The leading globe economic climates – across Europe, the Americas and Asia – owe their prosperity in huge component to the emergence of solid entrepreneurial movements that efficiently leveraged available natural and human resource capitals. Today, the same economic climates are once more banking greatly on enterprise development to bail them out of today financial recession. US President Barack Obama echoed a crucial view when he proclaimed in his very first State of the Union Address in February this year that the future of our economic climate relies on the creative imagination of our entrepreneurs. There is no question that the statement holds fundamentally true for nations across the world generally and the gone stale worldwide economic climate in particular.
If anything, history is highly persuasive of the entrepreneurship method. Previous British Head of State Margaret Thatcher holds the difference of pioneering the first entrepreneurial revolution of its kind in an initiative to get over the recession that hit UK in the early 1980s. The Iron Lady pushed with an extensive reforms process, subjugating labour unions and privatizing underperforming public industry undertakings, as a way of boosting a flagging economic situation. Specifically, the tactical focus on promoting private enterprises settled often times greater than expected, and Britain’s amazing resurgence set off a world-trend in economic growth. The debatable though extremely successful policies of the Thatcher-Regan period soon became criteria that were enthusiastically adopted by established and developing economic climates throughout the world. Sadly, among many third world countries to remain untouched by the wave of financial affluence rising out of Britain was its former West African swarm – Nigeria. The Federation of Nigerian states stated independence with the institution of a noncombatant government in 1960. However, the country quickly descended into a chaos of succeeding civil wars and armed forces requisitions that left Africa’s most populated country stammering on the edge of complete financial and political fragmentation.
Family member security returned more than three decades later on with a final shift to noncombatant policy in 1999. Ever since, Nigeria has combined its commitment to democratic administration by holding 2 additional rounds of nationwide surveys, the last of them in 2007 seeing the election of current President Yar’Adua to workplace with daily naija news headline. A troubled past noted by prolonged conflict and misrule has left the country in an interested situation that economic experts frequently refer to as the Nigerian mystery: a proceeding problem of extensive poverty and underdevelopment in spite of the abundance of all-natural and human resources and productive land. The majority of this owes to a historic over dependence on oil exports, which continues to be Abuja’s golden goose for foreign exchange. Boasting proven reserves in excess of 36 billion barrels, Nigeria is the continent is top petroleum manufacturer, exporting to the United States, Europe and Asia1. Yet, the industry that fetches 85% of government profits adds just 18% of national GDP2.