ENTREPRENEURSHIP: CORRELATION BETWEEN NIGERIA AND UK IN THE LAST DECADE

 

Matthew A Daniel¹ and Irene Daniel² *

¹Senior Consultant in Learning Development in the United Kingdom,  matthew@madaniel.org

²Business Intelligence Consultant in a Computing Company in the United Kingdom labisidaniel@gmail.com

*Corresponding author

 

Abstract

The Naira is crashing against the Dollar and pandemonium is breaking out all over the country. The root cause of this is the overdependence on oil and our exposure to the foreign currency. Nigeria has an abundance of human and natural resources and most of this has not been explored. This paper is an exploratory study of secondary data which are current to the subject matter. The paper looks at fundamental indices both in Nigeria and comparing it to the economic development in the UK drawing parallels. Great mention was how Europe has coped since 2008 with a combination of quantitative easing and stimulation of manufacturing and services industry. This paper looks at the correlation between entrepreneurship and job creation, agricultural industry, youth unemployment, SMEs, GDP, FDI and Exchange rate. The paper also considers the challenges over time in Nigeria and possible ways of overcoming them. The paper concludes by highlighting the significance of entrepreneurship to economic development of a nation and particularly the sustained defence against external economic forces especially during recession or particularly difficult economic conditions. This may possibly be a blueprint for the economic survival in Nigeria.

Keywords: Entrepreneurship, Gross Domestic Product, Foreign Direct Investment, Foreign Exchange, Econımic Development