An Empirical Analysis of Constraints to Entrepreneurship Development in Nigeria: Policy and Practice Perspectives (Published)
Entrepreneurship, particularly through Small and Medium Enterprises (SMEs), plays a vital role in the socio-economic development of nations. However, in Nigeria, the growth of entrepreneurial ventures continues to be hindered by multiple systemic barriers. This study investigates the major constraints affecting entrepreneurship development (ED) in Nigeria and explores their implications for policy and practice. Drawing on empirical data, the study identifies key entrepreneurial competencies such as leadership, strategic decision-making, risk-taking, and efficient management as essential drivers of entrepreneurship growth. The analysis further reveals that financial limitations, weak institutional support, human capital deficits, infrastructural decay, technological constraints, and political instability are among the most significant barriers impeding entrepreneurship in the country. The study concludes that these challenges collectively suppress the expansion of SMEs and weaken Nigeria’s potential for inclusive economic development. It recommends strategic policy interventions, including improvements in infrastructure, regulatory simplification, access to finance, entrepreneurial education, venture capital development, and the creation of a stable economic and political environment. Addressing these barriers will help foster a more enabling ecosystem for entrepreneurship, driving innovation, employment, and sustainable economic growth.
Keywords: Barriers, Entrepreneurship Development, Innovation, Nigeria, Policy, SMEs, economic growth