Compare Entrepreneurship in Nigeria with Japan, India, China, Malaysia and South Korea

Compare Entrepreneurship in Nigeria with Japan, India, China, Malaysia and South Korea

Africa is the poorest, less-developed continent in the world. In most countries in Africa, the' governments have typically played a significant role in determining the course of development. Many state-owned enterprises in Africa were created when it was believed that the fastest route to development occurred when the state took on the role of the entrepreneur.
Unfortunately, in many countries, the performance of these state-owned firms, or parastatals, has been substandard. Part of the problem with the state-owned enterprises is that they are run by bureaucrats and are plagued with red­ tapism. Thus, these firms ~re typically run according to state procedures, instead of according to cost-cutting and profit-maximizing concerns. The typical result is rampant inefficiency (Elkan, 1988). Although Nigeria was at one time characterized by such inefficiencies, it has recently pursued entrepreneurship encouragement policies, and the initial indicators suggest that the policies have been successful.

In Nigeria the state-owned enterprises traditionally clogged business opportunities and state restrictions prevented entrepreneurs from entering the market. However, in the mid-1980s, Nigeria abolished its marketing board, which prevented entry into certain industries, and opened up its markets to competition from domestic entrepreneurs. Additionally, lower taxes and increased price ceilings have increased the incentives to entrepreneurs. Although Nigeria is still plagued by many development problems, "preliminary evidence suggests a favorable response by the private sector to the new entrepreneurial opportunities thus created" (Elkan, 1988).
Nigeria has thousands of silent businessmen in the informal sectors of the economy, pursuing business interests ranging from the importation of refined crude oil to selling repackaged table water. It is estimated that the informal sector accounts for over 60% of Nigeria's GDP and represents a source of livelihood for about 70% of Nigerians. These business operators in the small sectors are the engine that drives "any economic revolution, and Nigeria has no scarcity of them. However, some of these Nigerians have become icons and models for enterprise and business pursuit today through the" sheer size and influence of their business dealings. They are from the banking, energy, technology, telecommunications, manufacturing and other industrial sectors and have distinguished themselves by contextualizing the resources they manage" and by contributing to growth of entrepreneurial spirit in Nigeria.
Nigeria's business opportunities have increased tremendously as the political system becomes increasingly stable. The era of private sector-driven investment has just arrived. The Nigerian President has set an ambitious goal:- to develop the country's economy to become one of the world's top 20 economies by 2020. Nigeria will need to increasingly globalize education in two key areas: Information technology, and entrepreneurship. The Presidency has mandated all students in Higher
Education Institutions (HEls), regardless of their discipline, to study entrepreneurship before they qualify for their degrees and diplomas. The aim of this is to create a critical mass of graduates better prepared for employment as well as creators of knowledge­ based enterprises.

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