...European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol 4, No.8, 2012 www.iiste.org The Role of Entrepreneurship in Economic Development: The Nigerian Perspective Dr. Mrs Ann Ogbo AGU CHIDIEBERE NWACHUKWU Dept. Of management, University of Nigeria, Enugu Campus. PMB 011 *E mail of the correspondence author: annogbo@yahoo.com brightchidi@yahoo.com Abstract The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through SME development in 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. Participants were selected through a simple random sampling. The responses to the questionnaires were complemented with personal interviews of some SMEs operators. The responses of the participants were analyzed using the statistical package for social sciences (SPSS), which generated the frequency distributions, means, standard deviations, chi-square statistics, analyses of variance, etc of the responses. The hypotheses of this research which were tested at 0.05 level of significance using chi-square statistics hinged on identifying the greatest problem which SMEs face in Nigeria, the identification and ranking of the top ten problems or challenges of SMEs in Nigeria and the relationship between the form and nature of the business enterprise and its sources of funding...
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...this introduction on Nigeria’s economic development challenge, this paper reviews business economics, outlining the relationship with innovation and social entrepreneurship. It also presents a holistic framework for economic development covering the individual, firm and macro levels, and outlines the roles of stakeholders at each level, in fostering national development. It concludes by calling on all stakeholders to play their part in leveraging entrepreneurship and all aspects of business economics to unleash the wealth of human capital that Nigeria is endowed with so that more people can participate in the transformation of Nigeria. Nigeria as the most populous country in Africa is naturally endowed with millions and millions of acres of arable land, 38.5 billion barrels of stated oil reserves, vast gas reserves, a variety of unexploited minerals, and a wealth of human capital by virtue of its estimated population of 150 million. It is the world’s eighth largest exporter of oil, and Africa’s second largest economy, after South Africa. Nigeria accounts for 15 per cent of Africa’s population, contributes 11 per cent of Africa’s total output and 16 per cent of its foreign reserves while it accounts for half of the population and more than two-thirds of the output of the West Africa sub-region. It has been at the forefront of the resolution of many political challenges in Africa. Over the last decade, Nigeria has implemented far reaching economic reforms aimed at improving macroeconomic...
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...European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol 4, No.8, 2012 www.iiste.org The Role of Entrepreneurship in Economic Development: The Nigerian Perspective Dr. Mrs Ann Ogbo AGU CHIDIEBERE NWACHUKWU Dept. Of management, University of Nigeria, Enugu Campus. PMB 011 *E mail of the correspondence author: annogbo@yahoo.com brightchidi@yahoo.com Abstract The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through SME development in 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. Participants were selected through a simple random sampling. The responses to the questionnaires were complemented with personal interviews of some SMEs operators. The responses of the participants were analyzed using the statistical package for social sciences (SPSS), which generated the frequency distributions, means, standard deviations, chi-square statistics, analyses of variance, etc of the responses. The hypotheses of this research which were tested at 0.05 level of significance using chi-square statistics hinged on identifying the greatest problem which SMEs face in Nigeria, the identification and ranking of the top ten problems or challenges of SMEs in Nigeria and the relationship between the form and nature of the business enterprise and its sources of...
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...Challenges and Prospects of Entrepreneurship in Nigeria Okezie A. Ihugba Alex Odii Asoluka C. Njoku Department of Economics, Alvan Ikoku Federal College of Education, Owerri-Imo State, Nigeria Doi:10.5901/ajis.2012.v2n5p25 Abtsract 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 changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate...
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...Challenges and Prospects of Entrepreneurship in Nigeria Abtsract 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 changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate infra-structural facilities (water, electricity, road network, communications etc.) Introduction A nation's ability to generate a steady stream of business opportunities...
