A Study on Factors Affecting Entrepreneurial Development in Nigeria

Abstract

The issue of entrepreneurial development in Nigeria is not new, and it has become increasingly popular in the lexicon of contemporary discourses. While many see entrepreneurial system as a Bain for economic development, some others think of numerous factors affecting its development. This paper therefore examines the glaring factors rocking entrepreneurial development in Nigeria. Against this backdrop, the paper relies on incisive primary and secondary investigation, analysis and interpretation of data using chi-square statistical techniques. This study revealed that much is yet to be done towards boosting entrepreneurial development in Nigeria. The results also indicate that factors such as low power supply, infrastructural decay, corruption, inadequate skills, inadequate credit facilities, government policy and security must be addressed quickly in order to create enable environment for SMEs and other business corporations. This paper demonstrates that the impact of the aforementioned factors on entrepreneurial development in Nigeria is significant and severe. Consequently, it posits that the factors have terrible implications for employment, investment, development, poverty reduction, revenue generation and growth in Nigeria. The success of the various responses by government agencies towards managing and mitigating the impact of the factors depends on their commitment to initiate and sustain policies that will help enhance entrepreneurial development in Nigeria. This investigation tries to argue that there is serious need now, more than ever before, to re-assess the path taken so far by the Nigerian government towards entrepreneurial development.

Keywords: Entrepreneurship, Unemployment, Development.