Entrepreneurship Development for Diversification of Nigerian Economy
Shuaibu Mukhtar, Umar Garba Gwazawa, Aliyu Musa Jega
Journal of Economics, Management and Trade · pp. 1–11 · Published 4 Jun 2018
10.9734/JEMT/2018/41679Abstract
Nigerian economy is mono-cultural dependence on a single commodity-oil, while other sectors of the economy have been relegated or neglected since the discovery of oil, and the management of oil revenues has proven inefficacious in driving the economy to bring about the needed level of growth talk less of development. This has the serious negative implementation of the nation’s development, as good percentage of Nigerians still live in abject poverty and unemployment is on the increase in the country. In respect of this, the paper seeks possible ways to diversify the productive base of the Nigerian economy. It is revealed that considering Nigeria’s peculiar circumstances and successes recorded before the advent of oil, for Nigeria to break loose from the problems inherent in a monotype-economy dominated by oil, which is subject to depletion, international price shocks and unfavourable quota arrangement, there is a need for diversification of Nigerian economy for National development. This paper, therefore, describes the importance of Entrepreneurship as a realistic mechanism for the diversification of Nigerian economic development. It discusses that entrepreneurship has been instrumental in the economic development and job creation in most of the developing economies, and training on entrepreneurship is one of the possible options for diversification of the Nigerian economy. The paper recommended that government should have interest and support entrepreneurship with finance, access to licences/ permits, taxes and to be included in the curriculum of studies from primary school to tertiary level.
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