ENTREPRENEURSHIP IN A DEVELOPING SOCIETY : NIGERIA

The Article Is To Portray The Following:

1. An Introduction To The Series Of Entrepreneurship In Developing Society Using Nigeria As Study

2. To Evaluate The Numerous Opportunities In Developing Countries (Nigeria)

                                                  

Since Nigeria's political independence in 1960, the country has been working tirelessly to achieve economic independence. Several policies aimed at capacity building and utilization have been introduced by both civilian and military regimes in the country. At the forefront of recent effort to modernize and improve Nigeria's ailing economy have been a strong focus on macroeconomic stabilization, and the pursuance of a massive trade and investment liberalization programme to encourage foreign direct investment in the country. In achieving this, the country has relaxed most restrictions on current and capital transfers, introduced tax reliefs for those multi-nationals willing to invest in the country, and improve access to foreign exchange at near market rates. Another focus in the liberalization programme is the ongoing massive privatization campaign of public institutions, which is again aimed at attracting foreign investment with the hope that this would help increase economic activity and bring in the much needed revenue to accelerate economic growth.

                                                               

Nigeria is richly endowed country with abundant human and natural resources. The country is blessed with a variety of mineral deposits including petroleum, natural gas uranium, tin, columbite, coal, precious metals and gemstones. Over the last three decades, the country has earned over US$350 billion from oil sales. However, this has not reflected in the standard of living of its citizenry. Nigeria remains among the countries in the world tagged "developing" nation.

In recent times however, the government has come to recognize the importance of entrepreneurship in economic development: that industrial and economic development is fostered not by few large scale industries, but by numerous entrepreneurial ventures or small-scale enterprises, which have the capacity to provide employment and aid growth in an unprecedented manner. Research has shown that small scale enterprises are crucial to the development of any economy. Industrialized nations like the US and Japan owe their development to the activities of small-scale enterprises rather than the few large scale companies that operate in their economies.

In subsequent series, I shall be writing on the "nature of entrepreneurship", the "concept of developing society" as well as "the role of entrepreneurship in transforming a developing society", like Nigeria.

Thanks, love you guys.

                                                                        

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