Factors Affecting the Growth of Commerce in Nigeria
There is the slow development of commerce in Nigeria and some other West African Countries due to a number of factors, some of them are as follows;
a. Inadequate Capital: Sufficient funds are needed to carry out Commercial activities by investors and businessmen. Insufficient funds contribute to the slow pace of growth in commerce.
b. Shortage of Infrastructures: Poor or inadequate infrastructural facilities such as poor road network, lack of power supply, insufficient water supply, etc contribute to the backward development of commerce in Nigeria.
c. Absence of True entrepreneurs: Many people are afraid of venturing into business in Nigeria because of the risks involved.
d. Political and Economic Instability: Unfavourable and political instability causes a lot of delay in the growth of commerce in Nigeria. Foreign investors and entrepreneurs have not gotten the enabling environment to display their potentials investment skills and contribute to the growth of commerce in Nigeria.
e. Inadequate Aids to Trade: Insufficient availability and operation of aids to trade; example insurance bad roads and poor networks across the country, lack of awareness (advertising) poor communication system and lack of tourism awareness affect businesses negatively.
f. Inadequately Tertiary Production: Mainly countries in Africa are characterized by agricultural production at the primary stage which affect the growth of commerce in the regions of Africa.
- What is E-Commerce
- State five functions/importance of E-Commerce
- Give a brief explanation of the origin of Commerce
- What are the factors that adversely affect the growth of commerce in West Africa. (NECO June, 2000)
- Suggest at least three ways by which these problems can be solved