Nations especially developing nations are implementing policies to promote entrepreneurial activities that will add to the overall economic growth of those nations. Nigeria is not an exception to this strategy as the government from time to time implements policies that will accelerate entrepreneurship development through various Ministries and Agencies.
Nigerian government had established Small and Medium Enterprises Development Agency (SMEDAN), Bank of Industry, N-Power programme, Government Enterprise and Empowerment Programme (GEEP), You-win programme, TraderMoni, reduction of the amount for business name registration and a whole lot of other interventions to promote entrepreneurial activities by facilitating access to funds, training and other resources needed for SMEs to thrive Nigeria.
All these government policies and efforts towards promoting entrepreneurship development in Nigeria are noble, but are they actually yielding positive results? Are our Small and Medium Enterprises (SMEs) thriving – contributing adequate quota to our GDP growth? These are questions begging for answers.
Ordinarily some entrepreneurs succeed amidst those challenging factors that are militating against entrepreneurial development in Nigeria because entrepreneurs are known generally to possess some characteristic traits that make them high achievers and those that do succeed in Nigeria have to apply wisdom ensure they surmount those challenges.
Below are some of the reasons why Nigerian government efforts are not yielding positive results towards entrepreneurship development.
Enabling environment for entrepreneurs to thrive in Nigeria is not yet there. People have said many things about constant electricity, good and accessible roads and other infrastructures that are basic for economic growth of any nation to be made available by the government all to no avail. These infrastructural facilities can be put in place within few years by any serious government. And once this situation remains the same, no matter the intervention by the government; there will not be notable entrepreneurship development in Nigeria.
The state of insecurity in Nigeria is another challenge to entrepreneurship development in Nigeria. No matter the government policies and interventions towards entrepreneurship development, if there is no security of lives and property no progress will be made towards that goal.
Corruption is another big challenge towards entrepreneurial development in Nigeria. Resources are not fairly distributed in Nigeria because of corruption. Grants that are meant for Farmers will be diverted to relatives of those in charge whether they are Farmers or not and stuffs like that.
Non availability of long-term loans for entrepreneurs is a major barrier for entrepreneurs’ progress in Nigeria. If government can formulate that can equitably address this challenge, Nigerian entrepreneurs will have a big relief.
For entrepreneurship development to really thrive in Nigeria all that were mentioned above has to be wholly looked into and there shouldn’t be any half measures.
What is your opinion?