Nigerians that wish to build their own businesses would have to learn very beginning and also imbibe the important skills to meet the creative challenges of entrepreneurship. There are no secret society for wealth in Nigeria, the skills necessary to take the local economy into overdrive are as simple as stock-taking, marketing, and accounting; and as complex as creating joint investments that grow to be hugely successful businesses.
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This has been made compulsory for all Nigerian college students of all disciplines,and it is a vital step to creating and sustaining a lucrative business. Due to the country's ever increasing informal economy, a large percentage of Nigerians population become skilled in entrepreneurial dynamics by involving themselves in learning about avenues to wealth in Nigeria through family business or apprenticeship.
Taking a look at Nigeria from an historical perspective, Nigeria is still a baby. The return of democracy in 1999 after almost half a century of conflict and political problems made peoples hope for a revival of national aspirations and political stability high. Past Nigerian governments unveiled the nation's ambitious 2020 campaign to make sure the country was at the top 20 world economies by that year including balancing the distribution of wealth in Nigeria. An extensive and ongoing reforms programme has helped to recover lost opportunities, and the country currently ranks 41st in global GDP rankings. It achieved a fourfold increase in the size of its economy in a ten-year period from $36 billion in 1997 to $165 billion in 20071, making it the second largest economy in the continent after South Africa.
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However, there is a persistent and disturbing underside to these achievements. Nigeria's human development gets worse, with more than half of its 148 million people living on less than $1 per day2. More than anything, these facts indicate huge economic imbalances largely attributable to the country's prolonged over-dependence on oil and gas exports to the detriment of local enterprise and non-industrial sectors. The success of the country's renewed economic goals is contingent to a large extent on entrepreneurship development that adequately harnesses its abundant natural and human resources. Promoting business development from the bottom-level is the only way for Nigeria to achieve its long-term goals.
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The first step towards building a lucrative business empire is to develop an entrepreneurial temper and also inspire an entrepreneur revolution - by training formally and the acquisition of skills relevant to Nigeria's local businesses. The federal government places a very high value on entrepreneurship training is a well known fact. The Federal Government has made economics a compulsory part of college education across all disciplines. The opportunity for vocational and practical skills-development training is a requirement for emerging entrepreneurs.
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The second step is to apply this training to a viable business model. Unemployment is a serious issue in Nigeria. According to the World Bank's latest figures more than 40 million of Nigeria's population are jobless. The implication of this has been a proliferation of the informal economy that has sustained the country's urban and rural poor. Activities in the informal economy cover an extremely wide range of products, services and financial operations - from machine-shop manufacturing, through utility services to contributory funding - that account for an estimated 65% of Gross National Product. These traditional activities acts as the backbone through which the emerging business flourish, by drawing from their collective experience and adding them to new business procedures.
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The third step is to employ new business models, mainly with regards to accessing equity participation other than gathering collateral debt. Improved business productivity also needs improved infrastructures and removal of trade and administrative limiting factors. Developing enterprises should work to acquire technical support and capacity building assistance. Owing to the realization that technology is crucial for business development, there has been an improvement in Internet providers across Nigeria as more people go online to dig out several avenues to wealth in Nigeria, starting a new enterprise or expand existing ones.
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The Internet also provides the means for the fourth step, which is collaboration with other ventures or offshore investors to expand businesses in the global market and beyond national borders. Such step, by extension, leads to the creation wealth, employment opportunities and ancillary enterprises that will give wings to Nigeria's dream of becoming an economic giant.
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The advantages of a successful business goes beyond its noticeable achievements, and this is true in Nigeria's case. Entrepreneurship provides a lucrative outlet for Nigerians looking to be self-employed. It also creates healthy competition and also helps the development of innovative business ideas. Most importantly, however, Nigeria's enterprise development method will help increase its immense human resource potential for sustainable growth.
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Individual enterprise is regrettably not enough to move Nigeria farther on the path to a superior economic standing in the world. There is an important administrative and policy component that determines the success of any emerging business empire. Most of Nigeria's reforms process has therefore been channeled towards developing the correct environment for business development. For Nigeria's goal to be achieved the country's policy makers will have to concentrate on a few key areas:
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* Prioritizing and reinvigorating the non-oil sector through noticeable changes in policy and governmental outlook.
* Consolidating lending institutions to improve access and make available finance to the private sector, especially in the MSME segment.
* Developing effective coordination between government, donor and private sector agencies.
* Reducing the high business costs by correcting deficits in infrastructure, policy and implementation.
* Institutionalizing an entrepreneurial revolution movement which would be supported by successful entrepreneurs in Nigeria this will improve entrepreneurship from the grassroots
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Building a successful business empire in Nigeria has its share of worries and challenges, mainly owing its economical imbalances that continue to reduce rapid growth. More than anything else, it needs a look from a creative perspective, at both individual and government levels, and an attitude that will increase wholesome wealth of the majority.