3, pp. 1. Schumpeter, J.A. These interactions ultimately result in firm performance, personal wealth and aggregate national economic growth (Carree and Thurik, 2010). Schumpeter (1934, 1942) argued that embedded in entrepreneurship is the prospect for enhancing the economy via the utilization of modern inventions and ideas that will push old industries out of business. Also, there is an evidence of long-run equilibrium bi-directional relationship between RER and RGDP. It was found by the study that policy initiatives of governments have affected the "transformation question" due largely to a rise in corruption, inadequate and inefficient . Lingering unemployment scenarios, which have become a global phenomenon, constitute a leading motivation for creating small businesses globally. In the economics parlance, economic growth or economic growth theory is an enhancement in the level of output or production due to an increase in total demand or production. 3.2 Evolution of Entrepreneurship in Nigeria In the beginning, entrepreneurship started when people produced more products than they needed, as such, they had to exchange these surpluses. The empirical results show that there is a strong and positive relationship between Real Exchange Rate (RER), Real Interest Rate (RIR) and Real Gross Domestic Product (RGDP). Dosi, G. (1988), Sources, procedures, and microeconomic effects of innovation, Journal of Economic Literature, pp. Results and discussion 5. critically examine SMEs in Nigeria and their challenges. and Minniti, M. (2000), The social dynamics of entrepreneurship, Entrepreneurship: Theory and Practice, Vol. That is why this study examines how tax incentives will enhance entrepreneurship outcomes in areas of wealth creation, value addition, employment generation and community improvement in Nigeria. These explain why the government, policymakers and other relevant stakeholders appreciate small businesses as a top priority for job creation within the economy. small businesses account for 38%, 37%, 33%, 21% and 19% of the new jobs created, respectively (World Bank, 2018). The studies also revealed that people with certain human capital would possibly involve in entrepreneurship. PDF | On Jul 4, 2019, Louisa N Amaechi published Entrepreneurship and Economic Development in Nigeria | Find, read and cite all the research you need on ResearchGate The sample size of 324 was determined using Taro Yamane method of 1973. An increase in the number of working population contributes to the output of entrepreneurs. Forecasting technique was applied to obtain data for missing trends. In contrast, the ownership mix allows for a more relaxed management style, trusting others with key responsibilities (Obasan et al., 2016). Nigeria's growing unemployment situation and how it increasingly dwindle the growth and development potentials of the country is worrisome. Durst, S. and Wilhelm, S. (2012), Knowledge management and succession planning in SMEs, Journal of Knowledge Management, Vol. (2022), "Smallmedium enterprise formation and Nigerian economic growth", Review of Economics and Political Science, Vol. 1, p. 53. and Luo, Y. 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. It addresses specific causal factors, indices of poverty and unemployment and proffered panacea to the identified problems. Aldrich, H.E. Sorry, preview is currently unavailable. Davidson and Honing (2003) mentioned in the Global Entrepreneurship Monitor (GEM) in 2012 that the ease of accessing resources could develop individuals' skills to recognize the merit in certain circumstances. Carree, M. and Thurik, A. The overarching research questions are: 1. Learning and organizing in new ventures, Journal of Evolutionary Economics, Vol. 1 No. 4 No. Time series data for the population (POP), the TLF and GDP were sourced from the World Development Indicator (WDI), while data on total microsmall and medium scale enterprises (MSME) and employment through entrepreneurial business (EMP) were taken from the National Bureau of Statistics (NBS) annual reports in conjunction with Small Medium Enterprises Development Agency of Nigeria (SMEDAN). The roles entrepreneurs play include input completion and gap filling. entrepreneurship in Nigeria is still netted in a clog of challenges with consequences for the economic development of the country (Nwankwo & Francis, 2017). ANAMBRA STATE-NIGERIA, TACKLING UNEMPLOYMENT THROUGH ENTREPRENEURSHIP EDUCATION AND SKILLS DEVELOPMENT IN NIGERIA, Rural Entrepreneurship Development and Poverty Alleviation: A Review of Conceptual Issues, Entrepreneurship development and employment generation in Nigeria: Problems and prospects, Entrepreneurship and Socio-Economic Development: The Case of Nigeria, IMPACT OF ENTREPRENEURSHIP DEVELOPMENT PROGRAMME ON INCOME AND EMPLOYMENT GENERATION AMONG THE YOUTH IN KANO STATE NIGERIA (LAFIYA JARI, A CONCEPTUAL FRAMEWORK FOR PERFORMANCE MANAGEMENT OF THE ENTREPRENEURSHIP EDUCATION POLICY IN THE NIGERIAN UNIVERSITIES, ENTREPRENEURSHIP EDUCATION AS A CATALYST FOR YOUTH EMPOWERMENT: EMPIRICAL EVIDENCE FROM NIGERIA, An