Entrepreneurship Development in Nigeria: a Socio-economic, Political and Security Perspective 1 2 (original) (raw)

Entrepreneurship Development in Nigeria: Prospects and Challenges

This paper underscores the importance of policy formulation in entrepreneurship development in Nigeria as well as the importance of entrepreneurship in reducing the ever-growing rate of unemployment in Nigeria. The methodology adopted for this paper is the narrative-textual case study (NTCS); it is a social science research method that relies on information and data from several sources for problem identification and problem solving. The paper opines that entrepreneurship is lacking in Nigeria due to certain challenges such as epileptic power supply, lack of genuine support for those intending to start up a business, lack of strong willed-power to take risk; all these and more inhibit entrepreneurship development and creates unemployment. The paper concludes that government policy on entrepreneurship should be more robust and that government should create conducive business environments to enhance entrepreneurship development and reduction in youth unemployment. Key words: development, economy, employment, environment, entrepreneurship

Challenges and Prospects of Entrepreneurship in Nigeria

2013

The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive c...

Entrepreneurship Development in Nigeria: A Review

IOSR Journal of Business and Management, 2014

Empirical researchers and policy makers have shown increasing interest in entrepreneurship and its association with economic development. In the literature, a good number of studies have established positive relationship between entrepreneurship and employment generation, poverty alleviation and economic development. It is for this reason that various governments in Nigeria over the past three decades implemented a number of policies and programmes aimed at addressing the high rate of unemployment, widespread poverty and low level of economic development. Unfortunately, the various policies and programmes have failed to achieve the desired results. This paper attempts to identify the causal factors that militate against the effectiveness of government efforts at entrepreneurship development. Major government programmes are examined to identify inherent weaknesses. Supported by empirical and theoretical literature, this paper asserts that the treatment of all small businesses as entrepreneurial constrains the development of entrepreneurship in Nigeria and in other developing economies, as policies and programmes are implemented across the board. It canvasses a distinctive categorization to distinguish entrepreneurial firms from non-entrepreneurial small businesses and the development and implementation of policies and strategies that are suitable for each class of small businesses. While all small businesses need support, entrepreneurial firms need higher level of support to enable them play their catalytic role in employment generation and economic development. Other group of challenges identified by empirical studies, which militate against the development of small businesses, entrepreneurial and non-entrepreneurial, should be properly addressed. These include environmental hazards, infrastructural inadequacies, high level of insecurity and the incidence of widespread corruption.

Entrepreneurship and Socio-Economic Development: The Case of Nigeria

Empirical researchers and policy makers have shown increasing interest in entrepreneurship and its association with socioeconomic development. In the literature, a good number of studies have established positive relationship between entrepreneurship and employment generation, poverty alleviation as well as socioeconomic development. It is for this reason that various governments in Nigeria over the past three decades implemented a number of policies and programmes aimed at addressing the high rate of unemployment, wide spread poverty and low level of socioeconomic development. Unfortunately, the various policies and programmes have failed to achieve the desired results. This paper attempts to enumerate the roles and importance of entrepreneurship in the socioeconomic development of Nigeria as well as identify the causal factors that militate against the effectiveness of government efforts at entrepreneurship development. Major government programmes are examined to identify inherent weaknesses. Supported by empirical and theoretical literature, this paper asserts that a good treatment of all small businesses as entrepreneurial ventures will enhance the development of entrepreneurship which consequently affects the socioeconomic development in Nigeria as policies and programmes are implemented across the board.It furthercanvasses a distinctive categorization to distinguish entrepreneurial firms from none-entrepreneurial small businesses and the development and implementation of policies and strategies that are suitable for each class of small businesses.While all small businesses need support, entrepreneurial firms need higher level of support to enable them play their catalytic role in employment generation and socioeconomic development. Other groups of challenges identified by empirical studies, which militate against entrepreneurship development were highlighted. These include environmental hazards, infrastructural inadequacies, high level of insecurity and the incidence of wide spread corruption.

Evaluation of the Impact of Entrepreneurship on Nigerian Economic Development (A Case Study of Jalingo Local Government Area of Taraba State, Nigeria)

2015

This paper examined the inadequate entrepreneurship skill among the Nigerian youths and its contribution to unemployment rate in Nigeria. Some variables were identified as possible problems of acquiring entrepreneurship skills in Nigeria. The study focuses on ways that is needed and used to conceive and commercialize business opportunities. Nigeria especially in the face of the global economic crisis and its energy crisis requires graduates who will be job “creators” and not job “seekers”. Review of some related literature pertaining to the subject matter were identified in the study. Method used in collection of data was questionnaires. The method used in data analysis is table and simple percentage and the statistical tool used for testing of hypothesis was chi-square. Based on the findings the research made this: that Networking events among graduates is good such that workshops, seminars, symposia, lectures and so on be organized so that cross fertilization of ideas could take p...

