10 Mar Entrepreneurship and the Nigerian Economy

Small businesses play a very significant role in the world economy and remember also most of the world’s recognised multi-national corporations started out as small businesses. The Nigerian government has been putting great policies in place to facilitate entrepreneurship even though one may argue that the political will power to implement those policies is a tad lacking.

Last year (2016), the International Monetary Fund  affirmed Nigeria as Africa’s biggest economy ahead of South Africa and Egypt even with the current economic climate. One may then ask, what makes the Nigerian economy tick? Several answers will come up here but the role of entrepreneurship in Nigeria’s economy cannot be overemphasised.

Micro, Small and Medium Enterprises contribute to about 47% of the country’s GDP. Note here that the country is Africa’s largest economy and one of the world’s fastest growing economy. Note here again that the Entertainment sector is booming year on year and needs to be nurtured as well as invested in; not only via funding but also through tax incentives, skill swap and capacity building programs. Some are of the school of thought that entrepreneurship in Nigeria is mostly based on necessity and survival instincts. If this be the case, it is still a good thing so it deserves a national forensic policy attention and action.

With the high rate of unemployment (especially in the youth demographics which makes up the majority of our population) and a slowdown of the economy in Nigeria, entrepreneurship needs to be even more encouraged by the government. Putting up and implementing policies that will enable young entrepreneurs, farmers, venture capitalists, banks and investors to work together better. Improved infrastructures especially in Power and Transport will also make a huge positive difference.

Photo credit: the internet

Ijeoma Okoli

Emc3 Nigeria