Professional Documents
Culture Documents
12. Work Style Long-Term and Enjoys Repetitive Short-Term and a Serial
Tasks Innovator/Inventor
13. Focus Focuses on competition Focuses on cooperation
Poverty and Unemployment
Trends in Nigeria
As normal economic agents, the manufacturing
firms started to reduce their workforce. In the
public sector, embargo was placed on
employment. More importantly with the
simultaneous rapid expansion in the educational
sector, new entrants into the labour market
increased beyond the absorptive capacity of the
economy (Central Bank of Nigeria, 2003). These
developments have eventually worsened the
unemployment situation in the country.
Role Entrepreneurs in Solving
Poverty and Unemployment
The Global Entrepreneurship Monitor, a
research program aimed at assessing the
national level of entrepreneurial activity in
selected countries, conducted an
entrepreneurship and economic growth study
on 48 countries in 2008. According to the study,
the economic growth of a country is directly and
highly correlated to the level of entrepreneurial
activity in industrialized countries.
Role Entrepreneurs in Solving Poverty
and Unemployment Issues in Nigeria
• Entrepreneurs will solve the problem by:
• Creating jobs for self and others- direct and
indirect
• Producing product of economic value
• Contributing to the GDP
• Contributing to the export market and foreign
earnings of the country
Challenges of Entrepreneurs in
Nigeria
• Lack of entrepreneurial and technical
competencies
• High interest rates
• Dearth of credit facilities
• Poor infrastructural facilities
• Policy summersaults
• Harsh and competitive business environment
• Business climate that promotes mediocrity
rather than meritocracy
• High level corruption
Doing Business Rankings – the importance of credit
Nigeria South Africa Malaysia Kenya Brazil Israel Latvia Singapore
Ease of Doing Business 125 34 23 95 129 29 27 1
Starting a Business 108 67 88 124 126 34 51 4
Employing workers 37 102 61 78 138 90 128 1
Registering property 178 90 86 125 120 147 58 16
Getting credit 87 2 1 4 87 4 4 4
Protecting investors 57 10 4 93 73 5 57 2
Enforcing contracts 94 85 59 126 100 99 15 13
Closing a business 94 76 57 79 131 41 88 2
Sources: World Bank/IFC Doing Business Rankings 2009
Levels of Interest Rates between 1990 and 2002
Wealth/ self
Individual Psychological Attitude/ skills
actualization
Firm
Firm Business culture Startups Performance
Enabling
environment/
Macro governance
ease of doing
Economic growth
business
Responsibilities in Promoting
Entrepreneurial Spirit
• Individuals should develop the right mindsets,
attitudes and skills required for wealth
creation and self actualization
• Firms especially financial institutions should
provide the right financial framework that
would create easy access to startup credits.
• Government should provide enabling
environment that makes doing business
easier- tax holidays, export support,
incubation centres, credit guarantees etc
Prospects for Entrepreneurship in
Nigeria
• Entrepreneurs can tap into opportunities in:
– Policy support from various levels of government like the
creation of the Entrepreneurship Development Centre
– The crisis and under utilized sectors of the economy like
energy, export etc
– Changing trends- cash to cashlite economy
– Under utilised resources- Labour intensive economy
– Changing technology in every sector of the economy
– Renewable energy
Conclusion
"I had to make my own living and my own opportunity!
But I made it! Don’t sit down and wait for opportunities
to come. Get up and make them". Madam C.J. Walker
(December 23, 1867 – May 25, 1919) an African-
American businesswoman, hair care entrepreneur and
philanthropist. She made her fortune by developing
and marketing a successful line of beauty and hair
products for black women under the company she
founded, Madam C.J. Walker Manufacturing Company.
Thank You.
References
• Oviawe, Jane Itohan (2010); Repositioning Nigerian Youths for Economic
Empowerment through Entrepreneurship Education. Department of
Vocational and Technical Education Ambrose Alli University, Ekpoma, Edo
State, Nigeria
• Oteh, Arunma (2009). The Role of Entrepreneurship in Transforming the
Nigerian Economy. Seventh Convocation Lecture Igbinedion University, Okada,
Edo State
• Anyakoha, E.U. (2006). Practical tips for economic empowerment and survival.
Nsukka: AP Express. DiaBelen, A., Oni, B., & Adekola, A. (2000). Labour market
prospects for university graduates in Nigeria. Washington D.C.: World Bank.
• Diejomal, U. & Orimolade, W. (1991). Unemployment in Nigeria: Economic
analysis of scope, trends and policy issues. Nigerian Journal of Economic and
Social Sciences 13 (2), 127 – 132.
• Eno-Obong, H. (2006). Challenges of entrepreneurship in home economics and
enhancement strategies. Journal of Home Economics Research (7), 69 -75.