How does Nigeria encourage entrepreneurship in export-oriented businesses?
Nigeria encourages entrepreneurship in export-oriented businesses in the following ways ¹:
- *Government Policies*: The Nigerian government has increased its attention on and support for stimulating SME growth and sustainable development in the economy. The National Directorate of Employment (NDE, 1986) and different technical, training and extension programs like the ITF (Industrial Training Fund), CMD (Center for Management Development) and FIIR (Federal Institute of Industrial Research) were also set up for the improvement of the vital administrative and specialized aptitudes that will advance SMEs development.
- *Entrepreneurial Orientation*: The significance of entrepreneurial introduction for the survival and execution of firms has been recognized in the entrepreneurship writing. It has additionally been stretched out to SMEs' internationalization in the Nigerian setting. Entrepreneurial orientation is a company's capacity to participate in innovative exercises, attempt to some degree of risky ventures and take part in proactive developments.
- *Export Performance*: Internationalization literature over the years had focused on Export performance. There is a little concession to a uniform meaning of export performance in writing. Export Performance is a key factor to be considered for the growth of Nigerian economy.
- *Supporting Institutions*: The federal government together with other governmental establishments has increased its attention on and support to stimulate SME growth and sustainable development in the economy. Other foreign assistance comes from the World Bank through the SME 11 Loan Project which amounted to $132.8 for 211 SME projects between 1990 and 1994; another $107.1 for 102 projects by 1996. The Africa Development Bank (ADB) also granted an export stimulation loan of $252 guaranteed by the federal government for SMEs’ internationalization of operations.
Nigeria encourages entrepreneurship in export-oriented businesses through:
1. Nigerian Export Promotion Council (NEPC): Provides training, support, and resources for export-oriented businesses.
2. Export Development Fund (EDF): Offers financial support for export-oriented businesses.
3. Small and Medium Enterprises Development Agency of Nigeria (SMEDAN): Supports SMEs, including those in export-oriented businesses.
4. Export Expansion Grant (EEG): Incentivizes exporters to expand their export business.
5. Tax incentives: Offers tax breaks and other fiscal incentives for export-oriented businesses.
6. Trade missions and exhibitions: Organizes trade missions and exhibitions to connect Nigerian exporters with global markets.
7. Export-oriented business clusters: Encourages clustering of export-oriented businesses to promote collaboration and competitiveness.
8. Online platforms: Provides digital platforms to connect Nigerian exporters with global buyers and markets.
9. Capacity building programs: Offers training and capacity building programs for entrepreneurs in export-oriented businesses.
10. Policy support: Implements policies and regulations that support export-oriented businesses, such as the Export Promotion Policy.
These initiatives aim to create an enabling environment for entrepreneurs to start and grow export-oriented businesses, contributing to Nigeria's economic growth and development.
