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Entrepreneurship and Socio-Economic Development: The Case of Nigeria

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  • Anochie Uzoma C.
  • Ude Damian Kalu
  • Egbo Vincent O.

Abstract

Empirical researchers and policy makers have shown increasing interest in entrepreneurship and its association with socio- economic development. In the literature, a good number of studies have established positive relationship between entrepreneurship and employment generation, poverty alleviation as well as socio- economic development. It is for this reason that various governments in Nigeria over the past three decades implemented a number of policies and programmes aimed at addressing the high rate of unemployment, wide spread poverty and low level of socio-economic development. Unfortunately, the various policies and programmes have failed to achieve the desired results. This paper attempts to enumerate the roles and importance of entrepreneurship in the socio-economic development of Nigeria as well as identify the causal factors that militate against the effectiveness of government efforts at entrepreneurship development. Major government programmes are examined to identify inherent weaknesses. Supported by empirical and theoretical literature, this paper asserts that a good treatment of all small businesses as entrepreneurial ventures will enhance the development of entrepreneurship which consequently affects the socio-economic development in Nigeria as policies and programmes are implemented across the board.It furthercanvasses a distinctive categorization to distinguish entrepreneurial firms from none-entrepreneurial small businesses and the development and implementation of policies and strategies that are suitable for each class of small businesses.While all small businesses need support, entrepreneurial firms need higher level of support to enable them play their catalytic role in employment generation and socio-economic development. Other groups of challenges identified by empirical studies, which militate against entrepreneurship development were highlighted. These include environmental hazards, infrastructural inadequacies, high level of insecurity and the incidence of wide spread corruption.

Suggested Citation

  • Anochie Uzoma C. & Ude Damian Kalu & Egbo Vincent O., 2015. "Entrepreneurship and Socio-Economic Development: The Case of Nigeria," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 6(7), pages 346-365.
    • Handle: RePEc:rss:jnljms:v6i7p4
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    References listed on IDEAS

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