5 reasons why you should be concerned about sustainable enterprise development

5 REASONS WHY YOU SHOULD BE CONCERNED ABOUT SUSTAINABLE ENTERPRISE DEVELOPMENT Photo credit: Remy Ajenifuja In an article by BBC News Pidgin, it was stated that the rate of unemployment

increased from 27.1% in the second Quarter to 33.3% in the fourth Quarter of 2020. The National Bureau of Statistic also released a report stating that unemployment and underemployment in

the country increased by 6.2% from Q2 to Q4 of 2020. Recent studies show that "around 4 in 10 Nigerians were living in poverty and millions more were vulnerable to falling below the

poverty line as growth was slow and was not inclusive. Based on the most recent official survey data from the Nigerian National Bureau of Statistics, 39.1 percent of Nigerians lived below

the international poverty line of $1.90 per person. Over the last five years, Nigeria’s unemployment rate quadrupled as the economy went through two recessions that casted a shadow over

efforts to implement policies that will drive growth and create jobs. Can the numbers be reduced to the barest minimum? The answer is yes. Sustainable enterprise development is the building

of businesses that can meet the needs of the present and future generations through creation and innovation of new business strategies and activities that accelerate positive social change

and enhance business performance. The development of sustainable enterprise is one that will incorporate principles of sustainability into each of its business decisions. Enterprises are

developed on a regular basis, but if these enterprises are not structured to be sustainable, rather than creating solutions, we will keep creating more problems, causing chaos in the present

while jeopardising the future. This is what we at SED Initiative, an acronym for Foundation for Sustainable Enterprise Development Initiative is all about. As a Non Governmental

Organization ( NGO), we are on a mission to reduce the rate of unemployment and develop sustainable local enterprises through structured systems and strategies that have been put in place

with its focus on the 9 Niger Delta states and Ebonyi. OUR GOAL AND OBJECTIVE is to: 1. To promote the creation of 1 million plus jobs. 2. To facilitate the human capacity development of

100,000 plus people. 3. To achieve at least 30% project objectives within 1 year of operation. 5. To reach and sensitize over 25 million people with information about entrepreneurship,

finance and sustainable livelihood. 6. To raise funding for sustainable enterprise development for job creation. 7. To partner with over 200 credible local and international organisations

for the work of local enterprise development in Nigeria. Whilst we are on a mission to reduce the number of job seekers in the job market place, our major focus is on developing sustainable

enterprises with an ultimate goal of job creation. The picture of the tremendous impact this will have on us as a country needs to be caught otherwise there’ll be no transformation. Below

are 5 REASONS why you should consider sustainable enterprise development: * REDUCE UNEMPLOYMENT Unemployment in Nigeria’s economy rose to the second highest on a global list of countries

monitored by Bloomberg. Nigeria is ranking number 3 with the highest number of unemployed individuals. Research shows that more than 6.2 million Nigerian men are without jobs while almost 6

million women are unemployed. Reducing unemployment should be one of our major focus as a nation which can be achieved through job creation and enterprise development. 2. POVERTY ALLEVIATION

More than 82 million Nigerians survive on less than 1$ a day according to the National Bureau of Statistics. Which is about 40 percent of people living below the poverty line. This shows

that there’s a dire need for actions to be taken for poverty to be reduced to its barest minimum. In a country laden with so much wealth and natural resources. 3. ECONOMIC GROWTH AND

STABILITY Sustainable enterprise development plays a significant role in the growth and development of a nation. It is the foundation of industrial growth and economic empowerment and it is

a pivotal tool in the creation of wealth, economic growth and development. With Nigeria’s economy growing over the last decade with a real GDP growth rate of about 7%, there is no doubt that

sustainable enterprise will enhance economic stability. Sustainable enterprise development will boost economic growth through introduction of innovative technologies, products, and

services. It will also improve productivity by expanding the labour market or increasing capital intensity. 4. REDUCTION IN CRIME AND SECURITY CHALLENGES Idleness and unemployment are one of

the root causes of crime and insecurity in Nigeria. This poses a threat to lives and properties, hinders business activities and discourages local and foreign investors, which inadvertently

affects and retards socio-economic development of a country. Through sustainable enterprise development, individuals who are idle and dissatisfied with their job or businesses will be

trained and equipped. And this will lead to reduction in crime and insecurity. 5. COMMUNITY DEVELOPMENT Enterprise development plays a significant role in the development of communities

through increased productivity, GAP, per capita income, employment, urbanization, industrialisation and technological growth. Sustainable enterprise development will help in improving the

economic and social life of people in a given community through the improvement in their standard of living (i.e healthcare, infrastructure, education, electricity, etc). These societal

problems will keep existing and being on the increase if plans are not put in place to solve them. And these problems can only be solved through promoting sustainable enterprise development

and inspiring creativity for sustainable prosperity. There is a dire need for enterprises to initiate, create and manage change and innovation by meeting the needs of the present without

compromising the life of future generations through job creation, promotion and enterprise development with the aim of reducing the rate of unemployment, eradicating poverty, improving

economic growth, etc in the society.