Empirical Analysis of the Growth of Micro, Small and Medium Enterprise (MSMEs) in Nigeria and its Impact on Economic Development, Nurturing Small Businesses and Entrepreneurs in the South-East of Nigeria: Problems and Prospects, ENTREPRENEURSHIP DEVELOPMENT AND UNEMPLOYMENT REDUCTION IN NIGERIA 84 ENTREPRENEURSHIP DEVELOPMENT AND UNEMPLOYMENT REDUCTION IN NIGERIA, STRATEGIES FOR DEVELOPING, PROMOTING AND SUSTAINING ENTREPRENEURSHIP GROWTH IN AKWA IBOM STATE NIGERIA, Strategies_for_Achieving_Sustainable_Development_in_Nigeria_The_Nexus.pdf, Effect of Support for Entrepreneurship Development on Economic Growth and Development in Nigeria, DYNAMICS OF EXCHANGE RATE AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM THE NIGERIAN FOREIGN EXCHANGE MARKET, Entrepreneurship Development, Business Ownership and Women Empowerment in Nigeria, PROMOTING ECONOMIC SECURITY AND EMPLOYMENT GENERATION THROUGH EFFECTIVE MANAGEMENT OF EDUCATION AND ENTREPRENEURIAL SKILLS CURRICULUM IN NIGERIA, THE IMPACT OF ENTREPRENEURSHIP STUDIES IN NIGERIA UNIVERSITY, Entrepreneurship in sports and physical education in Nigerian universities: Challenges and prospects, DOES BANK CREDIT HAVE ANY IMPACT ON NIGERIA'S DOMESTIC INVESTORS. 15 No. National Bureau of Statistics (2013), Micro, small and medium enterprise national survey, available at: www.nigerianstat.gov.ng/pdfuploads/MSME%20Presentation.pdf. A combination of purposive and simple random sampling was used to select the respondents. The establishment and administration of nascent enterprises, structured to achieve unusual and creative privileges to attain quick and return-yielding growth, define entrepreneurship Shane and Venkataraman (2000). 3, pp. 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 noteworthy that, entrepreneurship forms the sub structure upon which science and technology are built. 1 No. Stevenson and Jarillo (1990) explain entrepreneurship as how people pursue opportunities by themselves or within an organization. Entrepreneurship, entrepreneurship education and unemployment Entrepreneurship rests on a theory of economy and society and innovation is its specific tool (Drucker 2015). PDF The Role of Entrepreneurship in Economic Development: The Nigerian The above assertions raise two critical questions: Is entrepreneurship via small and medium enterprise formation playing a vital role in economic growth in Nigeria as contended by Naude (2011). For small and medium businesses (SMEs) to thrive, entrepreneurship has to be well developed. 25-36. According to Schumpeter, the following are examples of innovative entrepreneurial activities: (1) The creation of a nascent product as already stated, a new good involves customers getting introduced to for the first time or an existing good with improved quality. Kusa, R. (2019), Opportunity Perception and Entrepreneurs' Motivation in SME Context, AGH University of Science and Technology, p. 101. 117-131. It involves the error term to link the short-run behavior of the GDPRt to its long-run value. (2017), Comparing OLS and rank-based estimation techniques for production analysis: an application to Ghanaian maize farms, APSTRACT: Applied Studies in Agribusiness and Commerce, Vol. SMEs vary by ownership. Youth Empowerment and Entrepreneurship in Nigeria: Implication for Davidson, P. and Honing, B. 13 No. This paper took a study of Nigeria's growing poverty situation where poverty has been tagged a rural phenomenon. Major government programmes are examined to identify inherent weaknesses. International Journal of Youth Empowerment and Entrepreneurship Development, ABSTRACT: Advocating and sensitizing gender equality in Nigerian System of Education have become a global issue implicated in culture and current case studies in many research publications, journals, conferences and seminar Papers. The difference is that technopreneurship is either involved in delivering an innovative hi-tech product (e.g. and Gavlovskaya, G. (2018), Effective microcredit banking for growth and development of small business and improve the poverty condition in Bangladesh, Journal of Applied Economic Sciences, Vol. PDF Entrepreneurship Education As a Tool for Reducing Unemployment in Nigeria 13 No. development, Innovations and entrepreneurship. entrepreneurship development in Nigeria, notable among these are the introduction of . Anyebe, A.A. (2017), Entrepreneurship education and employment in Nigeria, International Journal of Academic Research in Business and Social Sciences, Vol. SMEDAN (2014), SMEDAN and national bureau of statistics collaborative survey: selective findings, Abuja, available at: https://nigerianstat.gov.ng/pdfuploads/SMEDAN%202013_Selected%20 Tables.pdf. They play a key role in promoting prosperity by creating new jobs and increasing a region's economic prosperity (Maksimov et al., 2017). 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. Exploring the Impact of Entrepreneurship Education Program on Current 27 Nos 9-10, pp. Evidence from Italian SMEs, Applied Economics, Vol.
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