The Strengths and Weaknesses of Business Enterprise in Nigeria

Modern business enterprises have grown to become a key economic institution of society which must be nurtured by government as partners in the task of promoting rapid and sustainable development. It is against this background that we undertake a synthesis of the strengths and weaknesses of business enterprise in Nigeria based on observed patterns of emerging developments. The analysis of emerging patterns is undertaken at the individual enterprise level, progressing to industry and macroeconomic levels. The analysis revealed that the modern enterprise sector in Nigeria has several strengths which can be capitalized upon for future growth and development, but there are also several weaknesses to be tackled before the sector can make optimal contribution to socio-economic progress. In the context of the foregoing, a case is made for recognition of modern business enterprises as a vital economic institution of society which must be nurtured in a mixed economic environment so that the sector can significantly increase its contribution to accelerating sustainable socio-economic development.