INTRODUCTION
This chapter shall focus on the review of all available
related literature on entrepreneurship development in Nigeria depth, trends, and
challenges. The literatures to be reviewed are as follows;
2.1
Academic Review
2.2
Theoretical
framework
2.3
The studies,
trends and challenges of entrepreneurship.
ACADEMIC
REVIEW (The development of entrepreneurship in Nigeria)
People of Ibo community in Nigeria
are considered one of the oldest entrepreneurs in history, their expertise
stretching back to times before modern currency and trade models had developed
elsewhere on the planet. In the more recent past, Nigerians adapted their
natural talents to evolve traditional businesses and crafts that have sustained
most of the country’s rural and urban poor for the better part of the last half
century. While the oil boom of the 70s brought in billions of petrodollars,
most of the country’s population remained untouched by the new-found
prosperity, thanks to widespread political corruption and catastrophic economic
mismanagement. Because of these and other factors, the World Bank estimates
that 80% of oil revenues benefited just 1% of the population.
Most of Nigeria’s current woes trace
back to a historic overdependence on oil to the negligence of all other
sectors, including customary trades and agriculture. Decades of non-inclusive
policies alienated the vast majority of Nigerians, plunging the country into a
miasma of extreme poverty and ravaging civil and political strife. The climate
of economic stagnation spawned a mammoth informal economy that countries to
sustain the bulk of Nigeria’s 148 million people. It is a measure of Nigeria’s
inherent entrepreneurial capacity that this informal, unorganized sector
presently accounts for 65% of Gross National Product and accounts for 90% of
all new jobs.
THEORETICAL
FRAME WORK
This shall give us the blue point upon which the subject
matter is founded. This will also guide us towards discovering facts about
entrepreneurship.