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The National Youth Development Policy (2001) asserts that the youths are not only a foundation, but pillars of a society; their energies, inventiveness, character, and orientation define the pattern of development of a nation. They - the youth – are a particular segment of the national population that is sensitive, energetic, and active and the most productive phase of life as citizens as buttressed by child psychologists. The youth are also the most volatile and yet the most vulnerable segment of the population in terms of socio-economic, emotion and other aspects (Anasi, 2010). Furthermore, the youths serve as a good measure of the extent to which a country can reproduce as well as sustain itself. Therefore, special attention should be given to youth’s development to take advantage of opportunities for innovation, growth and economic prosperity/advancement. While it is generally believed that youthful population is an important asset for innovation and creativity in a society, the opposite could be the case if these peculiarities of the youths are not well harnessed (Gilbert & Eyring, 2010).
Meanwhile, a great vision of successive governments in Nigeria is premised on becoming one of the 20 most industrialized economies in the world by the year 2020. The aforementioned goal cannot be achieved if a country with over 95 million of the youthful population has over 70% of persons in this category unemployed (NBS, 2013). However, the attainment of this aspiration hinges on the extent to which the country is able to create and nurture, a competitive and adaptive human resource base, responsive to the rapidly industrializing and globalizing economy. Equally is to remind ourselves that the Millennium Development Goals (MDGs), which has metamorphosed to Sustainable Development Goals (SDG’s) include poverty eradication, zero hunger, good health and wellbeing, industry, innovation, and infrastructure, which suggests that youths should be empowered in all ramifications. However, Nigeria is far from achieving these goals as unemployment among the youths is growing uncontrollably. The informal sector constitutes a viable section of the economy within which the youth can be saved from the wrath of joblessness (Onyemachi, 2013).
The informal sector provides employment opportunities for the populace that are unable to secure wage employment in the modern sector (Adewusi, 2015). In Africa, Nigeria is leading in informal sector activities from its enormous population of about 172 million, and years of lowly economic performance indicated by rising rate of unemployment of 12.9% and increasing poverty rate of up to 54% (CBN, 2009). Schneider (2002) estimated the size of the informal sector in Nigeria to be at 57.9% of its gross national product (GNP) or equalling US$212.6 billion. Considering her size, Nigeria is only surpassed by Zimbabwe’s 59.4% or $42,4 billion and Tanzania’s 58.3% or $52,4 billion (CBN/FOS/NISER, 2001). In terms of population, financial transaction and market size, the pendulum swings in favour of Africa’s most populated country and third-largest economy, Nigeria (Onyebueke & Geyer, 2011).
Meanwhile, in the World Employment Report (2001), youths have the chance to get employed in the informal sector through the growth, application, and use of vocational opportunities in Information and Communication Technology (ICT). This has contributed tremendously to job and wealth creation, reduced unemployment rate, and strengthened the economy of the nation. Most youths find work in various private and public organizations, while others start their own ventures such as telecentres, computer training centers and cyber cafes (World Employment Report, 2005). For young people in the informal economy, micro-entrepreneurism is a bottom-up method for generating an income, self-reliance, and a new innovative path to earning a living and caring for oneself (ILO, 2002). Since business persons introduce new products and new production processes into an economy, free enterprise is generally accepted to be a necessary condition for sound long-term economic development.