Nigeria as an Emerging Entrepreneurial Ecosystem: Prospects & Challenges

Abstract

Until recently, the global concern is growing about the need for effective Entrepreneurial Ecosystem with a view towards public private partnership in building a practical ecosystem for promoting Micro, Small and Medium Enterprises (MSMEs) development. Entrepreneurship in Nigeria has suffered so many years of neglect and deficiencies, this is in spite of array of policy decisions and programs embarked by successive governments over time to bring socio-economic development and growth in the sector. The Nigerian entrepreneurial ecosystem consists of a diverse pool of actors from the public, private, nonprofit and development sectors carrying out different ecosystem functions that impact and determine entrepreneurship outcomes. Using the Isenberg's six pillars of the entrepreneurial ecosystem framework, the study employed analytical review method to examined the Nigerian entrepreneurial ecosystem and explored deeper into the Nigerian economic, financial, social, political, and cultural contexts. The study revealed the issues that facilitated and impeded on the six pillars reviewed in the Nigerian entrepreneurial ecosystem. It was concluded that, unless there are deliberate attempts by government to creating enabling environment for smooth and successful engagements and collaborations with all stakeholders to meeting the entrepreneurs needs; all efforts and governmental strides to ensuring speedy entrepreneurship transformation and sustainable economic development will remain sluggish and unattained. This paper recommends amongst others, that there should be consistent monitoring and review of policies on entrepreneurship that will ensure its impact on startup, survival and growth of SMEs.