Importance of Entrepreneurship in Nigeria

Filed in Business, Business Ideas by on January 24, 2021 0 Comments

Importance of Entrepreneurship in Nigeria will be given in this article. We hope it guides you into seeing the need to become an entrepreneur.

It is no doubt that the increasing number of unemployed people in Nigeria is worrisome and one of the measures the Federal Government and non-governmental organizations are using to reduce the swelling unemployment rate is encouraging entrepreneurship.

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Importance of Entrepreneurship in Nigeria

Importance of Entrepreneurship in Nigeria – Photo Source: http://newsofnigeria.com

Entrepreneurship is simply that which is involved in the series of events through which a person who is often referred to as an entrepreneur is always on the lookout for new opportunities and ideas which he/she can carve into gainful ventures while braving the risks and uncertainties involved in such.

Entrepreneurs are often considered as a nation’s asset and the building block for economic growth. This is the reason why the government is making the business climate such as is favorable for entrepreneurs, assisting with credits and low-interest loans. This article will expound on the importance of entrepreneurship.

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Importance of Entrepreneurship in Nigeria

The Importance of Entrepreneurship in Nigeria are as follow:

1. Entrepreneurship makes individuals job creators

Joblessness and unemployment are issues of the moment in Nigeria. Entrepreneurship makes for job creation leveraging on the innovative powers of an entrepreneur, the ability to see a gap that needs to be filled or a need that has to be met, and taking the initiative to fill the gap or meet the needs.

In the process of doing this, the entrepreneur gets himself employed and other unemployed people as his or her venture grows bigger.

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2. Entrepreneurship is a source of wealth creation for a nation

The income of Nigeria as a country will be rising as more and more people take up entrepreneurship. This is why entrepreneurs are considered national assets and building blocks for the economic growth of a country.

In Nigeria, the Federal Government is realizing the indispensable and central point which entrepreneurship fills and they are encouraging more people to venture into it, giving low-interest loans and making the economy entrepreneur-friendly.

3. Entrepreneurship makes for an improved standard of living for nationals

Not only does the standard of living for entrepreneurs increase, even those of their employee’s increase. Also, poverty which is a major national problem in Nigeria is greatly reduced as the standard of living increases.

This will bring us closer to achieving one of the Sustainable Development Goals (SDGs) and do a lot to raise our status as a country.

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4. Entrepreneurship can bring about community development

The opening of new businesses, ventures, and firms in a particular place is usually one of the ways in which development filters into communities.

If for instance, an entrepreneur sets up a farm in one of the rural areas closest to a big city, if the roads through which his customers come to buy his farm produce is bad, he/she will make plans to fix it when his business begins to do well, he/she might also consider donating pipe-borne water, scholarships, etc. to the rural community. The community will develop because of these donations and contributions of the entrepreneur.

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