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THE IMPACT
AND ROLE OF ENTREPRENEURSHIP ON THE ECONOMIC GROWTH OF NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
The role of
entrepreneurship in the growth and development of our dear nation cannot be
overlooked and as a result of the consistent rise in the level of unemployment
and the upward increase in the level of poverty in Nigeria, it has become
crucial for Nigerians to quit searching for white collar jobs that are not
available and start creating employment for themselves. The forces of
entrepreneur are strong in Nigeria because most people see entrepreneurial
activities as what is primarily based on essential due to the poor economic
situation. We do not seem to realise the fact that entrepreneurship development
is the base of all economic evolution of any nation. The current Nigerian
economy is largely dominated by the oil industry. The labour force is radically
growing, as is the unemployment rate currently at 20%, with millions of workers
underemployed. Nigeria is endowed with the largest domestic market in Africa a
wide range of natural resources coupled with a diversely skilled labour pool.
Given these economic realities, the country must constantly create new jobs,
and diversify the industrial and commercial sector to take advantage of human
and natural resources.
The
activities of entrepreneurs have been found to be capable of making impact on
the economy of a nation and quality of life of the people through economic
growth; employment generation and empowerment of the disadvantaged segment of
the population, which include women and the poor. Small and Medium Enterprises
(SMEs) is perceived as a pride of basically every country or state. Because of
SMEs’ significant roles in the development and growth of various economies,
they have appropriately been termed as the engine of growth and catalysts for
socio-economic transformation of any country. SMEs are perceived as a real
instrument for the achievement of national economic objectives of employment
generation and poverty reduction at low investment cost. Other central benefits
of vibrant SMEs are the access to the
infrastructural facilities the stimulation of economic activities such as
providers of various items and distributive trades for items produced and needed
by the SMEs, stemming from rural urban migration, enhancement of standard of
living of the employees of the SMEs and their dependents as well as those who
are directly or indirectly associated with them.
Various
government of the nation have begun to find solutions on how to involve the private
sector in the developmental process of their country’s economy which is one of
the responses to the challenges of development of entrepreneurial in developing
countries. Nigeria had even taken a bold step by including entrepreneurial
studies in the academic curriculum of her education system and with the
introduction of National Directorate of Employment (NDE) scheme. The belief of
such policy makers is that such decision will inculcate entrepreneurial spirit
in the mind of people so as to prepare them for wealth creation through
entrepreneurship (Fasua, 2006). Entrepreneurship is very crucial to the
development of a country’s economy, especially countries like Nigeria.
Entrepreneurship is sine qua non to national development poverty eradication
and employment generation it is the bed rock of any nation’s industrialization.
The
essential of entrepreneurship for productivity was originally credited to
Alfred Marshall in 1990. In his famous book; Practice Principle of Economics,
Marshall ascertained that there are four factors of production; Land, Labour
Capital and organization. These factors are properly utilized by an
entrepreneur. Thus entrepreneur creates new commodities or improves the plan of
producing an old commodity. (Marshall, 1994). Therefore, early entrepreneurs
were characterized with production and manufacturing. In a situation like this,
the producers often started with small capital. Early entrepreneurship began
with trade by barter even before the advent of money. Therefore most of the modern
entrepreneurs were engaged in retail trade and also sole proprietorship.
1.2 Statement of the Problem
With current
challenges in the global economy, new and innovative strategies are emerging in
the bid to stimulate and sustain growth in national economies. Entrepreneurship
is one model that is deemed critical to the formulation and implementation of
these strategies. According to a research by The Global Entrepreneurship and
Development Institute, it was found that USA is a world leader when it comes to
supporting its entrepreneurs in respect to business formation, expansion, and
growth. They also finance new businesses through venture capital. This type of
financial capital is provided to early-stage, high-potential and riskier
start-up companies. Countries like Australia and Sweden came second and third
respectively according to the 2014 statistics. Some of these countries’
economies are ranking very high because they understand the effects
entrepreneurs play in the growth of their economy. Their GDP are always on the
increase thereby increase in their economy.
In spite of
this, little is known about the profile of the Nigerian entrepreneur and how
they engage with the constantly evolving policy context. This study therefore
aimed at better understanding their characteristics the impact and role of
entrepreneurship on the Nigeria economic growth.
1.3 Research Questions
The
following are some of the questions which this study intends to answer:
i) what is the prevalence of
entrepreneurship on the Nigeria economic growth?
ii) what are the contributions of
entrepreneurs to the economic development in Nigeria?
iii) what are the factors that
influence entrepreneurs to economic development the Nigerian economic
development?
1.4 Objectives of the Study
The
objective of the study is critically study the role and impact of
entrepreneurship on the development of the Nigerian economy. However, the
specific objectives are to:
i) to investigate the
prevalence of entrepreneurship on the Nigeria economic growth
ii) to assess out the
contributions of entrepreneurs to the economic development in Nigeria
iii) to inquire are the factors that
influence entrepreneurs to economic development the Nigerian economic
development
1.5 Research Hypothesis
The research
hypotheses to be tested include:
i) there is a significant
relationship between entrepreneurship and economic growth of Nigeria
ii) Low entrepreneurial activities
does not have any significant correlation with economic growth in Nigeria
1.6 Significance of the Study
Findings
from the study will be of immeasurable importance to the Nigerian government
all and aspiring entrepreneurs in Nigeria. It will serve as a manual that will
guide them on how to about using entrepreneurship to economically develop the
country and raise their standard of living. It will as well help to bridge the
gap that might have existed in the entrepreneurial activities.
1.7 Scope of the Study
This study
investigated the roles and impacts entrepreneurship has on the economic growth
and how economic growth will be improved through entrepreneurship. Evaluating
entrepreneurship as a tool in the growth and development of Nigerian economy
seems too broad for the time frame of this research work therefore, the scope
of this work was confined towards the contribution of small and medium scale
enterprise to the development of Nigerian economy.
1.8 Limitation of the study
This
research worked on the impact and role of entrepreneurship on the Nigeria
economic growth was not an exception to the usual problems associated with
research in Nigeria. The researcher was faced with the problem of finance as
the researcher did not have enough funds to get the required stationery for the
work. Also, the timeframe for the work to be carried out was too short.
1.9 Definitions of Terms
The
following terms were used in the course of this study:
Economy
Growth: This is when the real per capital income of a country increases over
time.
Entrepreneur:
This is a person who starts or organizes a business that has a financial risk.
N.D.E. National Directorate of Employment
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