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Nigeria Leads The World In Enthusiasm For Business by lalasticlala(m): 3:27pm On Apr 01, 2015
Nigeria leads the world in enthusiasm for business, according to a survey carried out by Global Entrepreneurship Monitor (GEM). Indeed, the report noted that, all across Africa, a growing wave of grassroots self-starters are taking risks and defying obstacles to bring their money-making ideas to life.

Armed with a can-do attitude and hopes of striking it big, they’re navigating a conundrum of challenges to pursue opportunities at a time when many African countries enjoy unprecedented levels of economic growth.

GEM is the acclaimed largest study of entrepreneurial dynamics in the world, providing information to help policy makers, civil society and the business community understand the obstacles to nurturing entrepreneurship, enterprise promotion and growth. GEM annual surveys arer carried out in 99 countries.

The GEM survey noted that Nigeria leads the world in the proportion of the population who believe they have the skills to run a business, with almost 90 percent of Nigerian adults believing they have the ability to become entrepreneurs. The result of the survey shows that out of every 100 Nigerian adults, 35 are involved in some sort of entrepreneurial activities. It added that Nigerians are not deterred by fear that their new enterprise will fail; only 21 percent were concerned by this risk.

The survey confirms Nigeria as an entrepreneurial nation, where most adult Nigerians see opportunities in entrepreneurship, believe in their own entrepreneurial capacities and declare themselves ready to start and run a business. Indeed, 44 percent of the population intend to create their own businesses within the next five years. Of those surveyed for GEM, almost a quarter (22 percent) said they expected to create between 6 and 19 jobs over the next five years.

Growth and development

In 2012, the report stated, 21.7 percent of Nigerians aged between 18 and 64 years of age were preparing to start a new business, which is the second highest rate in sub-Saharan Africa, after Zambia, and 14.9 percent of adults were actually running a new business.

GEM noted that Nigeria had taken a number of steps to support small and medium-sized enterprises and the federal government has established support for the private sector as a policy priority. “A number of schemes to help small business are in operation such as the Bank of Industry (BoI) and the Bank of Agriculture (BoA).”

Access to finance

All new entrepreneurs report finding financing for their ventures is a barrier to creating and growing an enterprise, while lack of access to finance is the major reason for the discontinuance of an enterprise. There are few domestic equity sources, as well as limited sources of export finance, and SMEs’ participation in the stock market is minimal, due to their inability to meet the listing requirements, as well as their persistent tendency to operate as much as possible in the informal sector.

The commercial banks remain the primary formal source of finance for enterprises. Though banks are already encouraged to give more money to entrepreneurs, but procedures need to be simplified and information about financing schemes should be more widely available.

Gender dynamics

Nigeria stands along with the handful of countries with more women entrepreneurs than men and more early-stage female entrepreneurs than males. Africa leads the world in the number of women starting businesses, with almost equal levels of male and female entrepreneurs. In fact, in countries like Ghana, Nigeria and Zambia the women outnumber the men.

Overall, the continent has a much higher proportion of female entrepreneurs compared to other regions, with Nigeria and Zambia (both 40.7 percent) coming on top and countries like the United States (10.4 percent), the UK (5.5 percent), Norway (3.6 percent) and France (3.1 percent) lagging far behind. According to Mike Herrington, executive director of Global Entrepreneurship Monitor (GEM) and professor at the University of Cape Town in South Africa, the main reason for this is because women in Africa “need to earn an extra income to be able to afford to send their children to school.”

Young entrepreneurs

About 82 percent of Nigerian young people perceive a good opportunity to start a business while 86 percent believe that they have the skills and knowledge necessary to start a business. However, young males tend to have slightly higher intentions and perceptions of good entrepreneurial opportunities and capabilities than the young females.

Over 82 percent of Nigerian youths see entrepreneurship as a good career, 77 percent believe that successful entrepreneurs have high status and recognition and 78 percent are comfortable with the level of visibility that entrepreneurs enjoy in the media. The decision to go into entrepreneurship was mostly influenced by parents and friends. This is reflected in the fact that the majority of young entrepreneurs source their start-up finance from family and friends, and nearly half of them conduct their business from home or on the street.

http://www.vanguardngr.com/2015/03/business-enthusiasm-nigeria-tops-global-ranking/

1 Like

Re: Nigeria Leads The World In Enthusiasm For Business by missbehave247(m): 3:29pm On Apr 01, 2015
So true

1 Like

Re: Nigeria Leads The World In Enthusiasm For Business by madridguy(m): 3:34pm On Apr 01, 2015
OK

9 Likes

Re: Nigeria Leads The World In Enthusiasm For Business by Nobody: 3:37pm On Apr 01, 2015
yes we are. but lack of funds, materials and education deprives us of the opportunity.

