1.1 BACKGROUND OF THE STUDY
The entrepreneur plays a vital role in the process of economic growth and development.
Iwu Eze A. (1986) in a paper presented in on entrepreneurship development in Nigeria, said that a entrepreneur is a contractor an organizer of an enterprise for the public a resourceful person with a dream. entrepreneur are bold men and woman who have initiative and the ability to lead, manage and take the consequences. They are men of action, risk takers, missioners, creative and highly respected of their ability to effectively and efficiently concubine the functions of management to achieve the goals.
He also noted that during colonial period only few of Nigerians could boast of personal or family capital to start off any meaningful business and hence the next place of call for business and financial was bank. It is a well known flat that banking operations during the colonial were highly and sparsely limited urban centers. The bank at that time existed to serve internets of the colonial civil servants who had appreciated income to warrant banking transaction Nigerians who had no collaterals or big financials to guarantee their loans could not help on banks to stat off any business.
During the colonial era the Nigerian business seen was dominated even at the grassroots lends by inclines, Greeks, Ghanaians, Sierra Loninas and others.
These foreign nationals had a better exposition from the Nigerians and with this advantages, it was easy to dislodge them when the colonials left the scene in 1960. then, in other to give Nigerians an opportunity in participating and shaping their country economic future introduced indigenization and enterprise promotion dance of 1972 and it’s revision in 1977. the objective was to foster economic self reliance and maximize external intervention in politics.