CHALLENGES FACING ENTREPRENEURS IN NIGERIA

Abstract

It is axiomatic to posit that entrepreneurship is a major contributing factor to economic growth and development in any polity. However, entrepreneurial ability and leadership tend to be relative lacking in Nigeria as a result of many factors inhibiting affecting its growth and development. However, Nigeria still falls far short of the economic and social progress required to impact the well being of the average Nigerian given that over half of Nigeria's population live on less than one dollar a day. Nigeria is also one of the top three countries in the world that have the largest population of poor people. In addition, Nigeria remains off track on achieving the Millennium Development Goals (MDGs), including the goal of halving the number of people who live in extreme poverty The economic reforms have not been sufficient to reverse years of economic decline, deteriorating capacity, weakened institutions and inadequate infrastructure investment while the recent dramatic stock market decline and banking crisis, and the global economic crisis have accentuated the situation This paper investigates these factors militating factors against the development of entrepreneurship in Nigeria. It explores both theoretical and empirical literature as base for the study. Despite all the efforts of government, progress of entrepreneurs in Nigeria is still limited due to financial, infrastructure and business climate challenges. It can be logically correct to conclude from the above theses that these challenges still constitute obstacles to entrepreneurs in Nigeria and have not been surmounted.