The Impact of Entrepreneurship in Promoting African Economies: The Case of Nigeria

The Impact of Entrepreneurship in Promoting African Economies: The Case of Nigeria

Introduction to Topic

Nigeria is situated in West Africa and shares its land borders with Benin in west, Niger in north, Cameroon and Chad in east. It is almost one-third times bigger than Texas, and one of the most densely inhabited African country. In combination with the global economy, Nigeria is lower than it has capability. Nigeria also shares its partial population and three quarters of GDP and stood as one among 15 countries of West Africa. It is the eighth largest in world for producing oil and owns seventh bigger reserve of natural gas. It is expected that it will be one of the major oil exporter to United States, by being a major oil producer and exporter (Falola, 2001).

Japan and Malaysia have certainly had a head start on Nigeria and India due to having a more developing economy and now higher value products; however Nigeria and India are becoming bigger forces in the world economy. A lot of people become entrepreneurs due to a lack of jobs and thus they believe creating their own is the way forward. This has certainly been the case in Nigeria, as many people have found work hard to come by or if they do get a manual job the money is very low. Therefore a lot of Nigerians believe they can start up their own similar business and take a lot more of the profits than they would simply working for someone else (Ibru, 2007). However many new businesses fail in the first three years and so it is certainly now an easy task to take on.

Entrepreneurs are seen as a great boost to a country's economy and this is certainly the case with Nigeria, Japan, India and Malaysia. The extra revenue and jobs the entrepreneurs create in these countries can be vital for their overall development. Although money, education and experience can be important for an entrepreneur to succeed, it can be done without all three if they have the correct drive and a good idea. This is shown in Nigeria where a lot of people are born into poverty and struggle to attain a good education. Yet they manage to launch their own business and turn their fortunes around with a lot of hard work and determination (Fick, 2002).

Aims of the Project

This research proposal is for an application for a PhD scholarship in Innovation and Entrepreneurship in the Department of Economics. The basic aim of this research proposal is to evaluate and highlight the significant factors that impact the Entrepreneurship in promoting African economies such as in Nigeria. Various qualitative and quantitative research methodologies will be used to draw the conclusions and recommendations for the final thesis.

Research Question

What are the significant social, economic, cultural and political factors that impact entrepreneurship in the Nigeria?

Does sustainable laws prevail at the governmental levels to enhance the entrepreneurial activities ...