The role of indigenous entrepreneurship on economic development in Nigeria

Entrepreneurship is a deliberate act to make wealth by creating value in the form of products, programmes and services. It is a way of taking advantage of existing opportunities as well as creating new opportunities. Entrepreneurship is an age long wealth creation strategy, it is easy to become independent, creating value than to rely on government jobs. As this project topic makes it clear, the advantages of entrepreneurship is already known but this project topic focuses on the role of entrepreneurship on economic development in Nigeria.

The Nigerian government dishes out empowerment incentives to support entrepreneurship and foster financial independence and create opportunities especially for young people. But entrepreneurship seems to be more than just empowering people with sewing machine and motorcycles. It is the ability to see opportunities and creating value from it. In more details, it requires you to identify opportunities and what need it will serve, decide which opportunity to secure, pool resources both human and material necessary to chase the dream, do risk analysis, and set the ball rolling. 

 

To say the least, entrepreneurship is one of the easiest ways to escape unemployment and attain self-employment because one may need capital to start a business for example. Talk about vocations like fashionpreneurs, designers, programmers, makeup producers, logistics services and many other endeavors that people have found opportunities in.

                                                                         

Having a skill does not make you an entrepreneur, it is about identifying a problem which your skill can solve and solving that need. There are only few people who do that. A lot of people are into business i.e buying and selling but very few are into production and service. Entrepreneurship

has indeed impacted the economy but this project topic seeks to identify how.

This project topic does not include the benefit of foreign entrepreneurship; rather it focuses on the entrepreneurial effort of indigenes in the Nigeria economy.

 

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