While these statistics bide well for the country’s economic prospects, they also serve to reaffirm the vital importance of entrepreneurial development in achieving that potential.
Past Entrepreneurship Developments
People of the Ibo community in Nigeria are considered one of the oldest entrepreneurs in history, their expertise stretching back to times before modern currency and trade models had developed elsewhere on the planet. In the more recent past, Nigerians adapted their natural talents to evolve traditional businesses and crafts that have sustained most of the country’s rural and urban poor for the better part of the last half century. While the oil boom of the ’70s brought in billions of petrodollars, most of the country’s population remained untouched by the new-found prosperity, thanks to widespread political corruption and catastrophic economic mismanagement. Because of these and other factors, the World Bank estimates that 80% of oil revenues benefited just 1% of the population.