Entrepreneurial Creativity and Innovation: A Tool for Solving Economic Crisis in Nigeria

Olugboyega Adenike Dorcas

Abstract


Entrepreneurship remains important in the development of a nation’s economy. Creativity and innovation are the universal marks of entrepreneurs. This study intends to identify the major problems of entrepreneurship which includes: Lack of Credit Facilities, corruption, inconsistent government policies and multiple taxation and thus proposing some plausible Strategies that can promote effective entrepreneurship toward economic development, examine the relevance of entrepreneurship education,  enumerate the roles of entrepreneurship in solving economic problems to include; significant contribution to Increase in Gross Domestic Product (GDP) and Gross National Income (GNI), creation of employment opportunity, poverty reduction, and also identify the loopholes in government policy on entrepreneurship. The study also identify the following entrepreneurship opportunities available in Nigeria: Cash Crop farming and Fishery Piggery and Poultry Farming, as food is one of the basic necessities of man, Inland Water Way Transport, Information and Communication Technology, E-Services, Seminars, Training Centers to mention but a few and suggest pragmatic ways of entrepreneurship development in Nigeria. The research method adopts secondary source of data collection, this include the use library, internet, newspaper, review of literature on government economic policy on entrepreneurship and other theoretical works. It recommends that there should be a review of taxing policy on firms and industries, it is not enough to make policy, but implementation is very crucial. Some of the issues that require close attention include the disproportionate regulatory burden that entrepreneurs have to carry, enhancing access to finance and the overall health of the capital markets, the financial incentives for entrepreneurs, and the protection of intellectual property. A thorough analysis of the unique challenges that entrepreneurs are facing in Nigeria is critical and should be complemented by a time bound action plan for each of the stakeholders that can foster entrepreneurship development.


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