IMPORTANCE AND CHALLENGES OF ENTREPRENEURSHIP IN NIGERIA

Abstract

Entrepreneurship has been among the fastest growing area of economic and business interest and research all over the world. The growing interest in the area of entrepreneurship has developed alongside interest in the changing role of small and medium businesses. The economic success of any nation worldwide is the result of encouraging and rewarding the entrepreneurial instinct. A society is prosperous only to the degree to which it rewards and encourages entrepreneurial activities that are the critical determinant of the level of success, prosperity, growth and opportunity in any economy. Therefore base on this, this paper delve into the importance and challenges of entrepreneurship in Nigeria. The paper also proffer Strategies of Overcoming the Challenges of Entrepreneurship in Nigeria. It is recommended that government should be called upon to provide the necessary enabling environment, legislations and infrastructures that would facilitate successful entrepreneurship in the country and the established and formal private sector should be encouraged to complement government efforts by providing support through research, provision of facilities, capacity building and information centre for the utilization of entrepreneurship in Nigeria.