Entrepreneurs and Entrepreneurship in Developing Countries: The Nigerian Experience

Abstract

This article examines the importance of entrepreneurship as a panacea for economic growth and development in developing countries and addresses the importance of government support to entrepreneurs in Nigeria. Previous articles have not extensively covered the various governmental agencies set up in Nigeria to support entrepreneurs and measure their performance. Entrepreneurship activities bring about business and production innovation with resultant growth in enterprises and industrial organizations. From history, entrepreneurship development in Nigeria is a late starter as the indigenous entrepreneurs were never allowed to develop by the colonial entrepreneurs. The promulgation of the Nigerian Enterprise Promotion Decree of 1972 provides stimulus for entrepreneurship development via small and medium scale enterprises promotion. Private businesses sprung and grow generating employment, income and increase in GDP. For the time being, Nigerian entrepreneurs have ventured into the less-explored areas of telecom, transport, hospitality, music, film and food processing. The Nigerian government has supported entrepreneurial ingenuity through various programs to encourage self employment, income empowerment, social cohesion, technical progress and economic development. Entrepreneurship development still remains the strong policy option for developing Nigeria‟s manufacturing and industrial sectors. With increase in government support, exploration of new areas of competitive and natural advantage by entrepreneurs, among others, Nigeria will stand a better chance of increasing her pace of economic development.