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The IUP Journal of Entrepreneurship Development

Entrepreneurship Development in Nigeria: Prospects and Challenges

Article Details

Pub. Date	: December, 2020
Product Name	: The IUP Journal of Entrepreneurship Development
Product Type	: Article
Product Code	: IJED11220
Author Name	: Amaka G Metu and Ebele S Nwokoye
Availability	: YES
Subject/Domain	: Management Journals
Download Format	: PDF Format
No. of Pages	: 9

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Abstract

This paper underscores the importance of policy formulation in entrepreneurship development in Nigeria as well as the importance of entrepreneurship in reducing the ever-growing rate of unemployment in Nigeria. The methodology adopted for this paper is the Narrative-Textual Case Study (NTCS); it is a social science research method that relies on information and data from several sources for problem identification and problem solving. The paper opines that entrepreneurship is lacking in Nigeria due to certain challenges such as epileptic power supply, lack of genuine support for those intending to start up a business, lack of strong will power to take risks; all these and more inhibit entrepreneurship development and create unemployment. The paper concludes that government policy on entrepreneurship should be more robust and that the government should create a conducive business environment to enhance entrepreneurship development and reduction in youth unemployment.

Introduction

Nigeria, a former British colony, is a triplistic economy and is the 12th largest crude oil producer in the world, the 9th most populous country of the world and the second largest economy in Africa with earnings of an estimated $2.2 mn a day in oil revenue (World Fact Book, 2009 cited in Nwokoye et al., 2013). Nigeria is a mono-product economy heavily dependent on crude oil for more than 90% of its foreign exchange earnings. It is endowed with large agricultural potential as more than 70% of its land is arable.

In spite of these attributes, Nigeria is still classified as one of the poorest countries of the world. Its industrial sector, which is expected to create substantial job opportunities and reduce unemployment, is fast deteriorating due to low productive capacity (Chibundu, 2006). Poverty and unemployment continue to grow rapidly in Nigeria as a result of increase in population and dwindling production both for domestic and international markets.