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 21st 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.
4. ICT (INFORMATION AND COMMUNICATION
TECHNOLOGY PROBLEMS
Any nation that is not technologically driven lives at the mercy of other nations. Developed nations dictate what and how to produce. ICT development from the perspective of infrastructure on entrepreneurship development focusing on aspect of Business Education Ecosystem in entrepreneurship as key concept of sustainable development in facing lack of connectivity in the business world.
5. INFRASTRUCTURAL DECAY
Bad roads infrastructure and other amenities to enhance business activities have all collapsed. Infrastructural decay also refers to the deterioration and collapsing of infrastructure in cities, state and nation that are under development or have already developed.
This may entail collapsing of bridges and busting of water mains and sewers which require maintenance and replacement.
6. HIGH TARIFF/INFLATION
A good example is the advent of MTN to Nigeria. The then Nigerian Government heavily tasked the commu7nication service providers (MTN) as operational permits who in turn charged the customer accordingly.
There is a vacuum system in the country that makes it difficult for small business to make vital gains in Nigeria. Given the inflationary pressure from high tariff and high unemployment in many parts of the country, given the little or no credit from banks, the country cannot escape slow or insignificant growth for small business.
7. ECONOMIC PROBLEMS.
Most business owner hardly can access loan facilities from banks and are therefore left to raising money either by personal savings or their nations.
Unfortunately, often people do not recognize
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