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...Sustainable Development Studies ISSN 2201-4268 Volume 2 (2013), Number 2, 197-215 Entrepreneurship for Sustainable Economic Growth in Nigeria Oyelola, O. T. Centre for Entrepreneurship Development, Yaba College of Technology, P.M.B 2011, Yaba, Lagos, Nigeria Ajiboshin, I. O. Centre for Entrepreneurship Development, Yaba College of Technology, P.M.B 2011, Yaba, Lagos, Nigeria Raimi, L. (Corresponding author) Centre for Entrepreneurship Development, Yaba College of Technology, P.M.B 2011, Yaba, Lagos, Nigeria Raheem, S. Centre for Entrepreneurship Development, Yaba College of Technology, P.M.B 2011, Yaba, Lagos, Nigeria Igwe, .C. N. Centre for Entrepreneurship Development, Yaba College of Technology, P.M.B 2011, Yaba, Lagos, Nigeria Abstract. This paper underscores the importance of entrepreneurship as a realistic mechanism for sustainable economic growth in Nigeria considering the experiences of developed nations like the United States and vibrant economies like China and India. The paper discusses that entrepreneurship has been instrumental in economic growth, balanced regional development and job creation in most dynamic economies, where technology is changing at a faster rate and the product lifetime cycle is shrinking. The methodology adopted in this paper is the narrative-textual case study (NTCS); it is a social science research method that relies on the information and data from several sources for problem-solving or problem-identification. The paper reveals that...
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...American International Journal of Contemporary Research Vol. 2 No. 1; January 2012 ENTREPRENEURSHIP TRAINING AND EDUCATION AS STRATEGIC TOOLS FOR POVERTY ALLEVIATION IN NIGERIA Dr. O. J. K. Ogundele Department of Business Administration & Management Technology Lagos State University, Ojo; Lagos Nigeria. Waidi Adeniyi Akingbade Department of Business Administration & Management Technology Lagos State University Ojo; Lagos, Nigeria. Hammed Babatunde Akinlabi Associate Lecturer Lagos State University External System Ojo, Lagos, Nigeria. Abstract The main objective of the study is to investigate the intensity of entrepreneurship training and education as strategic tools for poverty alleviation in Nigeria. Using a stratified random sampling technique, 250 entrepreneurs and apprenticeships from five recognized local government areas in Lagos state, South Western Nigeria were selected as our respondents. Data were gathered through a self-monitored questionnaire survey. Simple regression analysis was used to test the relationship between the entrepreneurship training and education and poverty alleviation. Two hypotheses were postulated to determine the relationship between technical skill and youth empowerment and between personal entrepreneurial skill and social welfare services. This study confirmed that entrepreneurship training and education are significantly related to the youth empowerment and social welfare services. Findings revealed that youth empowerment are influenced by...
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...IMICRO-FINANCE OF MOBILE ENTREPRENEURSHIP IN NIGERIA: AN ANALYSIS OF SELECTED CASE STUDIES IN BENIN CITY BY DADA ADEYINKA PSC0709051 DEPARTMENT OF POLITICAL SCIENCE AND PUBLIC ADMINISTRATION FACULTY OF management SCIENCES UNIVERSITY OF BENIN BENIN CITY. DECEMBER, 2015. MICRO-FINANCE OF MOBILE ENTREPRENEURSHIP IN NIGERIA: AN ANALYSIS OF SELECTED CASE STUDIES IN BENIN CITY BY GLORY PSC0709051 IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE BACHELOR OF SCIENCE (B.SC) DEGREE IN POLITICAL SCIENCE AND PUBLIC ADMINISTRATION, FACULTY OF MANAGEMENT SCIENCE OF THE UNIVERSITY OF BENIN DECEMBER, 2015. CERTIFICATION This is to certify that the exercise here by described in the research work was carried out behind the Faculty of Physical Science, University of Benin, under my supervisor. ____________________ ____________________ Dr. B.E. Iyorzor Date Project Supervisor ____________________ ____________________ Dr. E.O Aiyohuyin Date Head of Department DEDICATION I dedicate this project to Almighty God who has always giving me the grace and privilege financially and otherwise to do this project and to my lovely family, who gave me moral courage in the cost of writing this project. ACKNOWLEDGEMENT This completion of this work would not have been possible if not for the support which I received from many people. My thanks...
