According to adeoye 2006, the debate on the effectiveness of fiscal policy as a. Its educational institutions appear to engage more in unproductive paperwork and teaching than in entrepreneurship education that would help to equip young graduates to become selfemployed and. Is entrepreneurship education a means of encouraging entrepreneurship in estako. The impact of entrepreneurship on economic development in nigeria. Feb 29, 2008 by the beginning of the 2000s, the government was more concerned about halting corruption and reigning in the state budget than economic development. Come browse our large digital warehouse of free sample essays. Determinants of economic growth in nigeria kazeem b. The mdg survey report for 2014 provides the most recent education indicators. Small and medium enterprises smes in nigeria occupies an exceedingly significant position in the nigerian economy. This is to examine the impacts of entrepreneurship in the economic development of the nigerian economy. Economic development through globalisation in nigeria. He or she has the idea, concept of new production to render to people in the country.
Therefore for any meaningful economic growth to take place, the role of women. These economic challenges happen, at times, simultaneously. It contributes to economic growth and development as well as a major employer to majority of the people of subsaharan africa including nigeria, especially those in the rural areas. However, the role played by smes, notwithstanding their development, is everywhere constrained by. Globalization and nigerian economic development yusuf abdulraheem. Economic development nigeria product, growth, economic. The purpose of this report is to help the nigerian people to decide for themselves how to achieve the desired economic advancement. Economic development in nigeria, although has been rocked back and forth by various political, sociocultural, financial and infrastructural setbacks, the economic development of a country like nigeria cant be said to have totally been where it used to be, or to have back tracked as some people insinuate. Get the knowledge you need in order to pass your classes and more. The role entrepreneurship development has to play in the economic development of nigeria cannot be overemphasised. The impact of women entrepreneurship on economic growth in. Unique relationships between entrepreneurship in the economic development contribution were established. The role of entrepreneurship in economic development of. An assessment of the performance of entrepreneurship and.
This study argues the thesis that government has become indispensable in the quests for socio economic growth and development of states including nigeria. Economic growth and development of nigeria economics essay. Relationship exists between socio economic, political and environmental factors and the development of entrepreneurship in nigeria. As asserted by 1, the high levels of selfemployment model in the country have proved to be efficient economic development. Longetivity is measured by life expectancy at birth eo, knowledge is measured in terms of literacy lit. This situation however, contrasts with the vast human and. The impact of entrepreneurship on economic development in. Efforts to achieve the millennium development goals have paid off in some areas but challenges remain. Nigerian economy is difficult to accurately measure or estimate, but it is.
This shows that despite their contributions to economic development of many nations, small and mediumscale enterprises in nigeria are still not very effective in their performance. Ajide1 this paper investigates the role of frazer economic freedom index on fdigrowth relationship over the period spanning 1980 through 2010 using annual time series data. In this research work, the method of estimation is based on the use of multiple regression technique. Many saw nigeria, with 15% of africas population, as an emerging economy. Concerning the role of entrepreneurship in stimulating economic growth. O department of business administration email address. This is why alam and hossan 2003 see entrepreneurship as playing a key role in the process of economic development through. The economic development of nigeria english world bank. The hypothesis that entrepreneurship is linked to economic growth finds its most im mediate foundation in simple intuition, common sense and pure economic. Pdf on jul 4, 2019, louisa n amaechi and others published entrepreneurship and economic development in nigeria find, read and cite all. Does entrepreneurship play any significant role in economic development during a recession. Pdf effect of business on economic development in nigeria.
This paper was set to examine entrepreneurial, technical and vocational skills required for selfreliant and job creation. What are the challenges of business startups smes in. To discuss and suggest strategies of revamping entrepreneurship development in nigeria. The impact of entrepreneurship growth in the development of. The socioeconomic impact of entrepreneurship on the sustainable economic growth of the. The factors militating against entrepreneurship development in nigeria. Development, economy, entrepreneurship, government, innovation, nigeria, policy, recession, smes small and medium scaled enterprises. Governors of the central bank of nigeria cbn, at its meeting held on 25th january, 2011 resolved that microfinance banks must be well positioned within the next five years to play their roles in economic development of nigeria. Umoh introduction this article overviews the growth and development of the nigerian economy from inde pendence to present times. The impact of entrepreneurship on economic growth, that there are three different levels of analysis to be evident when associating entrepreneurship to economic growth as this meant that individual level could be linked to the macro economic sphere. This research work covers the period of 20152016, and does not go beyond the topic.
