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“PROMOTERS OF ENTREPRENEURSHIP: ROLE OF GOVERNMENT AND AGENCIES”. By Babatunde O. A. Igun Executive Director (Wholesale Finance) Bank of Agriculture Limited Kaduna 1 BEING PAPER PRESENTED AT THE ICAN ENTREPRENEURSHIP LAUNCHING PROGRAMME LAGOS. 27 JANUARY 2016 Presentation Outline. • Preamble • State of Entrepreneurship In Nigeria – Entrepreneur and Entrepreneurship Defined. • Challenges to Entrepreneurship Development in Nigeria • Benefits of Entrepreneurship Development • Government Agencies Promoting Entrepreneurship Development – Types of Government Agencies – Strategies in discharging responsibilities • Role of Bank of Agriculture in Entrepreneurship Development – Financing Agro-preneurs Through Agricultural Value Chain Financing • Conclusion • Recommendations Preamble • Who is an Entrepreneur? – Innovative entrepreneurs (Schumpeter) • ‘- those who enter a new business because of market opportunities and innovative ideas – An entrepreneur is willing and able to convert a new idea or invention into a successful innovation (Schumpeter) – That risk taker that sees opportunity which might transform an idea into real products and services in a from that meets the desire and satisfaction of target audience/customers. – Individual who has the ability to see and evaluate business opportunities, gather necessary resources to take advantage of them and initiate appropriate action to ensure success and he is a risk taker (Meredith et al 1991) – defensive and necessity entrepreneurs • ‘’ - those who enter a new business because they need an income to survive – A person who starts, organize a commercial enterprise especially one having financial risk Preamble • Who is an Entrepreneur? • “Any person who initiates, organizes, controls and directs the process involved in the production or creation and distribution of any commodity or service.’’ (Enudu. 1999) • perceives a new business opportunity and often exhibits biases in their perception and subsequent decision to exploit the opportunity. • Entrepreneurship strategy in the Developing countries driven by the ‘defensive and necessity’ factor because the emerging entrepreneurs need an income to survive. (Naudé, 2009 and 2010) • Entrepreneurship is driven by poverty and lack of formal opportunities in the wage sector that often push a large number of people into ‘entrepreneurial’ activities ranging from street vending to traditional and personal services (in most cases within the informal sector of the economy (Ihrig and Moe, 2004; Maloney, 2004) • Benefits of Entrepreneurship • ‘entrepreneurship’ is a crucial driver of economic growth for both developed and developing nations • entrepreneurship is a driving force of innovation, and more generally an engine for economic development. Schumpeter (1934), • entrepreneurship is the process by which new enterprises are founded and become viable. Audretsch and Keilbach, 2004; Foster, Haltiwanger and Syverson, 2008; Fritsch, 2011). • The reasoning is that new entrants can displace obsolescent firms in a process of ‘creative destruction’ Benefits of Entrepreneurship • Entrepreneurship is a vital engine in the economic growth and development of nations • Stimulates indigenous entrepreneurship • Transformation of the traditional industry • Creates employment opportunity • generates incomes • Contributes to regional activity and cooperation Challenges to Entrepreneurship Development in Nigeria • Major challenges facing entrepreneurship development in Nigeria – Lack of funding – Expectation of quick returns hence fraudulent practices – Lack of adequate planning – Absence of infrastructure • Roads • Power Governments & Agencies: what role? • Entrepreneurship ecosystem within which entrepreneurship operates – includes government programs and services that promote entrepreneurs, entrepreneurship resources • business incubators and seed accelerators, • entrepreneurship education • training and • financing (e.g., loans, venture capital financing, and grants). Governments & Agencies: what role?  Governments at all levels are known to facilitate the promotion of entrepreneurship in Nigeria.  the agencies of Government established to promote entrepreneurship, can be classified the following roles.  Participatory.  Regulatory and  Facilitatory Governments & Agencies..(2)  Participatory Agenc

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