...andy chuks Role of business in Economic Development in Nigeria[->0] Share This, Tweet, +1 or Recommend &&&&&&&&&The role of business or entrepreneurship in economic development in Nigeria is very crucial and forms the backbone of National development. Below are some of the roles played by business in developing the economy of Nigeria. - Employment Generation: In Nigeria privately own small, medium and large scale business has come to be known as major source employment creation, unlike pre independence era where government was the major employer. By doing this business has helped in reducing the rate of unemployment. Businesses employs people to help them achieve their aims and objectives, with the establishment of businesses in Nigeria unemployment rate have fallen to some extent. - Direct Creation of Wealth by Contribution to the Gross National Product (GNP): GNP is the total monetary value of all goods and services produced in a country within a particular year. Businesses contributes directly to this because with more businesses the GNP will increase, also as businesses grow GNP increases. A country's level of economic development in determined by its GNP. - Provision of Technical Innovation: Innovations has been engineering by businesses seeking to improve their products and services. These innovations has brought tremendous improvement in the economy of countries. - Providing Competition: Businesses compete among themselves to perform better, this competition...
Words: 292 - Pages: 2
...resources”. Discuss Evaluate the impact of SEEDS in the implementation of MDGs in Nigeria Analyze the impact of Globalization on the economic Development of Nigeria The incidence of the Niger Delta militants groups and its consequences to entrepreneurial development in Nigeria Evaluate the power, composition and functions of NDDC Assess the impact of the multinationals in the Nigerian Economy with regard to FDI and FPI Youths and entrepreneurial Development: Realty or Myth Evaluate the implementation of MDGs and the realization of the objectives by 2015. The effect of entrepreneurial development on poverty reduction The impact of privatization on Nigerian economic development and growth. Evaluate the impact of different reforms in the Nigerian reforms on the Nigeria economy. Women entrepreneurial development (WED) and poverty: what a paradox The impact of women entrepreneurs in SMEs on poverty alleviation Evaluate the cultural factors in Nigeria and entrepreneurial development. Evaluate the financial factors in Nigeria and entrepreneurial development. Evaluate the environmental factors in Nigeria and entrepreneurial development. Gender, entrepreneurship and globalization: Barriers and prospects. Intrapreneurship and achievement of organizational objectives Evaluate intrapreneurship as a motivational concept in an organization Assess the impact of entrepreneurship and youth development. Assess the functions and activities of Nigerian Opportunities Industrialization...
Words: 1100 - Pages: 5
...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...
Words: 2924 - Pages: 12
...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...
Words: 6725 - Pages: 27
...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 for its operations...
Words: 7407 - Pages: 30
...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...
Words: 5924 - Pages: 24
...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...
Words: 8803 - Pages: 36
...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...
Words: 5099 - Pages: 21
...The Role of Business Economics in National Development In: Business and Management The Role of Business Economics in National Development INTRODUCTION Following 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...
Words: 325 - Pages: 2
...Journal of 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...
Words: 5540 - Pages: 23
...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....
Words: 5158 - Pages: 21
...TERMS. REFERENCES CHAPTER TWO REVIEW OF RELATED LITERATURE 2.1 MEANING AND CONCEPT OF ENTREPRENEURSHIP 2.2 HISTROY OF ENTREPRENUERIAL DEVELOPMENT IN NIGERIA. 2.3 ECONOMIC EFFECT OF ENTREPRENUERSHIP IN NIGERIA. 2.4 IMPACT OF ENTREPRENEURIAL DEVELOPMENT IN EBONYI STATE REFERENCES CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 3:1 RESEARCH DESIGN 2. AREA OF THE STUDY 3. POPULATION OF THE STUDY 4. SAMPLE AND SAMPLING 3.5 INSTRUMENT OF DATA COLLECTION 3.6 VALIDATIION OF INSTRUMENT 7. RELIABILITY OF THE INSTRUMENT 8. METHOD OF DATA COLLECTION 9. METHOD OF DATA COLLECTION REFERENCES CHAPTER FOUR 4.1 DATA PRESENTATION AND ANALYSIS 4.2 TESTING OF HYPOTHESIS 4.3 SUMMARY OF RESULTS CHAPTER FIVE DISCUSSION OF RESULTS AND FINDINGS 5.1 SUMMARY OF FINDINGS 2. CONCLUSION 5.3 IMPLICATION OF THE RESEARCH FINDINGS 5.4 RECOMMENDATION 5.5 SUGGESTION FOR THE RESEARCH BIBLIOGRAPHY APPENDIX CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY The worldwide economic depression of the early 80’s caused a rapid deterioration of the Nigeria economy. The output shrank to an all time local and commercial activities, which were consequently reduced, leading to the loss of employment opportunities in the country. Therefore, by the end of 1985, the unemployment situation in Nigeria had increased its proportions and as such most Nigeria graduates were faced with hardship due to unemployment in the country. This situation therefore...
Words: 2102 - Pages: 9
...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...
Words: 15789 - Pages: 64
...The potency of entrepreneurship to the creation of business and generation of employment can not be overemphasised. The relevance of its introduction to universities’curriculum shows its importance to the economy. The introduction of entrepreneurship education in Nigerian universities was a presidential initiative and the resolution which its formation was hinged upon was enacted in a meeting held on 28 September 2006 in the secretariat of the National Universities Commission (NUC) with education stakeholder. The central message of this resolution was that the NUC in consonance with the Federal Government of Nigeria should enhance the employability and self employment potential of Nigerian youth in the Nation’s universities (Dada, Fayomi &...
Words: 991 - Pages: 4
...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...
Words: 57078 - Pages: 229
