Lack of financial support has been highlighted as major impediments to growth of small-scale businesses in Nigeria.
Latest report by FATE Foundation on business performance in Nigeria, disclosed that limited access to finance, inadequate infrastructure, poor financial management and government policies, poor capacity and insecurity are leading collapse of many small scale businesses in the country.
The report obtained by The Guardian, described entrepreneurship as “fairly strong” in Nigeria, and insisted that government must intensify efforts to improve the operating environment for young businesses by addressing core traditional and non-traditional issues.
It stated: “Most businesses set up by entrepreneurs have been successful, with 66 per cent of respondents affirming that the businesses they have set up have been successful as against 34 per cent that said their businesses failed.”
The Executive Director of FATE Foundation, Adenike Adeyemi, said entrepreneurship remained a powerful force and an important influencer for driving innovation, productivity, job creation and economic growth
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