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Young Nigerian Entrepreneurs Are Rewriting Their Path to Success: From School Dropout to Employer

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By Emmanuel Ogbodo

In Nigeria, where formal education is often viewed as the only path to success, a new wave of school dropouts are challenging that notion. Across the country, young Nigerians are proving that, with determination and hard work, they can build thriving businesses without a degree.

For many, leaving school wasn’t a choice but a necessity due to financial hardships or family responsibilities. Despite these obstacles, they’ve established businesses that not only sustain them but also provide jobs for others, fueling local economies and inspiring their communities.

High Dropout Rates in Nigeria

Nigeria has one of Africa’s highest school dropout rates. According to UNICEF, around 10.5 million Nigerian children are out of school, primarily at the primary level, with dropout rates spiking in secondary school.

Economic difficulties are a major factor—many families struggle to afford tuition, books, and uniforms, forcing children to leave school to support their households.

Rural areas are particularly affected, where limited access to educational resources and cultural pressures, especially for girls, contribute to high dropout rates.

The education system itself compounds these challenges. Schools are often overcrowded, underfunded, and lack basic facilities, while frequent strikes in higher education make timely graduation nearly impossible.

Many young Nigerians are thus compelled to abandon their studies and seek low-paying jobs to help their families.

Breaking Through Stigma

Dropping out of school often carries stigma in Nigeria, where society may view those without a degree as less capable. The job market favors academic qualifications, making it difficult for dropouts to secure formal employment. But for some, leaving school has opened doors to entrepreneurship, allowing them to redefine success.

Through hands-on skills and hard work, they’re creating new paths and showing younger generations that education, while valuable, is not the only route to a stable future.

From Dropout to Entrepreneur

During a recent visit to Dutse Market, I met several artisans who had transformed their lives through entrepreneurship.

These included Bassey, a mechanic, and Ejim, a furniture maker—both former students who left school due to financial constraints.

Bassey, now a well-regarded mechanic, initially dreamed of becoming an electrical engineer. “I wanted to study engineering at UNIJOS, and I got in,” he shared, “but as the eldest of seven, finances were tight. My father was a retired policeman, and my mother was a small trader. After my first year, fees became unaffordable, and I had to drop out.”

Despite the setback, Bassey took up an apprenticeship in car and tricycle repair. Five years later, he owns his workshop and employs four apprentices, passing his skills on to the next generation.

Similarly, Ejim, a successful furniture maker, turned his part-time holiday work into a career when he could no longer afford school.

“Carpentry was something I learned from my father as a teenager,” he explained. “When school didn’t work out, I decided to make a living with my hands. Now, I have twelve employees—carpenters, drivers, distributors, artists, and marketers—all helping to expand the business I built from the ground up.”

Entrepreneurship as a Path to Economic Growth

Entrepreneurship among school dropouts is proving vital for Nigeria’s economy. Small businesses stimulate innovation, meet community needs, and create jobs in areas where formal employment is scarce.

Entrepreneurs like Bassey and Ejim not only sustain themselves but also empower their communities by creating local employment and promoting financial independence.

This grassroots economic activity is critical for poverty reduction and financial stability.

In a challenging economy, these entrepreneurs demonstrate that resilience, problem-solving, and adaptability are as essential as formal qualifications.

They’ve honed practical skills that allow them to meet market demands and thrive in an unpredictable environment. Their success stories highlight the importance of skill-building and show others that, with creativity and hard work, they can overcome obstacles.

Turning Challenges into Opportunities

In Nigeria, where poverty and unemployment remain pressing issues, entrepreneurship offers an alternative way forward. For those unable to afford formal education, starting a business provides a means to control their own futures.

Through stories like Bassey’s and Ejim’s, it’s clear that success is achievable without a degree—what matters is grit, vision, and the ability to turn setbacks into stepping stones.

The journeys of these Nigerian entrepreneurs remind us that education, while invaluable, is just one part of the equation.

Through resilience, skills, and ambition, they’ve built fulfilling careers and left positive marks on their communities. Their stories are a testament to the power of entrepreneurship as a force for personal and economic growth, proving that everyone has the potential to rise above life’s challenges, regardless of educational background.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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