Entrepreneurship Failure: Case of Low Productivity in Nigeria
7 Pages Posted: 5 Apr 2015
Date Written: April 3, 2015
We propose to study role of entrepreneurs in low productivity in manufacturing firms of Nigeria. Federal Executive Council while adopting the National Policy of Productivity in 2012 emphasized that transformation of Nigeria to become strong economy will never be realized until the nation adopts the culture of productivity, innovation, improvements and proper management of resources. The policy is to guide the public and private sectors in enhancing productivity to stimulate national development. Thus policy framework appreciated role of private sector management in enhancing productivity, the dire need for national development. Enhanced national productivity is at the heart of any economic development and progress. Nigeria, Africa’s largest economy is ranked 127th on the Global Competitive Index (144 countries) and 170th on Doing Business Report (189 countries). The poor rating is attributed to lack of proper protected property rights, high corruption, undue influence, security risk, poor infrastructure, health and primary education. The industry is not harnessing the latest technologies for productivity enhancements. The low productivity is due to due poor governance & management, defective designs, manufacturing process and unskilled & demotivated workers. The role of government in facilitating competition and the development of efficient markets to enhance productivity is indispensable but national entrepreneurial capacity is also to be blamed for undermining productivity. Nigeria is currently largest economy in Africa and projected to become one of the 20 largest economies in the world by 2020, though currently underperforming manufacturing sector is the third-largest in Africa. The research aims at identifying factors of low productivity in Nigerian industry due to entrepreneurship failure. The result of this research will help to address those problems that influence enhances productivity encompassing jurisdiction of entrepreneurs.
Keywords: Nigeria, low productivity, entrepreunership, compeititivness
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