You have examined the issues of entrepreneurship in the African nation. However, you furthermore might have to be compelled to apprehend that despite all challenges there are nice prospects for entrepreneurship in the African nation. With this on-going economic transformation arrange by the Nigerian government, solid foundations for the economic processes are being created. Also, the govt. is creating an effort to make surroundings that may enable businesses to grow productively. Entrepreneurship development will have an effect on the long run of African nation within the following ways:
1. Entrepreneurship can promote Nigeria’s economic development
The role of entrepreneurship development needs to play within the economic development of the African nation can not be overemphasized. despite the fact that there are a lot of barriers limiting entrepreneurship in the African nation, it’s still required for the country to develop.
In 2009, reports showed that little and medium-sized enterprises (SME) within the industrial sector contributed regarding xxxvii p.c (37%) of the Gross Domestic Product (GDP) for that year. it absolutely was the second largest contributor once the oil sector. So, entrepreneurship development has a great deal to supply and improve the economy of the African nation.
2. Entrepreneurship can produce employment opportunities and facilitate to scale back the extent of the state within the country
Entrepreneurship creates new opportunities of employment for several Nigerians. additional programmes are being set resolute encourage and facilitate tiny and Medium-sized businesses (SME’s) in the African nation. In most developed countries, the existence of SME’s has provided additional jobs for his or her voters. And so, if entrepreneurship continues to develop in the African nation, additional SMEs can arise and successively cut back states in the African nation.
3. Development of entrepreneurship also will improve the quality of living of Nigerians
Finally, we might prefer to counsel some moves we tend to believe can foster entrepreneurship development in Nigeria:
The government has to work with alternative organizations to foster the making of higher surroundings for entrepreneurship and also the personal sector in the African nation. this may embrace rising the extent of infrastructure within the country.
Also, formal education has to be revised to provide additional innovative mindsets instead of normal job-seeking dummies.
Also, quick access to capital ought to be provided by the govt. and money establishments. the govt. ought to conjointly increase the funding of monetary establishments that give loans to SME’s and start-ups.
Modern technology has to be incorporated within the country and conjointly within the instructional system.
The agricultural sector has to be actively revived. it’s a lot of entrepreneurial potentials and it’s embedded within the culture of Nigerians.
Nigeria is alleged to possess the second largest economy in Africa. thus there’s a good potential and prospect for entrepreneurship development in the African nation. All that’s required for everybody concerned, is to figure along in advancing the course of entrepreneurship within the country.