January 29th, 2016


Small Scale Business

The power of entrepreneurship in transforming the economy of a nation cannot be underestimated. The entrepreneurial spirit has the power to confront community challenges, fight poverty, reduce inequality, create jobs for the unemployed and propel any nation’s economy, and Nigeria is not an exception. In order to accelerate the growth of entrepreneurship and boost job creation of any nation, there must be harmonious relationship between entrepreneurs and the relevant regulatory agencies of the nation.

The effect of plunging oil price on global economy cannot be over-emphasised, as many previously oil dependent nations of the world are now taking drastic steps to diversify the economy by increasing necessary incentives for business owners and investors so as to create more jobs and propel the economy. If anything is to be learnt from this current global economic crisis, it is that we now have even greater chances of becoming more innovative, but here in Nigeria, a move towards a completely non-oil dependent economy seems to be rather too slow.

Related content: How Rwanda made the “New Rwanda”

A post by ArticlesNG quoting Iwu A. Eze describes an entrepreneur as a contractor, an organizer of an enterprise for the public, a resourceful person with a dream. Entrepreneurs are bold men and women who have the initiative and ability to lead, manage and take consequences. They are men of action, risk takers, creating and highly respected for their ability to efficiently and effectively combine the functions of management to achieve desired goals.

The post also highlighted some of the problems facing the development of entrepreneurship as well as prospect for the future of entrepreneurship in the country. These problems include lack of capital, poor management structure, poor supply of electricity, desire of many entrepreneurs for instant gratification as well as use of use of fraudulent activities, lack of adequate planning among others. Even though many of these problems may have existed a long time ago, many programs were put in place to enhance the prospect of entrepreneurship in the country.  But the status quo still seems a far cry from what the past regimes envisaged.

Many countries of the world are now providing the right ecosystem for business ventures to thrive. India formerly a back player in the world economy has now become the 3rd largest base for the startups in the world, a feat it has achieved from consistent work and establishment of the right ecosystem for startups in the country. The situation is similar with Rwanda now overtaking lots of country to become the second most preferred destination for businesses and investors on the African continent. What’s interesting is not just the fact these respective countries are taking leading positions but their meteoric rise has been exceptional considering the fact they were just minor players a few years back.

Way forward for Nigeria. The country’s relevant agencies need to be up and running for the entrepreneurial sector to meet global recognition. A major complain from those venturing into entrepreneurship has been unequal treatment by monitoring and regulatory agencies. If the necessary policies are put in place, the country has the potential to become the number 1 hub for startups on the continent as well as taking front seat on the global market. What’s to say Nigeria cannot be the best if many exports from the country are making impacts in their chosen fields.


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Taoheed is an ardent researcher and an advocate of self-sustainability, who is especially passionate about the growth of entrepreneurship in Africa. Follow @td-rafiu

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