Entrepreneurial activities are rising in Nigeria. This really is mainly because of the possible lack of jobs that plague many Nigerians including college graduates. Research transported out by Gallup demonstrated that 67 percent of Nigerians are prepared to start their very own companies. In addition, 80 % of individuals interviewed thought that their companies could be effective in Nigeria. This can be a large percentage than the outcomes of other West African countries whose median for individuals prepared to begin a business was 44 %. This trend hasn’t gone undetected and also the former Nigerian president, Olusegun Obasanjo even mandated that entrepreneurial skills be trained to any or all college students regardless of their major.
All of this is using the Nigerian Economic Insurance policy for 1999-2003 whose purpose would be to promote education by using technology. The Nigerian president also offers big plans for that country one of these being to determine Nigeria among the top 20 economies around the globe through the year 2020. This, he hopes will happen when the policy is duly implemented. Based on this insurance policy, yet another way these ambitious goals is possible is as simple as joining up with certain agencies like the Fate Foundation in Nigeria and also the Un Change in Understanding through Expatriate Nationals (TOTKEN) which focus on encourage entrepreneurship.
Entrepreneurs in Nigeria face unique challenges that hinder their entrepreneurial spirit and encourage rampant corruption. Nigeria continues to be formerly known among the most corrupt countries on the planet which frustrated free enterprise. Nigeria has additionally been largely determined by the earnings from oil that other economic sectors happen to be grossly underdeveloped. Throughout the oil boom duration of between 1973 and 1980, Nigeria’s GDP rose to $1,100 in 1980 in the previous $220 in 1971. However, because of inappropriate government policies Nigeria’s economy remained vulnerable. Investment is made mostly using the oil industry in your mind that other sectors like the manufacturing and also the farming sector was made noncompetitive.
Nov oil prices around the globe throughout the 1980’s coupled with an over-all rise in the main city markets real rates of interest, greatly affected the domestic and worldwide fiscal situation of Nigeria. This brought to some general economic slump that was characterised with a significant fall in GDP from 1,100 within the 1980’s to $340. Based on the World Development Report of 1994, Nigeria had dropped from as being a middle earnings level country into among the poorest countries on the planet. A devaluation of the kind produced high inflation, an over-all spread in poverty and unemployment rates.