Anonymous

What Are The Role Of Entrepreneurship Economy Development In Nigeria?

3 Answers

Hannah Barton Profile
Hannah Barton answered
The entrepreneurship economy in Nigeria is a large part of its development strategy.

  • Oil
As Nigeria has an economy built on the trade of oil, the entrepreneurship economy has now become a part of the economy that the country is looking to develop to therefore increase its wealth. This is because the price that Nigeria sells its oil can not compete with the prices from places in the middle east and the country does not have the greatest international relationships.

  • Growth
As the country's economy continues to grow, the entrepreneurship economy has become stronger. Making big money from the smaller industries and changing the face of industry in Nigeria is one of its main tasks. It is done by creating other opportunities that can help to develop the country so that the model is sustainable without oil. This dependence on natural resources does not help the economy boom and creating industry that does is vital.

  • International relations
International relations have been poor in Nigeria. These are now getting better and there are many more countries across the globe that are willing to trade with Nigeria than there were a decade or so ago. This has started to boost the economy but with no major shift in industry, oil has let the economy down more than international relations.

  • Mechanics
There are many universities in Nigeria that specialize in mechanics. One of the major industries in the entrepreneurship economy is mechanics. This helps to develop the country as there are roles for unskilled workers as well as scientists, mathematicians and entrepreneurs.

This rise in mechanics has seen many students from Nigeria study in different parts of the world for their mechanical engineering qualifications and also, more recently, people from western countries studying in Nigeria. This is because it costs less and the courses that can be taken are at the same standard as those in the USA and Europe.

Answer Question

Anonymous