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Entrepreneurship Development In Nigeria [Everything You Need]

Entrepreneurship Development In Nigeria

Entrepreneurship development in Nigeria is still at its infant stage. It is no longer a rumor that what Nigeria needs is more entrepreneurs and not employees. However, the school system keeps defecting the development of entrepreneurship in Nigeria with their model or modus operendi, which is outdated and needs a total overhauling.

For instance, the school system treats every student as if they are the same. They cram the same facts and figures, discouraged from working as a team, and even programmed to seek for jobs and not create one.

But every child is unique, with different talents, skills, and purpose. That is why the school has become more of a killer than a savior. In this article, you’re going to delve a little into history, and the rate of entrepreneurship development in Nigeria.


What Really In Entrepreneurship?

WHAT REALLY IN ENTREPRENEURSHIP?

Entrepreneurship, to a lot of people, means the starting up of a business and making profit. Others see it as the act of starting a business, exploiting an opportunity, and bringing solutions to problems. Some highly placed individuals like Henry Ibeleme [BSc Holder, Michael Okpara University of Agriculture, Entrepreneurial Studies] see entrepreneurship as a mindset, a way of thinking and acting.

There is no generally accepted definition of entrepreneurship. However, don’t forget the primary keywords, which are starting up a business, taking risks, taking an economic opportunity, and solving a problem. With these, your definition of entrepreneurship can never be wrong.


History Of Entrepreneurship Development In Nigeria

WHAT REALLY IN ENTREPRENEURSHIP? Entrepreneurship Development In Nigeria

Right before the name Nigeria was conceived, Nigerians have always been passionate entrepreneurs before the colonization. During the virgin age, traders and farmers were the richest in the land, with barns of yams, cocoyam, herds of sheep, goat, cattle, poultry, etc. Many were palm wine tappers who tap and then go to nearby villages to sell their drinks. Most others were traders who work hand in hand with the farmers in selling off their product in the market.

There were no poor among them, except the lazy who were very few. Our ancestors lived in abundance and wealth. Food to eat was never a problem, and the vision of every youth is to take over from his father one day. The development of entrepreneurship was at its peak; the entrepreneurial mindset was natural and inborn until the white men came.

Firstly, they destroyed our trade by introducing theirs and making us intermediaries. As time went, they established schools and churches. They were urging the youth to seek education and forget about the primitive farming which they were practicing. By this, production went low, and the school graduates were pushed forth to the labor market, to work on these foreign factories and receive peanuts every month end.

The development of entrepreneurship in Nigeria began to deteriorate at high speed. The school system was more focused on breeding forth employees and no entrepreneurs. Gradually, the entrepreneurial mindset which was inborn in us got lost. No one wanted to work on farms again or sell products in the market. No one wanted to tap wine.

The definition of success was automatically changed. Success in life was no longer about owing large yam barns; it was about graduating from school and working in a factor with a white man we perceived as gods. 


The Modern Era

The Modern Era

Many think that by now, the veils cast by the white man would have fallen off, but they are wrong. We have further brainwashed into believing that success is when you graduate with good grades and start working under a company for a monthly paycheck. Anyone who tries to break this norm is seen as a colossal failure.

However, the development of entrepreneurship here in Nigeria can no longer be delayed, and this was evident in the recent recession that plagued Nigeria. Since the pandemic kicked, many have understood the importance of being self-reliant. Those like me, who work from home are less affected by the ongoing lockdown brought by the Covid-19 pandemic.

This new phase has opened a new era of working from home, and entrepreneurs are on the frontline of that future. The future belongs to entrepreneurs, those who can see the future and prepare. If you’re yet to tread the path of an entrepreneur, you’re taking a considerable risk.

Many often talk about everyone, not being an entrepreneur. But I’m afraid I have to disagree! Even as a worker, you can still be self-reliant. You can start a YouTube channel, a blog, or even start a dropshipping business without firing your boss yet. But why many are scared to take action, mainly fear of failure, fear of losing money.

There are also numerous prospective entrepreneurs in Nigeria, struggling due to some unpleasant factors. I wrote an article on the causes of business failure in Nigeria, and these are factors hindering the development of entrepreneurship in Nigeria.


Problems Hindering Entrepreneurship Development In Nigeria

Problems Hindering Entrepreneurship Development In Nigeria

1. Lack Of Capital

It is one of the significant hurdles many aspiring entrepreneurs are facing, and thus, lead them to remain stuck as an employee. Although there are a lot of grants and loans which many can take hold of, the traffic such a program pulls often makes it impossible for everyone to benefit. For the development of entrepreneurship to stand, loans shouldn’t be a hard task to secure.

2. Unstable Economy

Nigeria’s economy has been labeled as scary and unconducive for any entrepreneurial activity. It has hastened the fear anyone has in establishing a business in the country. The political instability and terrorism have made it even harder for entrepreneurs, both local and foreigners.

3. Lack Of Social Amenities

For decades now, Nigeria is yet to experience a stable power outage. Lack of other basic amenities like water and good roads has also contributed to hindering the development of entrepreneurship in Nigeria.

4. Lack Of Knowledge

Another primary reason why entrepreneurship in Nigeria is yet to take friction is lack of knowledge. Undergraduates aren’t taught how to run a business and thus find themselves stranded and confused whenever they want to walk that path. It is because of this that Bloghomies was founded.

5. Lack Of The Entrepreneurship Spirit

Many people have decided not to be entrepreneurs because they feel they don’t have the passion or perhaps, the desire is not overwhelming enough. Thanks to the school system for turning them into robots right from infancy to adulthood.


Why Must We Encourage And Participate In Entrepreneurship Development In Nigeria?

Why Must We Encourage And Participate In Entrepreneurship Development In Nigeria?

The benefits of entrepreneurship development in Nigeria cannot be overemphasized. It is the only way the Nigerian economy can grow and become the best in the world. Instead of being consumers alone, why can’t we become producers

1. Employment Creation

The reason over 30 million Nigerian graduates are unemployed is because only a few entrepreneurs exist in the country. Entrepreneurs are in charge of creating businesses, companies, factories, etc. It is when such ventures are established will graduates see where to work. But unfortunately, almost everyone is an employee. Who will then employ them?

2. Improved Economy

It is one of the first impacts that will be felt immediately after the spirit of entrepreneurship kick off in Nigeria. Not only will the economy be improved, but the standard of living will also, too.

3. Development In The Country

Imagine what happens when we collectively work together to create jobs by building factories, industries, etc. Such will bring overall development, even in rural areas in Nigeria.


Wrapping Up!

Entrepreneurship development in Nigeria is the only way that Nigeria can be able to compete in the global economic forefront. That is what will indeed make us the giants of Africa. It is good to go to school and learn about how to start and build a business. Thank goodness we now have entrepreneurship causes in our universities.

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