Entrepreneurship offers our government the chance to produce more employment possibilities because of its citizens. There are lots of challenges that face a business owner within our country but with the proper strategies at hands, we are able to overcome the difficulties. The alleviation of these problems can create an adequate atmosphere for that thriving of entrepreneurship. The supply of capital is among the reasons to limit the entrepreneurs from beginning their companies. The use of finances for capital in Nigeria through many banking institutions may be considered like a daunting task to a lot of but there’s an array of funders prepared to offer support to youthful Nigerian Entrepreneurs. However, to obtain funding, numerous needs should be met.
The issue of insufficient funders continues to be partially solved with the emergence of Nigerian private investors and vc’s that invest and request returns around the venture and simultaneously take part in the treating of the venture partially. This really is beneficial because the entrepreneur may acquire innovative skills in the investors. The returns which are needed could be rates as high as 30% around the capital employed. Other organizations for example NGOs and also the Nigerian Investing Commission also encourage entrepreneurs to head to this profession.
Nigeria is bracing itself as much as shape the long run beyond oil manufacturing which is actually area of the national agenda. This will make now the optimum time to purchase entrepreneurship. The oil industry continues to be dominating the economy by adding excess of 80 percent earnings on export not failing to remember its 50 % contribution towards the Gdp in our country. Considering that most of Nigerians are unemployed and thinking about the present economic realities, we like a country possess a great necessity of constant job creation. Our industrial and commercial sectors need to be diversified too.
Compared to other West African countries for example Benin, Ghana, Mauritania, Mali, Nigeria, Sierra Leone, Burkina Faso, Liberia, Niger and Senegal, Nigeria is easily the most efficient within the implementation of adopted reforms aiming at increasing the business atmosphere for entrepreneurs. An investigation transported by Gallup around 1998 demonstrated that 67% of Nigerians were thinking about opening and running companies. This is definitely the greatest rates during these West African counties. As opposed to other nations in West Africa, the attention of entrepreneurship one of the populous is greater in Nigeria placed at 44%. Which means that entrepreneurship is much more easily adopted by our country instead of the other nations within the western Africa region.