The Effect of Policy Measures on Entrepreneurship Development Analysis of Nigeria’s Experience

Abstract

This research focus to investigate impact of policy measures in entrepreneurship development in Nigeria. Research method adopted were mainly secondary sources derived from archival data such as: Thesis publications, scientific journals publications, African statistical year book, and World Fact-book, among others. Nigeria’s entrepreneurs have experienced difficulties in doing business due to: Managerial challenges, technological problems, lack of credit facilities, lack of basic amenities or infrastructural facilities, lack of power supply; inconsistencies in government policies, political instability (Boko Harram Insurgence), lack of patronizing made in Nigeria products among others. To address entrepreneurship development problems, government has introduced programs such as; World Bank SMEs 1 and 2  Loan Scheme, National Economic Reconstruction Fund (NERFUND), Peoples and Community Bank, Nigerian Bank of Commerce and Industry (NBCI), Export Processing Zone (EPZ), National Poverty Eradication, Advisory Agencies, few to mention about. Findings reveal that, these policy measures have played insignificant role in entrepreneurship development instead they work only on white papers and used by some corrupt government officials to embezzle national treasury. Nigeria being gifted with large reserves of natural resources is expected to build a thriving and vibrant economy, to reduce poverty level, and provide health, education and infrastructure services to meet with the demands of the teeming population and other African countries and the entire world at large. Based on findings, study recommend that government should borrow a leaf from Giant Asian countries to implement death sentence on corruption practices to serve as a deterrent for  individuals to learn their lessons. Again, government should introduce monitoring unit to oversee activities of entrepreneurship projects development funds and disbursement processes; government should partner with other world agencies to encourage regular, seminars; research and development to boost entrepreneurial capacity and productivity.

Keywords: Entrepreneurship, Entrepreneurial capacity, Trade by barter, Developing Countries, Economic Growth, Government Policy