- Financial Challenge
1. contributions from friends and family
2. personal savings through paid jobs and/or gift
3. loans from non-financial institutions (group local savings, cooperative society, etc.)
4. deferred payment (debt owed to be paid later in the future)
- Power Supply Challenge
- Transportation Challenge
1. near raw materials
2. near producers and consumers market
3. near labour market
4. in the urban and not the rural settlement.
- Security Challenge
1. Financial insecurity (fraud)
2. Robbery attacks
3. Employee crime (arson, destruction of properties, etc.)
4. Threat to life of the entrepreneur
5. The dark aspect of justice (in Nigeria, Justice is fair, but justice is as dark as charcoal)
- Government Ill-Support
- High taxation
- Frivolous levies and duties
- Disturbance from government agencies (Corporate Affair Commission, Standard Organization of Nigeria, National Agency for Food and Drugs Administration Control, etc.)
Solution to Problems of Entrepreneurship in Nigeria
- Government should look into diversification of the economy, Nigeria and Nigerians cannot in this method and still remain the best nation she ought to be among her equals, it is time to move away from the sole source of income to the nation, this method is having a lot of issues with the entrepreneurs and their services.
- Also, the facilities for accessing credits should be made readily available by the government,also for the existing ones should be improved upon, they should be designed in such a way everyone with good and productive ideas can easily have access to all of these credits.
- Secondly, the government should look into the issues of multiple taxation levy on different market and businesses in Nigeria. This is having an invariably bad effect on the income and efficiencies of most entrepreneurs. There should be special markets for entrepreneurs where they can access whatever they will be needing for their products without or with a just one-time tax on all of the goods they will be accessing.