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Challenges and Prospects of Entrepreneurship in Nigeria

Author

Listed:
  • Okezie A. Ihugba
  • Alex Odii
  • Asoluka C. Njoku

Abstract

The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate infra-structural facilities (water, electricity, road network, communications etc.)

Suggested Citation

  • Okezie A. Ihugba & Alex Odii & Asoluka C. Njoku, 2013. "Challenges and Prospects of Entrepreneurship in Nigeria," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 2, July.
    • Handle: RePEc:bjz:ajisjr:235
    DOI: 10.5901/ajis.2013.v2n5p25
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    References listed on IDEAS

    as
    1. Leff, Nathaniel H, 1979. "Entrepreneurship and Economic Development: The Problem Revisited," Journal of Economic Literature, American Economic Association, vol. 17(1), pages 46-64, March.
    2. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
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