‘Corruption, access to finance, others limit entrepreneurship ’
Corruption, lack of financial access, poor skilled workforce and ineffective sustainability of policies have been identified as bane of entrepreneurship development in the country.
Stakeholders, industry experts and entrepreneurs, who gathered in Lagos at fifth edition of Lagos State Enterprise Day, organised by the Lagos State Technical and Vocational Education Board (LASTVEB), noted that if regulatory burdens are reduced and corruption is reduced to the barest minimum, Nigeria would encourage and retain her own entrepreneurs and even attract innovators from other countries.
This, she said, would drive economic growth and development.
According to the State Deputy Governor, Dr. Idiat Adebule, administrative burdens for start-ups need to be low for entrepreneurship to thrive in the country, including time needed to register a business, the number of bureaucratic step, and the number of regulations, feeds and reporting requirements.
Adebule who noted that entrepreneurship plays an influential role in the economic growth, development and improved standard of living of the people, added that entrepreneurs are by nature and definition job creators as opposed to job seekers.
The Deputy Governor represented by Permanent Secretary in the office, Mrs. Yetunde Odejayi disclosed that getting involved in entrepreneurship at a young age impacts the lives of young people in a way that not many other activities do as it improves communication skills, decision making and goal setting abilities.