1 Like

Re: Nigeria Leads The World In Enthusiasm For Business by adorablepepple(f): 3:45pm On Apr 01, 2015
Yup
Re: Nigeria Leads The World In Enthusiasm For Business by CR77(f): 3:45pm On Apr 01, 2015
Nigeria is a bless country

God bless nigeria

#NaGodWin
Re: Nigeria Leads The World In Enthusiasm For Business by oguntimy: 3:45pm On Apr 01, 2015
Data good.
Re: Nigeria Leads The World In Enthusiasm For Business by Generalkorex(m): 3:45pm On Apr 01, 2015
Thats the spirit bro.
Re: Nigeria Leads The World In Enthusiasm For Business by jeeqaa7(m): 3:45pm On Apr 01, 2015
Yh
Re: Nigeria Leads The World In Enthusiasm For Business by geedeex2(m): 3:46pm On Apr 01, 2015
Who No like money?
Re: Nigeria Leads The World In Enthusiasm For Business by Elslim: 3:46pm On Apr 01, 2015
True
Re: Nigeria Leads The World In Enthusiasm For Business by aristocrazzy: 3:46pm On Apr 01, 2015
Especially we Igbo men.

2 Likes

Re: Nigeria Leads The World In Enthusiasm For Business by bosun11(m): 3:46pm On Apr 01, 2015
Thats normal...NEXT
Re: Nigeria Leads The World In Enthusiasm For Business by kilokeys(m): 3:48pm On Apr 01, 2015
see dem.. some pple wan sell space for NL sef
Re: Nigeria Leads The World In Enthusiasm For Business by Nobody: 3:48pm On Apr 01, 2015
just took a selfie peep!!!
Re: Nigeria Leads The World In Enthusiasm For Business by Sweetguy25: 3:48pm On Apr 01, 2015
Jonathan had the best plans for Nigerian entrepreneurs but abokiis voted him out. It is going to be a really long four years.

4 Likes

Re: Nigeria Leads The World In Enthusiasm For Business by psychologist(m): 3:48pm On Apr 01, 2015
So true
Even here on nl, folk are very enthusiatic in space jostling and selling (Space.b.a.n crew)
Re: Nigeria Leads The World In Enthusiasm For Business by TheRealAdonye(m): 3:49pm On Apr 01, 2015
But of course, Nwanne.
Re: Nigeria Leads The World In Enthusiasm For Business by happykidArotiba(m): 3:49pm On Apr 01, 2015
I think we should be more enthusiastic now that Change has come
Though with Executed plans and intentions!
Re: Nigeria Leads The World In Enthusiasm For Business by Nobody: 3:52pm On Apr 01, 2015
I for one am very enthusiastic... cool
Re: Nigeria Leads The World In Enthusiasm For Business by martincbarton: 3:53pm On Apr 01, 2015
Yes oooooooooo

Re: Nigeria Leads The World In Enthusiasm For Business by Pavore9: 3:57pm On Apr 01, 2015
That is true!
Re: Nigeria Leads The World In Enthusiasm For Business by Nobody: 3:58pm On Apr 01, 2015
Most Nigerians are tasty for quick & a$ap money,whether legal or illegal.
Re: Nigeria Leads The World In Enthusiasm For Business by psychologist(m): 4:00pm On Apr 01, 2015
I
Re: Nigeria Leads The World In Enthusiasm For Business by porka: 4:02pm On Apr 01, 2015
If this report is half as true in reality than intentions there would be zero unemployment rate in Nigeria.

Truth is, it's cheaper to have intentions than to execute.

1 Like

Re: Nigeria Leads The World In Enthusiasm For Business by obibanks: 4:04pm On Apr 01, 2015
Gppd
Re: Nigeria Leads The World In Enthusiasm For Business by Yusluv77(m): 4:04pm On Apr 01, 2015
Wind of change is blowing everywhere... click Like for sai buhari jhoor!!!

1 Like

Re: Nigeria Leads The World In Enthusiasm For Business by vivaciousvivi(f): 4:05pm On Apr 01, 2015
Hopefully the factors that inhibit this growth for SMEs will improve as new government policies are introduced and old ones are perfected.
Nigerians are resilient souls...against all obstacles, we will thrive.

1 Like

Re: Nigeria Leads The World In Enthusiasm For Business by umarc19: 4:06pm On Apr 01, 2015
Nigeria my country.

We lead the World follows.

#ProudlyNigerian.

2 Likes

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