FOSTERING A LEGAL, REGULATORY AND INSTITUTIONAL REGIME FOR A PRODUCTIVE ENTREPRENEURSHIP IN NIGERIA

Abstract

This paper explores the imperative of cultivating a more robust and pragmatic legal, regulatory,
and institutional environment to nurture a productive entrepreneurship in Nigeria. By
examining the historical context of entrepreneurship in the nation, it underscores the
significance of aligning contemporary efforts with the nation's entrepreneurial heritage.
Presenting an in-depth analysis of the existing legal and regulatory framework, the study
identifies gaps and discrepancies that hinder entrepreneurial growth. It examines challenges and
barriers such as bureaucratic red tape, lack of access to funding, and inadequate intellectual
property protection in practice. Drawing from international best practices, the paper
benchmarks successful models and strategies from other countries, offering insights that can be
adapted to Nigeria's unique context. Proposed reforms encompass streamlining registration
procedures, enhancing access to finance, and fortifying intellectual property laws. Anticipated
benefits and impacts of these reforms include an influx of innovative startups, increased job
opportunities, and heightened economic diversification. Additionally, the paper underscores the
potential for enhancing Nigeria's global competitiveness by attracting foreign direct investment.