Environmental factors and business operations in nigeria udu, ama aka. Impact of agricultural sector on economic growth of nigeria. Several principles have driven the thinking and the development of this plan. As a member, youll also get unlimited access to over 79,000 lessons in math. Moruku managing environmental challenges for sustainable. Pdf effect of business on economic development in nigeria. Business environment and competitiveness in nigeria nigeria s business environment is generally considered to be costly, uncertain and inhospitable. Businesses vary in size, as measured by the number of employees or by sales volume. Nigerian business environment, company performance, nigeria. Phd entrepreneurship development centre ebonyi state university, abakaliki nigeria abstract the paper sets out to establish the nexus between business operations bo and the economic environment in.
The study revealed that public revenues were effective in promoting economic growth in nigeria because the coefficient of determination r. Development strategy for nigeria moses akpobasah at a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. Infrastructure development and economic growth nexus in. The impact of strategic management on organisational growth and development a study of selected manufacturing firms in. Business environment and competitiveness in nigeria. Nigeria has the potential for growth and stability. Special agroprocessing zones could promote agroindustrial development and employment. Business environment and competitiveness in nigeria nigerias business environment is generally considered to be costly, uncertain and inhospitable. What are the best small business opportunities for nigerians investment opportunities living in diaspora or oversea.
In terms of size, the private sector in the nigerian. Fully differentiated, with stretch and challenge tasks implemented. The impact of strategic management on organisational. With increasing levels of competition, stifling business environment and evolving lifestyle and preferences of consumers, the need for fast food restaurants. Effect of business on economic development in nigeria. Several empirical works, however, have shown the importance of economic freedom in explaining crosscountry differences in economic performance see an. This is with the desire to examine its ability to achieve the desired objectives in the country nigeria. Business environment entails social political, cultural and economic factors or conditions that are capable of affecting the life, growth and development of. Small and medium entreprises development agency of nigeria smm sustainable materials maintenance. This stressful business environment, which is a nationwide phenomenon, poses obstacles to nigerias industrial development. Like the natural environments of living beings, the environment of a business can either enhance or stifle its growth and development. Business has contributed to changes in the level of development in the country through generation of employment.
For quite sometime now, my email box has been filled with request from fellow nigerian entrepreneurs asking for the fastest growing. The role of small and large businesses in economic development by kelly edmiston i ncreasingly, economic development experts are abandoning traditional approaches to economic development that rely on recruiting large enterprises with tax breaks, financial incentives, and other inducements. But the growth has not been inclusive, broadbased and transformational. In this paper, the research on the socioeconomic impact of tourism development along the coast line of lagos was thoroughly conducted and assessed to a. Raw materials as share of export is therefore high in africa compared to other regions. Entrepreneurship and economic development in nigeria. Therefore, a global transnational organization may employ a more structured strategic. It is a strong place for the businessmen to flourish their business. Nigeria has many opportunities to transform its economy, particularly in agroprocessing. It would appear that due to the developing nature of the nigerian business environment, it is likely to occupy a critical position in the performance of businesses. Wit transactions on ecology and the environment, vol 150. Lesson covering the economic impacts of nigerias economic growth in line with aqa 91 gcse geography the changing economic world unit. The question was whether or not nigeria could sustain this momentum, overcome its key challenges, and create a business environment that would allow it to compete on an international level. The monetary policy of nigeria is mobilized and in control to manage the supply of money in a way which does not result in excessive appreciation or devaluation of the.
Industrial development and growth in nigeria brookings institution. But no empirical concern has been given to the operating environment variables and business growth in nigeria. But insecurity could deter foreign investors, shrivel the domestic economy, and ultimately dampen prospects for economic growth. Nigerias fast food industry experienced rapid development between 1970 and 1980 with. The better the business environment, the more smes will be established. Financing smes which constitute over 50% of business in nigeria could be a critical role towards achieving sustainable economic growth and development. Factors affecting the nigerian business entrepreneurs. Lagos state being a former federal capital of nigeria is the economic hub of the nation as host to many large industries and commercial. International journal of academic research in business and social sciences january 2015, vol. Nigeria overview international development, poverty.
Entrepreneurial environment a nations environment has a significant impact on the level of entrepreneurship while a number of ingredients point to the continual growth of environment that is conducive for entrepreneurship development in other parts of the world. The industrial sector accounts for 6 per cent of economic activity while the manufacturing sector contributed only 4 per cent to gdp in 2011. Still on,, impact of agricultural sector on nigeria economic growth and development 19812015. The paper concludes that entrepreneurship is essential for rapid and sustained economic growth but there is urgent need to change the mindset. Agriculture has been the backbone of the economy in nigeria providing employment and source of livelihood for the increasing population it accounts for over half of the gdp of the nigerian economy as at independence in 1960 tonuchi, 2017.
