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Entrepreneurship Development in Nigeria by ivor Ogidefa in Economics, November 29, 2010
The development of entrepreneurship in Nigeria. Entrepreneurship Development in Nigeria started when people produce more products than they needed, as such, they had to exchange these surpluses. For instance, If a blacksmith produced more hoes than he needed, he exchanges the surplus he had with what he had not but needed, maybe he needed some yam or goat etc. he would look for someone who needed his products to exchange with. By this way, producers come to realize that they can concentrate in their areas of production to produce more and their exchange with what they needed. The modern entrepreneurship development in Nigeria started with the coming of the colonial master, who brought in their wears and made Nigeria their middle men. In this way, modern entrepreneurs were engaged in retail trade or sole proprietorship
ISSUE PROBLEM One of the major factors that have in many ways discouraged this flow of entrepreneurship development in Nigeria is the value system brought about by formal education. For many decades, formal education has been the preserved of the privilege. With formal education people had the opportunity of being employed in the civil service, because in those days the economy was large enough to absorb into the prestigious occupation all Nigerians. As such, the system made Nigerians to be dependent the colonial masters.
THE CHALLENGE In Nigeria, as in many other developing countries, there has been a legacy of corruption. Infect, as you may remember, the world Bank, some times ago, had estimate that as a result of corruption, 80% of oil revenues benefited only 1% of the population. Do see that as a big obstacle, and how do you plan to tackle that? Corruption is a something that is relative, and it exists in virtually all economies not necessarily developing economies or indeed although based on the structures in the advanced countries, they are able to control or to curb these kinds of practices. I can tell you that in the last few years, in Nigeria, the EFCC, which is the economic crime and financial institution set up by the Government, has been able to actually deal largely with the corruption in Nigeria.
CONCLUSION
People must be the source and ultimate purpose of development. The objective partnership for sustainable development must therefore extend beyond the indices of economic progress to include its ability to cater for the whole Pages: 1 2 Next page
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