List of major problems of entrepreneurship in Nigeria and possible solutions. All over the world today, the major sector driving more income and capacity to any country is the number of successful businesses any entrepreneur was able to make and the success of these businesses has a volume and tones role to play in the national development and GDP of such nation.
Many entrepreneurs have tried all they could do yet there was no success story to back up their struggles and travails. So, we are tackling the problems of entrepreneurship in Nigeria and possible solutions. Many of the factors and conditions affecting their business setup are not necessarily self-inflicted issues many are as a result of problems beyond their control and capacity, and if solutions are not offered to most of these challenges there is every reason that they will keep dwelling on the same posting for as long as such a situation looks into by appropriate body.
Nigeria governments even though they are trying yet there has not been total complacent, the government in time past has set different policy and stringent regulations that have affected a different sector of the entrepreneurs. Today we will be writing about the problems of entrepreneurship in Nigeria and their possible solutions.
PROBLEMS OF ENTREPRENEURSHIP IN NIGERIA
- Economy Diversification
Major challenges of this country called Nigeria is a government over time has failed to consider a form of economic diversification as a form of the way out of the national income. Many reliance and total dependence of the national oil and gas sector as a source of income, this has a drastic effect on the national employment capacity, to all Nigerian graduates’ study courses related to oil and the production processes. And this is giving a hard way to a major entrepreneur in the nation because most of their products are not oil or gas related so suffer negligence from the government of the country.
- Bad Weather Condition For Business
It is visible in Nigeria today, the changes in weather affect most small-scale and medium scaled business investors. Many are faced with high temperature many are faced with high humidity, where this is most experience is the northern area of the country. And for those who have planned for their products but base on the fact that Nigeria is a country with the seasoned weather most are tiled down till the favorable weather for their work surface.
In Nigeria today, there are thousands of technocrats and season entrepreneurs who have all ideas, guides and what it takes to be successful in their conceived ideas, major challenges to most of them is there is no special body for them to access credit resources to enact their dreams. And for many of the credit facilities that were listed out, most are other too stringent in terms of accessing credit or there is an iota of nepotism and favoritism in giving out these credits. Some of these credits are designed for just some sector like agriculture and others, so entrepreneur without ideas in this line are incapacitated in accessing loans and other benefits that may be attached to these facilities.
- Multiple Payment Of Tax
This is another challenge that affects almost all area in Nigeria, yet the most sector suffering this the more is the entrepreneurial area. Most gadgets and facilities procure by these young and able minds are taxed at all different angle, also there is nothing left out in their purchase that has no tax on it. End up to the loan most of them incur, it is taxed and in course of rendering their services to others, they faced another form of taxation ranging from local government tax to the federal government’s tax. Also, in Nigeria today, we have over 39 different types of tax and about 500 levies and some organization fee, all these are a hindrance to the striving for most of these sectors.
- Poor Government Infrastructure
Another important issue we need to consider in Nigeria today that affects the area of entrepreneurship is the lack or poor amenities by the government. There are many areas of the entrepreneurship that needs electricity but we all know today Nigeria electricity is as a bad as the adjective bad. Most of these entrepreneurs spend a load of money on fueling and this has a drastic effect on their income and the success of such a business. Also, poor roads, many entrepreneurs after the [product of their goods and service access to good road to communicate these goods to the larger society or commercial center cost them like they are journeying out of the country, and most time they are faced with spoilt goods due to potholes most of the vehicle conveying these goods ran to while taking it out for sales.
POSSIBLE SOLUTIONS TO MOST OF THESE CHALLENGES/PROBLEMS OF ENTREPRENEURSHIP IN NIGERIA
The first thing here is government should look into diversification of the economy, Nigeria and Nigerians cannot in this method and still remain the best nation she ought to be among her equals, it is time to move away from the sole source of income to the nation, this method is having a lot of issues with the entrepreneurs and their services.
Another way forward out of this situation is the government should look into the issues of multiple taxation levy on different market and business in Nigeria. This is having an invariably bad effect on the income and efficiencies of most entrepreneurs. There should be special markets for entrepreneurs where they can access whatever they will be needing for their products without or with a just one-time tax on all of the goods they will be accessing.
Also, the facilities for accessing credits should be made readily available by the governments, also for the existing ones should be improved upon, they should be designed in such a way everyone with good and productive ideas can easily have access to all of these credits.
To round it up, government if the issues of infrastructure cannot address generally, there should be a special area where most of these facilities can be made available for all business owner to access. Also, the roads to major roads should be constructed.
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CONCLUSION ON PROBLEMS OF ENTREPRENEURSHIP IN NIGERIA AND SOLUTIONS
We have listed and explain most issues facing entrepreneur and we have also given a probable solution to all of these challenges, sit back to read and enjoy.
Tag: Solutions To Factors Affecting, Problems Of Entrepreneurship In Nigeria