Nigeria has witnessed a significant surge in entrepreneurship, with a new report indicating that 3 out of 10 citizens have become business owners. This trend is attributed to increased internet access and a growing youth demographic, despite the country's ongoing economic challenges.

The report, released by PiggyVest, highlights the proliferation of informal businesses in Nigeria, which is directly linked to the country's high unemployment rate and the challenges faced by entrepreneurs in running formal businesses. Many aspiring business owners are opting for informal businesses to avoid barriers and taxes, leading to a growth in this sector.

The study reveals that women are more likely to be entrepreneurs, with 27% of women and 23% of men likely to own a business. In terms of generational breakdown, Generation X is the most likely to own businesses, with approximately 40% of respondents indicating business ownership. Millennials follow closely at 32%, while boomers demonstrate moderate entrepreneurial activity with 26% reporting ownership of a business.

Interestingly, Generation Z is the least likely to own a business, with only about 16% reporting business ownership. This is likely due to their younger age and limited work experience. The report also notes that 8 out of 10 business owners run microbusinesses, or companies with less than nine employees, while only 1 out of 10 business owners operate small firms with 10 to 49 employees.

The growth of entrepreneurship in Nigeria is a positive trend, despite the country's economic challenges. It indicates that Nigerians are keen on owning a business, regardless of how formal it is. This shift towards entrepreneurship can have a significant impact on the country's economy, as it can lead to job creation, innovation, and increased economic activity.

However, the report also highlights the need for policymakers to address the challenges faced by entrepreneurs in Nigeria. The high unemployment rate and barriers to formal business ownership are significant obstacles that need to be addressed to create a more conducive business environment. By doing so, Nigeria can unlock the full potential of its entrepreneurial spirit and drive economic growth.

In conclusion, the rise of entrepreneurship in Nigeria is a promising trend that can have a significant impact on the country's economy. As the report notes, "given their younger age, it is perhaps expected that Generation Z is the least likely generation of Nigerians to own a business." However, with the right policies and support, Nigeria can create an environment that fosters entrepreneurship and drives economic growth.