The Aspen Network of Development Entrepreneurs (ANDE), a global network of organizations which support small and growing businesses in emerging markets, through the support of DFID recently launched the entrepreneurial ecosystem snapshots of Ibadan and Port Harcourt, Nigeria. These reports expand on the study of the entrepreneurial landscape of Nigeria, of which Abuja and Lagos snapshots have been previously launched. Unlike other nations which ANDE studies using a country-wide approach, Nigeria is mostly heterogeneous, hence the need for a city-by-city study.
The ANDE entrepreneurial ecosystem snapshot aims to identify organizations that actively support entrepreneurs and the kind of support they provide in specific cities. These organizations include investors, capacity development providers, business development support providers, professional service providers, academic institutions, corporate foundations, media organizations, financial institutions, associations, government agencies, and others.
Ibadan and Port Harcourt are cities in Nigeria with great entrepreneurial potential and which are receiving increasing local and international attention. The study reveals that the top focus is for entrepreneurial support stakeholders for Ibadan and Port Harcourt is youth entrepreneurship. However, while stakeholders in Port Harcourt focus more on the information and communication sector, stakeholders in Ibadan are sector agnostic.
The study also reveals challenges that hinder the growth of the entrepreneurial ecosystem in these cities. These include: lack of access to finance, talent migration (also referred to as brain drain) due to perceived lack of opportunities, mono-sectoral concentration and dependency on oil and gas, disconnect between investors and the reality of the ecosystem etc.
These snapshots will find relevance to entrepreneurs as well as entrepreneurial support organizations located in these cities as well as those with interest in these cities.
This report which will also be made available on ANDE’s entrepreneurial ecosystem portal also features the gaps, opportunities, and recommendations for increased entrepreneurial development in these cities. More information is available on ecosystems.andeglobal.org.