Question

(a) Discuss the impact of federal government initiatives on entrepreneurship in Nigeria. (b)Discuss the legal requirements in forming a company in Nigeria.

Answer 1

a. Government's role in the growth of entrepreneurship in Nigeria only became important after the civil war in Nigeria (1967–70). Since the mid-1980s, government commitment to entrepreneurship development has increased, especially following the introduction of the Structural Adjustment Program (SAP) in 1986. Added to this is the creation of the National Employment Directorate (NDE), the National Open Apprenticeship Scheme (NOAS) and the Nigerian Association for Small and Medium Enterprise Development (SMEDAN).

Fundamentally, the Nigerian government encourages entrepreneurial culture through initiatives that build trust, positive attitude, pride in achievement, support and nurture new ideas, social responsibility, technical support, foster inter-company partnerships, and encourage research and development. Entrepreneurship studies were introduced as a compulsory course into the Nigerian education system in the early 2000s, especially in higher institutions. The Center for Entrepreneurship Development (CED), which aims to teach and inspire high school students (especially in science, engineering and technology (SET))

b. The Company and Allied Matters Act (CAMA) is the principal legislation that specifies the conditions for establishing your own company in Nigeria. This act contains many articles about the country's legal support for businesses. This illustrates, for instance, the types of business structures. You may open these types of companies in Nigeria: registered business name. Unlimited company. Company limited by shares. Company limited by trustees of guarantee.

Your business needs to have between 2 and 59 leaders. Keep in mind that this law does not apply to such a type of company as the registered business name, where you are always the sole member. The company's owners must be over 18. Additionally, all members must have a sound mind and a good financial state (no bankrupt).