Critical History of Entrepreneurship in Nigeria

Abstract

Entrepreneurship is a slippery concept that has been used and abused for various purposes. This article summarizes the basics of entrepreneurship and its historical development to demystify misconceptions about this important field of knowledge and practice in Nigeria. Understanding the history of entrepreneurship extends to highlighting the entrepreneurial achievements of three ethnic groups in Nigeria. Seven (7) theories of entrepreneurship that provide logical explanations for why and how individuals in different contexts become entrepreneurs (with or without opportunities) are discussed to support professional learning and academic entrepreneurship. Ultimately, when the strengths of traditional entrepreneurship are combined with modern entrepreneurship, entrepreneurship in Nigeria can be reinvigorated to improve the country's ability to create wealth, create jobs, redistribute income, reduce poverty, and improve the country's gross domestic product for maximum effect. This will be possible if all stakeholders provide the necessary institutional support to the three ethnic groups and others to accelerate the promotion of entrepreneurship in Nigeria, particularly in the areas of agriculture, livestock, retail, and services.