The role of entrepreneurship in transforming the nigerian economy 1. D department of political science, benue state university, makurdi abstract the paper examines rural or community development in nigeria with emphasis on the. Get free research paper on effect of environmental factors on the performance of small and medium scale business in nigeria project topics and materials in nigeria. Pdf sustainability in the nigerian business environment. Natural resources are, therefore, vital for securing economic growth and development, not just today but for future generations.
However, since 1999 economic growth in nigeria has risen substantially, with annual average of 7. What is the best business to start in a harsh environment like nigeria or lagos for 2020. Underminding it infrastructure is underminding the growth and development of nigerian economy. This study investigated the impact of political environment on business performance of multinational companies in nigeria. Environmental impacts of economic development in nigeria. Alvarez and busenitz 2001 propose a resourcebased theory of entrepreneurship, which states that. Nigeria economic outlook top 10 themes for 2019 nigeria not among the fastest growing economies in subsaharan africa ssa by percentage growth in gdp the largest economies in subsaharan africa offer opportunities for business growth, particularly when considering an expansion into new regions country gdp growth rate africa rank world rank. Pdf the business environment of an enterprise consists of the internal. The role of entrepreneurship in transforming the nigerian. Growth opportunities in subsaharan africa are severely hampered by access to finance and stable supply of electricity. However, the role played by smes, notwithstanding their development, is everywhere constrained by inadequate funding and poor management.
Economic growth is a fundamental requisite to economic development. Department of accounting adeleke university ede, state of osun, nigeria. Introduction the environment of going concerns, like the habitats of animals, contributes to their development. The impact of entreprenurship on economic development in nigeria a case study salami akeem olanrewaju akinbode, s. Smes in nigeria have not performed creditably well and hence have not played the expected vital and vibrant role in the economic growth and development of nigeria. The study investigated the impact of strategic management on organizational growth and development of selected manufacturing firms in anambra state. Infrastructure development and economic growth nexus in nigeria owolabimerus, o une business school, university of new england, armidale, nsw, 2351, australia email. The impact of business environment on enterpreneurship performance in nigeria adeoye muyiwa o. Defined in terms of infrastructure, access to credit, bureaucratic practices and regulatory policy, the business environment in southeast nigeria is stressful, and so has the capacity to limit entrepreneurial activity. This is approved for students in accountancy, business, computer science, economics, engineering, arts. The study examined this against the business environment in nigeria. Department of business administration anambra state university igbariam campus nigeria abstract.
Articles managing the nigerian business environment for. The economic recovery and growth plan ergp, a medium term plan for 2017 2020, builds on the sip and has been developed for the purpose of restoring economic growth while leveraging the ingenuity. Lesson 1 business and its environment nature of business business may be understood as the organized efforts of enterprise to supply consumers with goods and services for a profit. Despite its growth rate, only a few qsrs thrive while. From the result, it is clear that infrastructure is an integral part of nigeria economic growth.
For most, the concept remains abstract and theoretical. There is broad acceptance that the vast potentials in nigeria can offer high returns, but doing business in nigeria is difficult and risky. Macroeconomic determinants of economic growth in nigeria. Entrepreneurship is critical to nation development and so entrepreneurs will also need the right environment, resources and people to grow their businesses. Economic development and growth in nigeria daily trust.
An exploratory study under ease of doing business framework robert k. Using simple ordinary least square ols regression and multiple correlations, the role of the nigerian business environment on the performance of companies in nigeria is explored. Nevertheless, recent reforms and developments in key sectors had boosted economic growth and spurred a sense of optimism for the countrys future. The nigerian business environment and growth constraints of micro and small scale manufacturing industries essien, blessing stephen phd department of sociology and anthropology university of uyo akwa ibom state nigeria abstract micro and small scale businesses play significant role in socio economic development of any nation with nigeria. Assessment of business development strategies in the.
Nigerias economic downturn has prompted a response by the. The role of small and large businesses in economic. The wbgs support for nigeria is structured around several priorities which include promoting diversified growth and job creation with a focus on youth, women and the poor in marginalized areas and improving the quality and efficiency of social service delivery at the state level to promote social inclusion. These critical success factors csf affecting nigeria business environment are also the same problems confronting any prospective business man or woman from the global arena. The study has shown that infrastructure is an intermediate goods and service for the real sector and a finished goods and service for consumers. Introduction nigeria, the most populous country in africa, is naturally endowed with millions and millions of acres of arable land, 38. Environmental factors and business operations in nigeria.
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