High rate of unemployment, insecurity, foreign exchange and lack of electricity are some of the problems confronting business development in Nigeria. In recent times, the naira redesign policy and cashless policy of the Central Bank of Nigeria seem to be the last straw that broke the camel’s back.
In this era of competition among nations on economic, social and infrastructural development, the Federal Government cannot pretend not to know that businesses, especially the small and medium scale businesses, are struggling especially due to naira redesign policy. If care is not taken, these businesses will die. Small-scale businesses are the livewire of human communities as many entrepreneurs depend on them for survival.
Governments must be interested in activities that engage self-employed people in the community because of the roles they play in the economic development of nations. They are the largest group of the employed in any society and generate sizable income for the government in form of taxes. Entrepreneurship is the creation or extraction of economic value in a community. An entrepreneur is someone who establishes and bears the risks of a business with the aim of making a profit.
Though government and private business role models such as Startup Nigeria and the Tony Elumelu Entrepreneurship Programme have helped inspire an escalating entrepreneurial scheme in Nigeria, the nation still has rooms for business development. The youth unemployment is still high. Youth unemployment refers to the share of the labour force ages 15– 24 without work but available for and seeking employment. Nigeria youth unemployment rate for 2021 was 19.61 per cent, a 0.
Entrepreneurship has taken on a different meaning, arguably, in modern times, in developed countries such as the UK. Enabling business is essential to the economic policy of the government perhaps more than ever now. There is now devotion to the idea of export, of spreading the produce of British industries to faraway climes, to elevate the country and its ‘March of the Makers’ to a position of envy around the world.