The small and medium scale enterprises smes dominate the real sector and play roles in the economic development of countries around the world. Fiscalmonetary policy and economic growth in nigeria. This paper underscores the importance of policy formulation in entrepreneurship development in nigeria as well as the importance of entrepreneurship in reducing the evergrowing rate of. Being the text of a paper presented at the 4th annual national conference of the social studies association of nigeria sosan. It recommends the ways in which nigeria may organize and finance the development effort, sets the goals which can be attained. Understanding the benefits and drawbacks of entrepreneurship. The role of entrepreneurship education on job creation among. Globalization and nigerian economic development by yusuf abdulraheem department of curriculum studies and educational technology university of ilorin, ilorin. These conditions may have both positive and negative influences on the emergence of entrepreneurship. Analyses also show that entrepreneurship development in nigeria is mainly hinged on necessity and funded by selffinance, family and friends as the microfinance institutions pose stringent measure for loan. The study focuses on assessing the prospects and problems of entrepreneurship development in nigeria.
The study was carried out at ilorin, capital city of kwara state, nigeria. Pdf this study investigated the impact of entrepreneurship in stimulating sustainable economic development in nigeria. Impact of entrepreneurship on the economy of a country. Entrepreneurship education and economic development in nigeria. Economic diversification for sustainable development in nigeria. Maritime entrepreneurship and economic development in nigeria. Women entrepreneurs and economic development in nigeria. Both the quantitative and qualitative measurements attest to the growing incidence and depth of poverty in the country. Entrepreneurship growth does foster economic development by generating employment and create jobs through the increase of micro, small and medium enterprises establishment. The study also found that microfinance banks financing in the area of transportation and commerce, manufacturing and food processing and other activities have significantly impacted on economic growth and development of nigeria during the period. Technical and business education, delta state university, p. Nigeria is promoting a private driven economy through her home grown needs akpobasah, 2004. Nigerias ranking in the 20 human development index at 0. Entrepreneurship education and economic development in.
In areas where these factors are present, you can expect to see strong and consistent entrepreneurial growth. Challenges to economic growth in nigeria michael amati. On the other hand, the imf has not adapted to nigeria but obliges the country to adapt to the institutions demands hindering economic development. The role of entrepreneurship education on job creation among youths in nigeria pule maina the department of marketing, ramat polytechnic, maiduguri, nigeria email address.
We found that nigerias economy has continued to grow over the last decade with the real gdp growth rate hovering around 7%. Nigeria is threatened by economic decline, economic stagnation, stunted economic development and economic recession. Nigeria country profile growth and development economics. To ascertain the challenges of entrepreneurship development in nigeria. Characteristics for success isidore ekpe college of business, universiti utara malaysia, 06010 sintok, kedah, darul aman, malaysia email. Active and preventive measures for the employment and inactive job creation and entrepreneurship address change and promote adaptability and mobility in the labour market promote development of human capital and lifelong learning. Is there a relationship between entrepreneurship and economic development. Britain eventually gained control of nigerian administration. The specific objectives are to i ascertain the effect of fashion designers business on sustainable economic development in nigeria, ii determine the impact of software and telecom businesses. The impact of entrepreneurship growth in the development.
Read this essay on the role of entrepreneurship in economic development of nigeria. After independence, the nigerian economy seemed very promising. Article information, pdf download for entrepreneurship education and. This study examines the impact of women entrepreneurs on economic growth in benue state, northcentral nigeria. D department of business managementbenue state university, makurdi abstract. Before the prominence of petroleum industry, nigerian economy was dependent on agriculture. The role of entrepreneurship in economic development of nigeria. This study assessed the impact of entrepreneurship on economic development in nigeria.
The role of entrepreneurship development is played by an entrepreneur, someone who has reasons to set up a business, who has goals and work hard to achieve the goals. The economic situation of nigeria nigeria is a mono economic nation with its economy heavily dependent on petroleum revenue which accounts for about 80% of government revenue and 90% of foreign exchange earnings. The role of entrepreneurship in economic development. Objectives of the study the study has the following specific objectives 1. The role of entrepreneurship development in nigeria economy, a case study of the hungry man restaurant wuse ii abuja. What are the impacts of entrepreneurship on economic development in nigeria. The majority of entrepreneurs in the country are operating in lagos, the former capital of the country. Entrepreneurship, employment and sustainable development. The impact of women entrepreneurship on economic growth in benue state nigeria kpelai, s. Entrepreneurship plays a vital role in the development of a countrys economy as this is the key contributor to innovativeness, product improvement, reduction of unemployment and poverty entrepreneurship, which is basically the practice of starting a business in order to earn a profit on newfound opportunities, can go a long way to stabilize the economy of a nation as well as generate. International journal of development and economic sustainability vol. Nigeria s economic decline since the 1980s has created a hostile environment that is unfavorable to entrepreneurial success.
What are the challenges of entrepreneurship in the sustainable development of estako west. Pdf entrepreneurship and economic development in nigeria. The role of entrepreneurship in transforming the nigerian. Is small and medium enterprises smes an entrepreneurship. Phd london cna department of economic and management studies, college of social and management sciences afe babalola university, pmb 5454 adoekiti nigeria. The global economic crisis which is manifested in balance of payment deficits and. Given the relative neglect of entrepreneurship by development scholars it deals with i recent theoretical insights from the intersection of. The role of entrepreneurship in transforming the nigerian economy 1.
