The Petro Dominant Economy,`Resource Curse` Thesis And Consequences on The Development of Enterprise And Entrepreneurship in Nigeria
The proven link between Enterprise/Entrepreneurship Development and economic Growth necessitated the struggle towards instilling entrepreneurial mindsets and the creation of conducive atmosphere in which enterprises and entrepreneurial culture could grow in many great economies of the world. In Nigeria, the emergence entrepreneurial mindsets have been more strong in the last three to four decades especially in Industry, Agriculture, Manufacturing and some aspects of small business but with the discovery of oil in commercial quantity, the trend began to deteriorate. This paper interrogates the effect of Natural Resources on the development of a nation and how it impacted more specifically on enterprise and entrepreneurship. The study utilizes extensive literature survey to find and establish the relationship between the variables under study. The finding reveals that the country has perpetually squandered it's oil money making it unable to create a strong base for viable enterprises and entrepreneurship to thrive and as a result making the populace to move more towards paid employment especially where 'easy money' can be obtained in certain circumstances This has resulted in the creation of a mono cultured economy and the consequent levity in stimulating Agriculture, Manufacturing and other entrepreneurial endeavors. The paper has, thus, recommended that an imaginative leadership with a clear vision and willpower to change the course in terms of public spending; changing people's mindset, and curbing corruption is fundamentally required. That will enable the government to redirect it spending in strengthening our enterprises and entrepreneurship creating institutions and by implication creating a conducive atmosphere for their growth and development.