The role of business or entrepreneurship in economic development in Nigeria is very crucial and forms the backbone of National development. Below are some of the roles played by business in developing the economy of Nigeria.
- Employment Generation: In Nigeria privately own small, medium and large scale business has come to be known as major source employment creation, unlike pre independence era where government was the major employer. By doing this business has helped in reducing the rate of unemployment. Businesses employs people to help them achieve their aims and objectives, with the establishment of businesses in Nigeria unemployment rate have fallen to some extent.
- Direct Creation of Wealth by Contribution to the Gross National Product (GNP): GNP is the total monetary value of all goods and services produced in a country within a particular year. Businesses contributes directly to this because with more businesses the GNP will increase, also as businesses grow GNP increases. A country's level of economic development in determined by its GNP.
- Provision of Technical Innovation: Innovations has been engineering by businesses seeking to improve their products and services. These innovations has brought tremendous improvement in the economy of countries.
- Providing Competition: Businesses compete among themselves to perform better, this competition has helped in improving the quality of goods and services produced by these companies and thus has improved the economy.
- Filling Needs of other Businesses: Businesses provide for each other. Certain business provide services, products or raw materials needed for other businesses to survive. This has indirectly helped in promotion of business establishment and the economy at large. 15 October 2010Comment