Entrepreneurship and sustainable economic growth in nigeria. The neglect of women in the development process constitutes a waste of human resources. Poverty in nigeria is not something new and is quite disturbing. Challenges facing women entrepreneurs in nigeria emerald. Entrepreneurship development in nigeria information. This case study is to examine the effect of the impact of entrepreneurship on economic development in nigeria. The historical background of entrepreneurial development in nigeria. This study is thus an assessment of the performance of entrepreneurship and flexible skills development initiative in auchi polytechnic, auchi, edo state, nigeria it is established that entrepreneurship education, flexible skills development fsd can increase access to affordable, flexible and quality skills acquisition. To examine the role of good governance on entrepreneurship development in nigeria. Entrepreneurship activity in nigeria is primarily based on necessity. Achie the role of national directorate of employment nde in entrepreneurship development in nigeria international journal of research in business studies and management v3 i4 april 2016 25 does entrepreneurship appear primarily in response to a particular set of economic, social. Maritime entrepreneurship and economic development in nigeria with abstract, chapter 15, references and questionnaire.
Nevertheless, the niger delta development commission nddc was created to coordinate economic and social development in the oilproducing region. The standard of education in nigeria has been declining, the level of unemployment continues to rise and the nations economic development is stagnant. Entrepreneurship, employment and sustainable development in. A term paper on the role of entrepreneurship in economic development of nigeria. This study seeks to examine the business and social profiles of 67 women entrepreneurs in three regions of nigeria in order to identify patterns of entrepreneurship and social and economic challenges facing women business owners in nigeria. The project focuses on how entrepreneurship will contribute to economic development and how economy would be improved through entrepreneurship. The relationship between entrepreneurship and economic development is important to understand for policymakers and business owners. The impact of women entrepreneurship on economic growth. The concept of development has been variously defined. Since women form a great percentage of the nigeria population,fgn census, 2006 they are expected to contribute their quota to the growth of the nation. Indeed sustainable economic development in a country like ours cannot be achieved without rural.
Entrepreneurship will promote nigeria s economic development. Does the application of entrepreneurship serve as a potential remedy to present nigeria economic recession. Entrepreneurship is influenced by four distinct factors. The personnel involved in this research work were drawn randomly from the upper, middle and lower management level of the organization.
The historical background of entrepreneurial development in. An overview of the nigerian economic growth and development. Even though there are a lot of barriers limiting entrepreneurship in nigeria, it. Effect of business on economic development in nigeria article pdf available in journal of business economics and management volume 54.
The role of entrepreneurship in transforming the nigerian economy. The economic development of nigeria english abstract. Empirical researchers and policy makers have shown increasing interest in entrepreneurship and its association with socio economic development. The role of national directorate of employment nde in. Keywords research, entrepreneurial development, smes, synonymous 1. In the literature, a good number of studies have established positive relationship between entrepreneurship and employment generation, poverty alleviation as well as socio economic development. The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through sme development in nigeria. The following research questions will be answered in order to identify and examine entrepreneurship development programme in nigeria and proffer solutions to them. Given the generally held view that entrepreneurship development is the key to poverty eradication, employment generation and rapid economic development, various governments in nigeria have, over the past three decades, evolved policies and programmes, aimed at developing entrepreneurship through the development of small and.
The role of womens creativity and innovations in the. The impact of entreprenurship on economic development in nigeria a case study salami akeem olanrewaju akinbode, s. Key constraints include the cost of starting a business and minimum paidin capital requirements, with women. The study aims to support and encourage sustainable small. No wonder they have been given serious attention in many parts. Entrepreneurship and economic development in nigeria.
However, shell is attempting to act more responsible by adjusting its position in order to have a more positive impact on economic development. Economic integration promotes cultural, social, political and inclusion in wider society, if creativity in entrepreneurship had been declared a significant driver in the future development of societal welfare. Agriculture is an important sector in the developing world. To examine entrepreneurship as having a link with the economy of nigeria.
Entrepreneurship supports economic growth and development through market innovations and there is a bidirectional relationship between entrepreneurship. Colonialism is a major feature of the economic history of nigeria. A total of 100 smes were randomly selected from a cross section of a population of all smes spread around some states of nigeria and covering virtually all forms of enterprise. Assessing the prospects and problems of entrepreneurship. A multivariate regression approach was employed to estimate augmented growth models.
Introduction nigeria, the most populous country in africa, is naturally endowed with millions and millions of acres of arable land, 38. Problems of economic development in nigeria and solutions. Entrepreneurship as a panacea to economic development. Several studies on entrepreneurship concentrate on the contribution of entrepreneurship to sustainable economic development, job creation, innovation and resource allocation, but there is a little attention on effect of entrepreneurship training and education on poverty alleviation, especially in lagos state.
568 1622 1113 1656 1606 1019 473 759 1429 1094 716 285 1274 530 1053 1074 1536 624 1285 1404 1547 891 1457 1392 786 377 935 1665 571 1261 1315 596 1132 307 34 444 381 1472