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STRATEGIES FOR PROMOTING ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA (A STUDY OF ENUGU STATE)
1.1 BACKGROUND OF THE STUDY
In many African countries government has played a significant role in determining the course of national development since 1960 the Nigerian National Development plans have laid great emphasis on public sector control of the economy Ezeife, (1998:26) This trend has generally, distinguished the government as a major investor in business which other wise should have been left to private investors. The general was that the fastest route to development is government playing a leadership role in entrepreneurship development.
In Nigeria, until recently government has participated extensively in business activities making every one look unto it as the provider of employment and welfare Ujam, (2001:19) Many Nigerians did not think of self – determination as an alternative to government employment. However, the economic downturn of the economy changed. This situation as unemployment heightened in the mid-1980’s graduates and school leaves have now realized that the government is no longer ready to offer them employment hence the current guest for entrepreneurship development Ugbaja (2003:12) short of themselves into various entrepreneurial ventures.
The government has shown much concern about the unemployment situation and has set up many institutions to assist in creating favourable climate for entrepreneurship development in the country Aluko (2002:32) the Nation is now on the right part to entrepreneurship development in the 21st Century with the ongoing privatization programme. The new emphasis on self-determination is in the line with current policy of promoting private sector dominance Nwatu (2003:18) to this and the government, International agencies and even non-government organizations and the world bank are now showing concern for and commitment to entrepreneurship development in Nigeria.
It is against this background that this study is set to examine the strategies for promoting entrepreneurship development in Nigeria with a particular emphasis of Enugu State.
1.2 STATEMENT OF THE PROBLEM
The current emphasis on entrepreneurship development in Nigeria is facing some constraints these include:
- In adequate institutional support for rapid promotion of entrepreneurship development.
- Lack of capital and credit for entrepreneurial activities.
- Lack of market incentive for entrepreneurs
- Inadequate entrepreneurship encouragement programmes.
- Lack of entrepreneurship education programmes
- In adequate entrepreneurial opportunities for women and young persons.
- Lack of willingness (to take risk) entrepreneurial and managerial acumen among Nigerians.
These factors constrain rapid entrepreneurship development in Enugu State.
1.3 PURPOSE OF THE STUDY
The main purpose of this study is to examine the strategies adopted for entrepreneurship development in Enugu State thus, the specific objectives of the study are:
- To examine the entrepreneurship promotion measures introduced by the government
- To examine the efforts of Nigerians to become self employed.
- To examine what role international financial institutions and organizations play in promoting entrepreneurship development
- To determines if these are entrepreneurship encouragement programme opportunities and incentives.
- To determine if a favourable and stable business climate has been created for entrepreneurship development.
1.4 SIGNIFICANCE OF THE STUDY
This study is significant in many respects. Firstly it will be useful to the government. This is because its findings will help the government to determine whether it has adopted the right strategies or done enough to promote entrepreneurship in Nigeria. The recommendations will be very useful for entrepreneurship promotion policy formulation.
Secondly, the study will show what assistance the international organization include the world bank and its affiliates have been giving to Nigeria for entrepreneurship development. This study will therefore provide Nigerians information on how to avail themselves the opportunities created by these assistance.
Finally, the study will be useful for academic purpose. It will provide useful information for those who will carryout related studies in the future. Furthermore the research findings can provide the basic for further studies.
1.5 RESEARCH QUESTIONS
The following questions are formulated for this study:
- What are the strategies adopted by the government in promoting entrepreneurship development in Enugu State?
- What efforts are Nigerians making to become self-determining?
- What role do international financial institutions and other organizations play in promoting entrepreneurship development in Enugu State?
- Are there entrepreneurship encouragement programmes opportunities and incentives for young entrepreneurship?
- Has a favourable and stable business climate been created?
1.6 SCOPE AND LIMITATIONS OF THE STUDY
The study focuses on the strategies adopted in promoting entrepreneurship development in Nigeria with particular reference to Enugu State. It therefore covers government’s individuals’ and international organization’s efforts to promote entrepreneurship development in Nigeria.
The researcher encountered some limitations however, in carrying out the study. Firstly, collecting data for the study is not easy given the nature of the study. Many individuals approached for information could not cooperate. Secondly, the researcher could have traveled outside the state in search of information and data. But she could not do so for lack of finance.
Finally, the study could not be completed a record time because of the pressure of other academic work on the researcher.
1.6 DEFINITION OF TERMS AND ACRONYMS ENTREPRENEUR
This refers to an individual who creates a new business and continues managing it until it succeeds.
This is the phenomenon of creating a new business fermenting and managing it, taking risk and making losses or profits.
Business Environment / climate:
This refers to all the physical facilities environmental factors, regulations opportunities and risk associated with the business.
Institutional arrangement / support:
This refers to institutions and their supports for entrepreneurship development.
This refers to loans for business
This refers to fund required to set up a business.
This refers to a profitable business activity that can be undertaken
This means introducing a new business or product
Aluko, . S. (2002: 32)” The New Entrepreneurship spirit in the millennium “Business times. Mon February 3
Ezeife, P (1998:26) “Youth Empowerment for self-determination; A New Approach to National Development” A policy paper presented to the National Planning Commission.
Nwatus, R ((2003: 18) Entrepreneurship, Awka Africana Federal Publishers Ltd
Ugbaja, C.O (2003:12) Issues in entrepreneurship Development (ed) Lagos: Dominican publishers
Ujam, N (2001:19) “Entrepreneurship Development: A New Approach to National Development” A Seminar paper development” A seminar paper delivered in Abuja.