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...ENTREPRENEURSHIP AND SMALL BUSINESS A CASE OF A DEVELOPING COUNTRY Abstract This study revolve around the socio-economic structure of entrepreneurship, factors affecting the growth and development of enterprises and problems faced by them. For the purpose of data collection a sample of fifty small scale units was taken and a common schedule of structure questionnaire containing questions of various aspect of entrepreneurship was administered personally to the owner/managing director of each of the units as the case may be. This study is partially exploratory but basically descriptive in nature. From the interpretation and analysis of data collected the result shows that age is not a static phenomenon for entrepreneurship. Those who have less education but have more practical experience and training, enter into the industry early. However, in such cases less education restricts the growth and development of the enterprise. The paper also finds reasons for enterpreneurship, the three was to earn high profits and prosperity. The variables which decide the area of activity or the product line are based on assured market, parental business, experience and revival of the sick unit etc. There are certain irritants that also serve as impediments for the growth of enterprises. For instance competition from small scale units, (28%) financial constraints, high intent ratio and others. Introductionn The prosperity and progress of a nation depends on the quality of its people....
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...Background to entrepreneurship Definition and interpretation The term enterpreneurship emerges from the french (literally between take or go between )and traceable to the eighteen century economiist Richard Cantillon ,Anne-Robert –jacques Turgot and Francios Quesnay ,The term was also denoted to an actor in charge of large –scale construction Project as cathedral, bearing no risk but simply carrying the task forward untill resoures were Exhausted ,the change in the use of term began in the seventeen century with a specific reference to risk bearing and enterpreneurship was tagged a person who entered into a contractual relationship with the government for the performance of a service or the supply of good ;The assumption was the price of a contract had been valued and fixed and the enterpreneur bore the risk of profit and loss from the bargain. In the eighteen century ,the term was applied in france in several way ; cantillon in 1725 referred to entrepreneurs as risk bearing .But he tried to differentiate the entrepreneurs who provide capital or funds from those who relied on their own labour and resources. That showed an entrepreneurial role as independent of the capitalist role Quesnay considered an enterpreneur as a tenant farmer who rent property at a fixed rent and produces a given price’s like cantillon bandeau ( 1797) and Turgot...
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...MODULE ONE THEORY AND CONCEPT OF ENTREPRENEURSHIP STUDIES Learning Objectives At the end of this module students should be able to; Discuss the origin of Entrepreneurship Define the concept “Entrepreneur” List the roles and characteristics of an Entrepreneur State the motivational factors of Entrepreneurship. UNIT ONE: ORIGIN AND CONCEPTS OF ENTREPRENEUR AND ENTREPRENEURSHIP Objectives: At the end of this unit students should be able to; Compare and contrast the various definitions of Entrepreneur and Entrepreneurship. 1.2. Differentiate between Entrepreneur and Entrepreneurship. List five contributions to the study of Entrepreneurship. Introduction Businesses are any undertaking created for the purpose of creating utility. Utility is simply the satisfaction derived from consuming certain goods and services. Businesses are created by a special kind of labour which is also referred to as the entrepreneur. Entrepreneur is regarded as a special kind of labour because not all labour possesses entrepreneurial abilities which enable them to start a business from the scratch. Thus, entrepreneurship is simply the establishment of a new business or business enterprise or venture. This Unit looks at the development of the concept of entrepreneurship and the various ways in which this concept can be defined. Quick Review questions I. Businesses are not any undertaking created for the purpose of creating utility...
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...and learning experiences from other courses become entrepreneurial graduates capable of impacting on their environment while being globally competitive. Ideally, entrepreneurship education should be an off shoot of all disciplines. The primary discipline should provide skills capable of generating goods and services that would be demanded and create income. This education will thus help students to utilize learned skills to generate self employment thereby reducing the population of our graduate seeking jobs to the barest minimum. This will also reduce the level of unemployment nationally. The materials in the book are contributed by scholars from different intellectual backgrounds to produce a rich and highly stimulating compilation. The book gives a vivid background of the history of entrepreneurship from the rudimentary to the modern age. It provides ideas on principles and skills involved in sustaining entrepreneurship, potentials of businesses and entrepreneurs, types of enterprises and contributions of entreprenures to local, national and global economy. 2.0 Course description The concept and scope of entrepreneurship; the nature and forms of business ownership in entreneurship; entreneurship in Nigeria: an overview; mega-entrepreneurs: a prosopographical historical study of nigerian entrepreneurship, 1850-2000; transnational corporations and...
