Appraisal of Entrepreneurial Environment in Nigeria and Growth in the Informal Sector: 2015-2023
Abstract
The paper highlights the outlook of the entrepreneurial environment in Nigeria and the informal sector between 2015 to 2023. It appraised and discussed the challenges of business environment encountered by entrepreneurs within the years in context. The paper discussed the Nigerian business environment and its relationship with the Nigerian entrepreneur also gives an exposure on the strengths of entrepreneurs given the challenges from the business environment. Strategic management was discussed and how it’s a catalyst to overcoming business environmental challenges and also help in maintaining the aims and objectives of an entrepreneur. A case study was looked into which threw light into the challenges in business environment faced by Dangote cement company and the how the use of strategic management was deployed to overcome the business market overcome rivals and focus on the long-term goals of the company while also expanding through resilience and commitment to growth. Dangote Cement's tenacity and growth-oriented approach bear witness to the way that strategic management may convert environmental obstacles into chances for sustainable development. In addition to providing insights into the relationship between strategic management and entrepreneurial success in a challenging and frequently unstable business environment, this paper advances knowledge about the Nigerian entrepreneurial scene.
References
Charmes J. The informal economy worldwide: Trends and characteristics. Margin: the journal of applied economic research. 2012 May;6(2):103-32.
Benjamin, N. and Mbaye, A.A., 2020. The informal sector in Francophone Africa.
Fate, F. "Mapping study of Nigeria entrepreneurship ecosystem." Nigerian Entrepreneurship Report Publication (2016).
Owhondah SP, Ayakeme TI. The relationship between entrepreneurship and the economy of Nigeria, 2003-2021. Faculty of Natural and Applied Sciences Journal of Scientific Innovations. 2023 Dec 30;5(2):113-21.
Ebenezer AE, Lion JC. Entrepreneurial skills: a panacea for economic development of Nigeria in the 21st century. Shared Seasoned International Journal of Topical. 2024(10):1.
Lee SM, Peterson SJ. Culture, entrepreneurial orientation, and global competitiveness. Journal of world business. 2000 Dec 1;35(4):401-16.
Obidile JI, Okoli SL. Relationship between business environment and entrepreneurial performance of managers of small and medium enterprises (SMES). Globus-An International Journal of Management and IT. 2023;15(1):15-21.
Chuka EU. Environmental factors: A panacea for survival and growth of small and medium scale businesses in Nigeria. International Journal of Business and Management Invention (IJBMI). 2019 Mar 1;8(03):30-40.
Akiogbe O, Feng H, Kurata K, Kageyama I, Kodama K. Social Acceptance of Mobile Health Technologies Among the Young Population in Nigeria. Global Journal of Health Science. 2024;16(5):22-41.
Susanto PC, Ali H, Sawitri NN, Widyastuti T. Strategic Management: Concept, Implementation, and Indicators of Success (Literature Review). Siber Journal of Advanced Multidisciplinary. 2023 Jul 21;1(2):44-54.
Ekon B, Isayas B. Factors impacting strategic management practices among SMEs in Nigeria. African Economic and Management Review. 2022 Mar 2;2(1):40-9.
Ayinde OE, Daramola OC, Adenuga AH, Abdoulaye T. Estimating farmers’ willingness to pay for stress tolerant maize (STM) in Nigeria: A heckman model approach. Pertanika Journal of Social Sciences and Humanities. 2019 Jun 1;27(2):1159-74.
