CHALLENGES OF ENTREPRENEURSHIP IN A GROWING ECONOMY

Nigeria as a growing economy is not exempted from the challenges peculiar with growing economies and nations. Entrepreneurs or small scale business are normally faced with daunting but surmountable challenges which at times are too much for many of them to succeed.

 Entrepreneurial ventures are saddled with lots of challenges which include:-

1.     INSECURITY:- Nigeria has a porous security system where lives and properties are not safe and thereby leaving the citizens to live in perpetual fear. In recent times this security took a different turn, with the advent of kidnapping of foreigners now followed by indigenes with the bid to Feet, Ransom paid to them (Kidnappers) theft, stealing and broad day light robbery is on the increase. This is a serious threat to entrepreneurial development and consequently wealth creation in Nigeria.

2.     LACK OF STABLE POWER SUPPLY:- It is said to note that in the 21^st  Century, a Country as  blessed as Nigeria to skill grapes in dark frequent  power outages has become a  way of life. In Nigeria the epileptic nature of power supply in Nigeria makes business owners resort to alternative sources of power thereby contributing to increase in the cost of transacting business in Nigeria thereby raising the price of goods and services astronomically. This is a serious impediment to entrepreneurial growth and wealth creation.

3.     INCESSANT CHANGE IN GOVERNMENT POLICIES

Political Problems: No stability in the government, constant change of government. Nigeria has grappled with a number of policies to promote entrepreneurship directly and indirectly. A number of these easily come to mind.

1.     The indigenization policy 1972/77- long term credit delivery instructions.

2.     The structural adjustment programmes 1986.

a.      Directorate for food, Road and Rural infrastructure (DFRRI) 1986.

b.     National Directorate of Employment (NDE) 1986

c.      Raw Material Research  and Development Council 1987

d.     The Entrepreneurship Development Programmes (EDP) 1987

e.      Economic Reconstruction Programmes 1988.

f.      Export Promotion Council 1988

g.     National  Industrial Policy 1988

h.     Privatization, Commercialization and Deregulation policies 1988

i.        SMELL loan scheme 1989

j.       On lending credit institutions 1989

3.     The Nigerian Economic Empowerment and Development Strategies (NEEDSW) 2004

a.      National Poverty eradication Programmes (NAPEP)

b.     Bank Consolidation Exercise 2005

c.      Federal Roads maintenance Agency (FERMA).

These policies on entrepreneurship development as measured by the rate  of growth of the key sector of the economy, what is the correlation between the growth rate of manufacturing and agriculture  as a measure of the Co-ordination of the public policy directives.

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