses for small scale business development skills into tertiary institutions’ curricula and programmes.

1.8 Scope of Study

The scope of the research is focused on examining higher education in Nigeria as correlates of youth preparation for small scale business. It was limited to determining the extent to which Nigerian higher education programmes have influenced the development of the intellectual, affective and psychomotor skills of youths for small scale business. The study was limited to institutions of higher learning in Lagos State. Besides, only two hundred students sampled from these institutions were involved in the study.

1.9 Limitations of the Study

During the course of this study, many things militated against its completion, some of which are:

1. Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
2. Research material: availability of research material is a major setback to the scope of the study.
3. Frequent power failure: This made the researcher append more money on fuel to ensure sustainable power.
4. Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

1.10 Definition of Terms

Small Scale Enterprise:

The definition of small scale enterprise varies with people and countries such that it is better defined based on the characteristics.

Entrepreneur:

According to Hagen, an entrepreneur is an individual who conceives the idea of business, design the organization of the firm, accumulates capital, recruits labour, establishes relations with supplies, customers and the government and converts the conception into a functioning organization business.

University Education:

This is the education given after secondary education in universities, including those institutions in the universities offering graduate and post graduate correspondence courses.

Opportunity:

An opportunity is a potential gainful situation that must be recognized and exploited; an opportunity has the qualities of being attractive, durable and timely. It is anchored in product or services which creates or adds value for its buyers or end users.

Development:

This entails growth of the business, increases in goods and services and t he improvement of lives of the citizen.