Entrepreneurship in Underdeveloped Economies: A Study of Nigeria

Studia i Materiały Wydziału Zarządzania UW

Against the background of the importance of entrepreneurship to economic growth and development, this paper investigates the potential for achieving growth and development through entrepreneurship in underdeveloped economies. Specifically, the study investigated the availability of the environment for and the extent to which individuals and groups are able to recognize/create opportunity for providing goods and services; and the extent to which they are able to utilize such opportunities. The study collected primary data about the environment for entrepreneurship development in Nigeria, the extent and nature of opportunity creation and the prospect for carrying through innovations in the country. The data were collected from entrepreneurs and entrepreneurship professionals, using a well-structured questionnaire administered to a sample of 360 respondents, drawn from among the groups. The responses were analyzed using Kruskal Wallis and Wilcoxon Signed Rank Tests. The study revealed that Nigerians are innovative and enterprising. It also revealed that infrastructural facilities, funding, and entrepreneurship education are significant impediments. The study also showed that economic growth in Nigeria is influenced by entrepreneurship growth, therefore the slow growth in entrepreneurship development in Nigeria contributed to the underdeveloped status of the economy. The study recommended specific solutions to the different entrepreneurship problems identified in the study.

Entrepreneurship: The Cure for Economic Underdevelopment in Nigeria? A Theoretical Perspective

Scholars and development economists believe that the development of an economy depends largely on the creative and innovative ingenuity of its entrepreneurs. Others however, are of the opinion that the lack of entrepreneurs or entrepreneurial activities is not a constraint to economic development in any economy, particularly Nigeria. This paper sets out to explore the connectivity between entrepreneurship and economic development from a theoretical point of view, principally in Nigeria. A desk research approach was adopted where a conglomerate of literatures were reviewed on how entrepreneurship can spur economic growth or otherwise. The findings reveal that entrepreneurship is vital to the development of Nigeria and that, universities and other Higher Education Institutions must play the vital role of educating the people on entrepreneurship skills and competences. However, the challenges and difficulties facing entrepreneurs are the same challenges stifling the growth of the economy. Therefore, entrepreneurship cannot be said to be the sole cure for economic growth but rather other factors such as the strengthening of institutions and provision of developmental infrastructures like good transport system, roads, electricity and effective implementation of economic policies etc., the cultural beliefs and mindset of the citizenry was also found to be key in the development of any economy.

THE ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT OF NIGERIAN

2018

Entrepreneurial industries was selected one from each Geo political zone in Nigeria with population of 387 on the whole descriptive survey design was used and correlation coefficient was used in determining the relationship between these variable and economic development in Nigeria. Entrepreneurship, all over the world is acclaimed as a significant factor in economic development. Entrepreneurship does not only increase per capital income it also increases factor utilization. It is also a veritable change agent of the structure of business and society. As a change agent it acts as a catalyst for the generation of new ideas, products, methods of production and the distribution of the products so produced. The jobs created, the new technologies developed, the improved production method, the increase in output both in terms of quantity and quality are all the ingredients for economic growth and development. The paper has explored the roles of entrepreneurship at different sectors of the economy. In carrying out the research this paper is of the view that because of the capacity of entrepreneurship to generate increased output, its ability to create jobs through formation of new enterprises, to facilitate transfer of technology or adoption of technology, to invigorate large scale enterprises, to harness resources, that might otherwise be latent and to stimulate growth in those sectors which supply it with input; because it is able to encourage and sustain economic dynamism that enables a country to adjust successfully in a rapidly changing global economy, entrepreneurial development is a sine qua non in the development of any country especially, a developing country. Conclusion were made and the study recommended that more job opportunity will be created policies strengthened, environment should be improved for financing and investment welcomed.

APPRAISAL OF ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA

The paper explored general and specific definitions of entrepreneurship . The four components of entrepreneurship development namely: sustainable enterprises, technopreneurship, sociopreneurship and intrapreneurship as they relate to Nigeria using the criteria of Global Entrepreneurship Monitor were highlighted. The need, challenges, benefits and strategies of entrepreneurship development in Nigeria were also explored. The paper ended with relevant recommendations on how to accelerate entrepreneurship development in Nigeria and the implications for counseling.

Entrepreneurship: Issues and Solutions Evidence From Nigeria

This paper discusses the evolution and current development of principles and practice of entrepreneurship in Nigeria. It also examines the effect of entrepreneurship in fostering economic growth and development. The methodology adopted was the narrative-textual case study (NTCS) method, which is preferred because of the absence of sequential data related to entrepreneurship and sustainable economic growth in Nigeria. However, interviews were also conducted. We recommend that there should be proper policy coordination and policy stability; reforms in the educational curriculum to prepare students for self-reliance; and fixing the power sector-Nigeria's basic infrastructure. When we have flourishing micro, small and medium enterprises (MSMEs), gainful employment will be created, wealth created will be distributed evenly and economy is developed. Keywords: Micro, small and medium enterprises (MSMEs), GDP growth rate, Narrative-Textual Case Study (NTCS) and interview.