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Theoretical Analysis of Entrepreneurship Challenges and Prospects in Nigeria
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Theoretical Analysis of Entrepreneurship Challenges and Prospects in Nigeria

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Abstract:

The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate infra-structural facilities (water, electricity, road network, communications etc.).

Info:

Periodical:
International Letters of Social and Humanistic Sciences (Volume 16)
Pages:
21-34
DOI:
https://doi.org/10.18052/www.scipress.com/ILSHS.16.21
Citation:
O. A. Ihugba et al., "Theoretical Analysis of Entrepreneurship Challenges and Prospects in Nigeria", International Letters of Social and Humanistic Sciences, Vol. 16, pp. 21-34, 2014
Online since:
November 2013
Authors:
Okezie A. Ihugba, Alex Odii, A.C. Njoku
Keywords:
Bureaucracies, Corruption, Economic Development, Entrepreneurship
Export:
RIS, BibTeX, Text
Distribution:
Open Access

Creative Commons License
This work is licensed under a
Creative Commons Attribution 4.0 International License

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Cited By:

[1] D. Ahmed, G. Alae, "Entrepreneurship and its link to corruption: Assessment with the most recent world and country-group data", Journal of African Studies and Development, Vol. 8, p. 13, 2016

DOI: https://doi.org/10.5897/JASD2015.0361

[2] A. Kapinga, C. Suero Montero, G. Mwandosya, E. Mbise, "Exploring the contribution of business and technology incubators to women entrepreneurs’ business development in Dar es Salaam, Tanzania", Journal of Global Entrepreneurship Research, Vol. 8, 2018

DOI: https://doi.org/10.1186/s40497-018-0111-9