Several Major Problems Faced By Nigerian Entrepreneurs
Experiencing the taste of success in a business is not everyone’s cup of tea. Individuals have to strive hard to put their 100% efforts in the growth of business in keeping it alive and go a long way. As a matter of fact, the success enjoyed by the widely popular industrialized countries can be attributed to the role played by technological innovation and entrepreneurship, both of which continue to drive their economies nowadays. To be very honest, these two major factors are seen as key components for the industrialization and development of many African countries. The Nigerian government has recognized this fact very soon and has taken measures primarily focused on promoting and cultivating the entrepreneurial culture in our country. That is what actually helps Nigerian Entrepreneurs achieve a great height of success.
In a simple statement, through the Nigerian Investing Commission (NIC), the government of Nigeria has in the past introduced a policy that required university students regardless of their area of study to take courses in entrepreneurship. While, on the contrary,the government is putting extra effort in promoting entrepreneurship in Nigeria, there are still several problems that a Nigerian Entrepreneur faces. Below are some of the major problems encountered and possible solutions.
Diversifying the Economy in the Country
Although in the last couple of decades the economy of Nigeria has relied heavily on its oil production, residents of the country must find ways to diversify their economy and avoid the over reliance on oil. Like other developing countries, Nigeria is also a country, which is facing an increase in its unemployment rate, with a plethora of graduates finding it hard to get jobs while most of those who get jobs are underemployed.
UnfavorableNigerian Business Climate
Simply put, being an entrepreneur in Nigeria country requires great determination as practicing and of course potential business owners are faced with a number of challenges. In fact, Nigerian’s business climate should be made heartily welcoming to those in the Micro, Small and Medium Enterprises (MSMEs). And the main thing is that the role played by these MSMEs should not be avoided as most of the thriving businesses fall in this category and for us to get your goals, adequate attention and support must be directed towards these institutions.
Lack of Credit Facilities for Nigerian Entrepreneurs
Of course, potential Nigerian entrepreneurs go through a plethora of hardships while trying to access credit for their businesses. Although there is a huge assortment of financial institutions that offer business loans, but it is also true that they quite often charge high interest rates deterring aspiring entrepreneurs. Apart from this, other commonly seen obstacles faced by Nigerian entrepreneurs include severe collateral conditions set by banks and other lending institutions.