Entrepreneurship and Enterpreneurship training in Nigeria has seen significant growth and advancement in recent years, with many entrepreneurs emerging from various sectors of the economy. Over the past few decades, the Nigerian government has made various efforts to promote entrepreneurial activity, including the creation of a number of programs and initiatives aimed at supporting the growth of small and medium-sized enterprises (SMEs).
According to the Nigerian Bureau of Statistics, entrepreneurship has become a major driver of economic growth in the country, with SMEs accounting for 48% of GDP and providing employment for over 80% of the labor force. Furthermore, Nigeria’s National Bureau of Statistics (NBS) reported that there are over 40 million SMEs operating in the country.
Nigeria has also been identified as one of the leading countries in Africa for early stage entrepreneurship and Enterpreneurship training, according to the Global Entrepreneurship Monitor (GEM) report. GEM’s 2019/2020 report revealed that 22.8% of Nigeria’s adult population was involved in either starting or running a new business. This is significantly higher than the average for sub-Saharan Africa, which was 18%, and the global average of 14.4%.
The country has also made significant progress in creating a more conducive environment for entrepreneurship. The World Bank’s 2020 Doing Business report ranked Nigeria as one of the top 20 global improvers, owing to a wide range of business-friendly reforms, including the passage of new laws aimed at reducing the time and cost of starting a business.
The Nigerian government has launched several initiatives to boost entrepreneurship in the country. One of which is the Growth and Employment in States (GEMS) program launched in 2013, which supported the growth of SMEs in six states of Nigeria by providing technical assistance, training, and funding to entrepreneurs. In addition, the government launched the Youth Entrepreneurship Support (YES) program in 2017, aimed at providing training, mentorship, and access to funding opportunities for young entrepreneurs.
Moreover, the Central Bank of Nigeria (CBN) initiated the Entrepreneurship Development Center (EDC) program, designed to provide training in entrepreneurship, business management, and financial literacy to aspiring entrepreneurs. The program has trained over 7300 entrepreneurs so far and empowered many others with the needed skills and know-how to run their small businesses effectively.
Access to finance has been a major challenge for entrepreneurs in Nigeria, and a lot of entrepreneurs struggle with accessing funding for their businesses. However, the Nigerian government has taken steps to address this challenge, such as the creation of the Bank of Industry (BOI) and establishment of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
Overall, entrepreneurship in Nigeria has seen significant advancements, with the Nigerian government taking proactive measures to create a supportive environment for entrepreneurs to thrive.
The country’s entrepreneurial spirit and Enterpreneurship training has made it a great fertile ground for startups and small businesses, and there is no doubt that more successful entrepreneurs from Nigeria will arise and positively impact the economy in the years to come.
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