Copyright © 2011 WASD 81 * Corresponding Author: Vno Aghara. Department of Marketing, Nnamdi Azikiwe University, P M B5025, Awka, Anambra State, Nigeria, Email: vinoaghara@yahoo.com † Professor, A. ANYANWU, Department of Marketing, Imo State University, Owerri, Imo State, Nigeria. Email: ahamefuleproff@yahoo.com ‡ Dr. I.C. NWAIZUGBO. Department of Marketing, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria. Email: ireneus.nwaizugbo@unn.edu.ng § C.G. OKPALA Department of Marketing, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria. Email: ultimatechudi@yahoo.com ** P.C. OPARAH. Department of Marketing, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria. Email: pcopara@yahoo.com EMERGING MARKET: TAXONOMICAL CONSIDERATIONS AND NIGERIA’S DEVELOPMENT QUAGMIRE World Journal of Enterprenuership, Management and Sustainable Development, Vol. 7, No. 1, 2011 Vno Aghara * Nnamdi Azikiwe University, Nigeria Aham Anyanwu † Imo State Univrsity, Nigeria Ireneus Nwaizugbo ‡ , Chudi Okpala § and Promise Oparah ** Nnamdi Azikiwe University, Nigeria Abstract: Discourses on emerging markets have gained momentum in the literature as companies in slow-growing developed economies are intensifying their entrepreneur- ship and search for new growth opportunities in emerging economies. Emerging mar- kets are countries that are restructuring their economies along market-oriented lines and offer a wealth of opportunities in trade, technology transfers and foreign direct in- vestment (FDI). They serve as regional economic powerhouse, reminiscent of transition- al societies undertaking political and economic reform, fast growing outward-orient- ed economies with efficient production for the domestic and export markets, political economy oriented towards entrepreneurship and free enterprise, market transparency, among others. After decades of economic turmoil, many African countries have started to make steady progress towards creating market-enabling institution. Based on a syn- thesis from the literature and using Nigeria as a context, this review paper argues that