Select Currency
Translate this page

THE IMPACT AND ROLE OF ENTREPRENEURSHIP ON THE ECONOMIC GROWTH OF NIGERIA

Format: MS WORD  |  Chapter: 1-5  |  Pages: 53  |  1139 Users found this project useful  |  Price NGN3,000

  DOWNLOAD THE FULL PROJECT

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

  DOWNLOAD THE FULL PROJECT

Not What You Are Looking For?



For Quick Help Chat with Us Now!

+234 814 010 7220

+233 541 351 187


Here's what our amazing customers are saying

Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Azeez Abiodun
Moshood Abiola polytechnic
I actually googled and saw about iproject master, copied the number and contacted them through WhatsApp to ask for the availability of the material and to my luck they have it. So there was a delay with the project due to the covid19 pandemic. I was really scared before making the payment cause I’ve been scammed twice, they attended so well to me and that made me trust the process and made the payment and provided them with proof, I got my material in less than 10minutes
Very Good
Gbadamosi Solomon Oluwabunmi
Lasu
Swift delivery within 9 minutes of payment. Thank you project master
Excellent
JONNAH EHIS
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
Excellent
MATTHEW NGBEDE
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Excellent
Temitayo Ayodele
Obafemi Awolowo University
My friend told me about iprojectmaster website, I doubted her until I saw her download her full project instantly, I tried mine too and got it instantly, right now, am telling everyone in my school about iprojectmaster.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Excellent
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Excellent
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.
Excellent

HOW TO GET YOUR COMPLETE PROJECT INSTANTLY

  • Select 3 Project Topics of your choice from your Department.
  • Submit the 3 topics to your Supervisor for Approval.
  • Call Our Instant Help Desk on +234 814 010 7220 and Get Your Complete Project Material Instantly.
  • All project materials on this website are well researched by professionals with high level of professionalism.

FREQUENTLY ASKED QUESTIONS

How do i choose a Project Topic?

Look for your department and select any topic of your choice

I have a fresh topic that is not on your website. How do I go about it?

How fast can i get a complete project from your website?

Within 15 minutes if the exact project topic is on our website

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

One of your topics suites my project, but the case study is different. What do i do?

Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

How do i get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 814 010 7220

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!