Entrepreneur and Economic Development of Nigeria: Problems and prospects

Essay by simeone10200University, Master'sB+, February 2011

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Simeon Abumere Iyoha PG/EDU0003886


Entrepreneur and Economic Development of Nigeria: Problems and prospects



"No amount of pay would be enough for an employee of an organization to live a comfortable life that he would please"- this assertion is a common place phrase that new inductee of banks are tutored with on entering into the financial systems of Nigeria banks and this mantra is soon forgotten as soon as they start earning decent income that would be enough to take care of their basic needs.

The reason for this introduction is to bring to for the current level of Entrepreneurship in relation to economic development of Nigeria.

Without creative ideation by Entrepreneurs we won't have development- the question you would likely ask would be:-How is entrepreneurship good for economic growth? This question would seem to have a simple answer: Entrepreneurs create new businesses, and new businesses in turn create jobs, intensify competition, and may even increase productivity through technological change.

High measured levels of entrepreneurship will thus translate directly into high levels of economic growth. However, the reality is more complicated. If, by entrepreneurship, one allows inclusion of any type of informal self-employment, then high levels of entrepreneurship may actually mean either that there are substantial bureaucratic barriers to formally creating a new business, or simply that the economy is creating too few conventional wage-earning job Prospects. Under these circumstances, we might reasonably hypothesize that high levels of entrepreneurship would correlate with slow economic growth and lagging development. A cursory look at the advanced Nations of the World, like the United States, Canada, Germany, China and the host of others presents the fact that the all got to where they are by being creative and innovative (popular lingo in field...