CHALLENGES OF ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA

ABSTRACT

The study examined the critically the challenges entrepreneurship development is facing in Nigeria using Elens Consult as a study. The study adopted survey design using primary source of data with questionnaire as instrument of data collection. A total of 55questionnaires were administered to the staff within Elens consult out of which 50 were duly filled and returned. Chi-square statistical method was used to verify the degree of significance of entrepreneurship development. The result of the findings shows that market men and women lack access to constant power supply. It was also noted that local traders do not have access to fund to support their businesses. More so, in terms of factors that encourage entrepreneurship development, it was discovered that skill acquisition is vital for entrepreneurial development and that membership in co-operatives is essential for entrepreneurial development. Based on the findings the study recommends, that the government should prioritize giving of loans to the small businesses in Nigeria as well as allow them to enjoy some tax concessions, Informed government policy, education and international participation are crucial for development of entrepreneurship in Nigeria, Interest rate on loans should be reduced to allow for easy access to fund by small business owners, there should also be adequate infrastructural development in terms of constant electricity power supply, good roads, appropriate loan facilities and good communication network for reduced cost and smooth running of small scale businesses in Nigeria.

CHAPTER ONE

INTRODUCTION

1.3Background to the Study

It is our utmost desire as a Nation to stimulate growth in the various sub-sectors of the economy. Folaranmi (2007) observed that it is only when this is achieved that we can begin to record significant improvement in the living standard of Nigerians .No doubts about it, man can achieve anything he imagines through the actualization of his imaginative faculty. Creative ideas are the beginning point of all fortunes. The last hundred years in the history of man has witnessed a tremendous and mind bogging innovations during which man has harnessed nature’s resources. Notable among these is the indomitable conquering of the air, land and sea .through the aid of his- imagination. As reflected by Napoleon (1966), man’s only limitation, within reason, being his development and use of his imagination. He has not yet reached the apex of development in” the use of his imaginative faculty. In essence, imagination is the ultimate missing link in many business failures, and a vital ingredient for success. Candler provided this link when supplied the -requisite imagination which turned the formula for coca-cola into a fortune. ‘Ihus, behind many fortunes there is somebody who had the creative idea.

According to Adebayo (2008), it is believed that satanic scrounge of unemployment in the country today can be brought to a very low level if proper information and the knowledge of entrepreneurship is fully disseminated and understood by everyone. Entrepreneurship is also known all over the world as the main engine (Power house) that propels the economic prosperity of a nation. It was in an attempt to revive the battered economy that successive government in Nigeria had come up with different rolling plans, such as the austerity measures of the Muritala/Obasanjo’s Administration (19761979). And the Structural Adjustment programme of Babangida’s regime (1985-1993), the deregulated and the Abdulsalam Abubakar’s administration (1998-1999) respectively.

Nevertheless, all these national policies fail to encourage the expected economic and industrial growth, rather the economy witnessed significant decline in its Gross Domestic Product (GDP) hyper-inflation and a significant increase in our external portfolio. It is imperative to note that majority of these policies suffer from one reason to the other, ranging from policy contradictions, policy somersault, non-continuity to lack of purpose and vision said Afolaranmi (2003), it is on this backdrop, that the Obasanjo’s regime (1999-2007) made the restructuring of the Nigerian economy, their policy focus. Thus, his economic reforms were primarily centered on market orientation, private sector led, self-employment, self-reliance and technology driven (Adesoto, Akesinro and Oladejo, 2013).