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...ATPC African Trade Policy Centre Work in Progress No. 77 ATPC Economic Commission for Africa The Impact of Chinese Investment and Trade on Nigeria Economic Growth 2009 Djeri-wake Nabine Abstract This paper examines the impact of Chinese foreign direct investment and bilateral trade with Nigeria economic growth. The study use an augmented aggregate production function (APF) growth model, three methods are performed to test the hypothesis that there is no causal relationship between foreign direct investment, exports, imports and economic growth. The statistical methods used are: the Ordinary Least Squares Method (OLS) and the Granger causality test. Using time-series and panel data from 1990 to 2007, The estimated both short and long-run analysis for Nigeria-China relationship shows that in short term the bilateral trade doesn’t contribute to Nigeria economic growth but the long term relationship can enhance Nigeria economic growth; it should then be the policy priority for Nigeria to make sure that FDI inflows from China and its trade relationship with China exert the reinforcing and beneficial effects on GDP and exports through active acquisition of advanced technology and open trade regime. A - CEA EC E ATPC is a project of the Economic Commission for Africa with financial support of the Canadian International Development Agency (CIDA) Material from this publication may be freely quoted or reprinted. Acknowledgement is requested...
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...ECONOMIC IMPLICATIONS OF CONSTANT POWER OUTAGES ON SMES IN NIGERIA International Centre for Basic Research, 20 Limpopo Street, FHA, Abuja College of Engineering and Engineering Technology, Department of Electrical and Electronic Engineering, Michael Okpara University of Agriculture, Umudike, Abia State been identified [2]. A particular finding revealed the high cost of providing back-up energy (partly infrastructural) for SMEs which sometimes is as critical as three times the cost of publicly supplied electricity [3], [4]. In Nigeria and perhaps generally, SMEs classification is done on the basis of capital investment and employed labour force while other criteria could be the annual turnover or gross output [5]. Until very recently, energy was rarely cited as one of the problems militating against the development of SMEs in Nigeria and elsewhere. This study is built on the argument that, unlike larger businesses, the establishment and operation of SMEs promotes economic development which by extension, boosts a country’s GDP number [6] (see Fig. 1). A separate study identifies this link (between SMEs and GDP) but could not establish if it is actually responsible for economic growth [7] while another study presents a decreasing link of 51%, 39% and 16% of GDP being produced by SMEs in high-income, medium income and low-income countries respectively [8]. Elsewhere, it has been confirmed that SMEs were responsible for pulling the US out of economic slump and can therefore, serve...
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...American Journal of Economics 2012, 2(3): 57-60 DOI: 10.5923/j.economics.20120203.06 Linear Function Application: Enlightment to the Impact of Fuel Subsidy Removal in Nigeria Abang I. S.*, Elufisan T.O., Okwubunne A. C. National Centre for Technology Management, an Agency of the Federal Ministry of Science & Technology, Obafemi Awolowo University, Ile-Ife, Nigeria Abstract This paper adopts a linear function approach to analyse the effect of fuel subsidy removal on the value of Nigerian Naira and local production in the country. Data for about eight different periods where fuel hike occurred in Nigeria was used, and a mathematical model with the aid of a graph, was also developed to aid estimated calculation of Naira’s value. We also deduced from this study that increase in fuel pump price has an adverse effect on the standard of living of the people, since fuel is essential for the transportation of major Nigerian commodities, such as Agricultural produce and other market product. The significant impact of the upsurge of petroleum pump price on the price of goods transport initiates this study; with the aim of checking its effect on the purchase value of naira. Though this study is totally neutral about the subsidy removal, its just to enlighten us on the topic and let viewers decide. Keywords GDP, Subsidy, Data, Scarcity calls for a quick intervention. In a bid to averting the continual occurrence of this problem, Nigeria government have decided to intervene by deregulating...
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