Discuss four contributions of entrepreneurship to the economic development of Nigeria?


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Rebecca Hunt Profile
Rebecca Hunt answered
There are four contributions of entrepreneurship to the economic development of Nigeria specifically. First, it will provide more jobs to the residents. Second, it can attract investors. Third, it will open new business opportunities among Nigerian businessmen. Fourth, it can inspire people to work together for the development of their country.

Nigeria is a developing country and it needs all the help it can get in order to be progressive and keep up with the demands of globalization. Through entrepreneurship it can surely achieve its goals of providing a more conducive place for Nigerians to live in. Here are the contributions of entrepreneurship to the country's development:

  • Employment for residents
Once businesses start to grow in the country, there will be more jobs for the people. Nigerians will no longer look for jobs abroad if they're provided with job opportunities in their native land.

  • Attract investors
Entrepreneurship can bring in investors. If other corporations discover how profitable it is to put up branches in Nigeria they won't hesitate to invest in the country.

  • New business opportunities
Entrepreneurship also opens new doors to local businessmen who once failed in their ventures. They can start all over again while those who're still new in the industries are given the chance to prosper.

  • Inspires residents
Nigerians are depressed with the status of their economy but this can change with entrepreneurship. It will serve as their inspiration to succeed and therefore help their country towards progressive achievements.

Entrepreneurship can contribute greatly to a country's progress especially those which are still developing. It opens a lot of opportunities for residents as well as those who are in other parts of the world and want to render their support to Nigeria by putting up businesses and providing jobs to the people.

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