FAMILY BUSINESS AND NIGERIA'S ECONOMIC DEVELOPMENT IN TIMES OF INSECURITY
The family (i.e., nuclear and extended) is the center of economic activities in most societies. In societies in the global north, there are alternative institutions and mechanisms that discharge same roles the family play in the life of individuals. These individuals often leave and lead their lives without being associated with any family. Hence, the family is not generally essential in the global north. This is not so in the global south and Nigeria in particular where individuals are recognised and associated with on the basis of their families. This explains why family identity and emotional attachment has remained the key staying powers of family businesses in Nigeria. Some of the role families play is through family businesses; either by gainfully employing the members in the family business or supporting them to create their own family businesses. In Nigeria, great value is attached to families and only men who have families are regarded as responsible. Based on the resource-based view (RBV) and the resource dependence theory (RDT) families of such responsible men are greatly respected when they combine family resources with externally sourced resources to develop family businesses. The purpose is to bequeath inheritance to their descendants, and make them financially independent and united.
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