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THE ROLE OF ENTREPRENEURSHIP IN ECONOMIC GROWTH IN NIGERIA (A CASE STUDY OF MARKETABILITY OF MADE IN NIGERIA TEXTILE MATERIAL)

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1.1 BACKGROUND OF THE STUDY

Made-in-Nigeria goods are those goods that are produced within Nigeria. Nigeria as a third world country needs to produce its own goods so that it will help develop its economy in terms of growth and stability. The Nigerian government in 1988 took another bold step to encourage favourable attitudes towards made-in-Nigeria goods in a bid to actualize the enterprise promotion decree. The basis of the decree was to reduce foreign dominance on the economy, encourage local retention of profit, and create employment opportunities amidst other objectives. Since independence in 1960, a lot of changes have taken place in the country economically, politically, and socially which as a result, firms, small and large have gone down the drain. The cause of this was mainly due to lack of good management and leadership in the country as well as lack of vision and foresight. The country is plagued with large scale under capacity resources utilization, power supply that cannot be used for any meaningful planning purpose and a whole economy that cannot be forecasted. Marketing Implication of the above scenario will be: irregular supply of product, supply of lower quality product due to dividing income of consumer, fluctuating prices due to product shortage, low reputation of manufactured goods, low motivation towards advertising, low marketing orientation and a general consumer discontent with income made goods. However, with the democratization of the system and the call to the citizenry to look inward for a sustainable growth through selfreliance, it is therefore, hoped that Nigerians will develop favourable attitude towards made in Nigeria goods. As our society undergoes rapid changes and becomes more affluent nearer social force make consumers spend a greater part of their income or salaries in ways remarkably different from what took place in the past. Consumers want the advantage of affluent and the latest services that technology and business can offer

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THE ROLE OF ENTREPRENEURSHIP IN ECONOMIC GROWTH IN NIGERIA (A CASE STUDY OF MARKETABILITY OF MADE IN NIGERIA TEXTILE MATERIAL)
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