Nigeria Business Legal Frameworks and Entrepreneurship: Prospects and Challenges for Economic Development
- March 30, 2019
- Posted by: RSIS
- Category: Political Science
International Journal of Research and Scientific Innovation (IJRSI) | Volume VI, Issue III, March 2019 | ISSN 2321–2705
Samuel S. Idowu
Department of Political Science and International Relations, Covenant University, Ota, Ogun State, Nigeria.
Abstract: – Variability of business legal environment across the globe but with significant effect on entrepreneurship and economic development motivate the conduct of this research. The path of qualitative research method was followed as secondary data sources were exploited and theory of entrepreneur employed to underpin the study. The analysis of data reveals that the influence of British colonial business legal framework largely condition Nigeria environment and effort to reshape it after independent crowded out foreign entrepreneurs resulting into investment policy revision and left domestic counterparts ill-prepared for optimum performance, and as well to function as substitute at the same time. Therefore, ensuring a predictable business environment that is averse to policy summersault, collaboration among the three tiers of government, that is the federal, state and local government on entrepreneurship policy formulation and implementation and effective implementation of spirit and letter of the business laws are recommendations offer to position entrepreneurship for economic development in Nigeria.
I. INTRODUCTION
Business environment varies across the globe. But one common factor is the regulation of commercial activities by enabling laws in every state. As such, firms are subjected to supervision of one or more regulating entity as enacted and encapsulated in an act or constitution of the state. Inherent in such legal documents, most time, is a dual nature of blessing or curse, good or bad or what can better be coined as, prospects or challenges to existing or potential business ventures. This could either bestir or vitiate entrepreneurial spirit latent in national entrepreneurs, or serve as one of the crowding in baits to Multinational Entrepreneurs (MEs). As posit by Quamrul, Mohammad and Robert (2005), regulatory provisions is an integral components of domestic factors influencing investment in a polity. It suggests that both domestic and foreign investors are sensitive to a nation’s legal framework generally, and more importantly, their sectoral interest.
