The dilemma of unemployment and how to raise money for your startup as a student

Over the past few decades in places like the US, they’ve been this particular trend of students dropping out of school to chase their dreams by taking the entrepreneurial path. Mark Zuckerberg, Bill Gates, Steve Jobs, Michael Dell (the list continues) they all dropped out college to work on that billion dollar idea that would later change the world as we see it today.

One common thing amongst these founders was that they had support right from their early stage, support not only in funds but from family and friends and a startup friendly environment which were their driving force at the beginning of their journey in the business of technology world.

Bringing it back to Nigeria where dropping out of school seems like you’ve failed your parents and everyone around you, where you’ll be looked down upon by those with a degree that has no functional bearing or use to the world. Dropping out of school to build on that idea of yours Is defiantly not an option for you as a Nigerian student.

Nigeria’s unemployment rate has shown no sign of slowing down, data published by Nigeria’s national bureau of statistics (NBS) shows that the unemployment rate went up from 13.9% in 2015 to 14.2% in the last quarter of 2016. Things keep getting worse as the country continues​ to struggle to create jobs.

The statistics above suggest at least 65% of graduates and yet to be graduates will be unemployed by the second quarter of 2020, as many companies continues to shut down or suspends its operations because of the grave economic crisis.

As the demand for jobs continues to outnumber the number of supply, Nigerian students are taking cautions by learning a vocational skill, starting a small business or a tech startup which is the focus of this article, to avoid being trapped with unemployment.

As a student, starting a business in Nigeria to yield a reasonable amount of profit enough to cover your cost of living, stay above the poverty line and not be a victim of unemployment when a graduate can be very daunting. Only those who are ready to sacrifice a lot make it to the top.

To the big question: how do I raise money to launch my startup while still in school?

Here’s how:


You should consider applying for an internship position at a startup or organisation in the same industry as your startup idea.

if you want to launch a payment gateway for people to send and receive money, interning at a bank or a Fintech startup is a good idea. You’ll get to learn their operations, learn the required skill and still get paid for learning which you’ll use to set up yours.

Start a side hustle

Side jobs have really proven to be an alternative source of income, especially amongst students. Content development, social media handler, customer service, logo design, internet researcher to mention a few are all good examples of side hustle for those interested in IT.

signing up to a freelancing platforms like Fiverr is also a plus as you are guaranted to make ₦10,000 – 15,000 in your first month.


This is probably the most common advice we hear every time. Some parents are kind enough to provide enough money for you as a student, instead of spending it all on junk and buying unnecessary things you don’t need, save.

With two sections of savings, i bet it’ll add up to a reasonable amount of money. Apps like piggbankNG can help you achieve your savings goals.

These are the 3 ways every method of raising funds as a student falls into.

Think there are more? Comment how you raised money as a student to startup a business.

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