IDEAS home Printed from https://ideas.repec.org/a/spr/jknowl/v15y2024i1d10.1007_s13132-023-01117-y.html
   My bibliography  Save this article

Economic Crisis Management During the COVID-19 Pandemic: The Role of Entrepreneurship for Improving the Nigerian Mono-Economy

Author

Listed:
  • Lanyue Zhang

    (Chongqing Technology and Business University)

  • Stavros Sindakis

    (Hellenic Open University
    Chongqing Technology and Business University)

  • Nipun Dhaulta

    (Institute of Strategy, Entrepreneurship and Education for Growth)

  • Simplice Asongu

    (University of Johannesburg
    AKFA University)

Abstract

The study develops a crisis response theory that could help Nigeria sustain itself in the present crisis, which is deepening unemployment, poverty, and misery due to the tremendous economic crisis it faced after the global pandemic. Entrepreneurship is viewed as a pivotal engine for reinstating the declining economic state of a country. Through the positivist research approach, the study is conducted on the owners and business executives of SMEs established and operated by entrepreneurs in Nigeria. The data analyzed through surveys, in-depth telephone interviews, and secondary sources shows that Nigeria’s economic instability is mainly because of a lack of financial assistance, industrialization, and technology limitations. Though it was observed that the government reduced certain unfriendly business regulations, corruption still caused funding conditions to shift frequently, and unreliable government policies made it challenging for entrepreneurs to thrive.

Suggested Citation

  • Lanyue Zhang & Stavros Sindakis & Nipun Dhaulta & Simplice Asongu, 2024. "Economic Crisis Management During the COVID-19 Pandemic: The Role of Entrepreneurship for Improving the Nigerian Mono-Economy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 828-859, March.
    • Handle: RePEc:spr:jknowl:v:15:y:2024:i:1:d:10.1007_s13132-023-01117-y
    DOI: 10.1007/s13132-023-01117-y
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s13132-023-01117-y
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s13132-023-01117-y?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Vanessa Simen Tchamyou, 2017. "The Role of Knowledge Economy in African Business," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(4), pages 1189-1228, December.
    2. Stephen Taiwo Onifade & Savaş Çevik & Savaş Erdoğan & Simplice Asongu & Festus Victor Bekun, 2020. "An empirical retrospect of the impacts of government expenditures on economic growth: new evidence from the Nigerian economy," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 9(1), pages 1-13, December.
    3. Nick Williams & Tim Vorley, 2015. "The impact of institutional change on entrepreneurship in a crisis-hit economy: the case of Greece," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 27(1-2), pages 28-49, January.
    4. Khan, Anupriya & Krishnan, Satish, 2019. "Conceptualizing the impact of corruption in national institutions and national stakeholder service systems on e-government maturity," International Journal of Information Management, Elsevier, vol. 46(C), pages 23-36.
    5. Simplice A. Asongu, 2017. "The Comparative Economics of Knowledge Economy in Africa: Policy Benchmarks, Syndromes, and Implications," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(2), pages 596-637, June.
    6. Nagy K. Hanna, 2020. "Assessing the digital economy: aims, frameworks, pilots, results, and lessons," Journal of Innovation and Entrepreneurship, Springer, vol. 9(1), pages 1-16, December.
    7. Nawal Abdalla Adam & Ghadah Alarifi, 2021. "Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-22, December.
    8. Ewald Kibler, 2013. "Formation of entrepreneurial intentions in a regional context," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 25(3-4), pages 293-323, April.
    9. Dennis Ridley, 2021. "Capitalism/Democracy/Rule of Law Interactions and Implications for Entrepreneurship and Per Capita Real Gross Domestic Product Adjusted for Purchasing Power Parity," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(1), pages 384-411, March.
    10. Jari Kolehmainen & Joe Irvine & Linda Stewart & Zoltan Karacsonyi & Tünde Szabó & Juha Alarinta & Anders Norberg, 2016. "Quadruple Helix, Innovation and the Knowledge-Based Development: Lessons from Remote, Rural and Less-Favoured Regions," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 7(1), pages 23-42, March.
    11. Lukman Raimi & Innocent Akhuemonkhan & Olakunle Dare Ogunjirin, 2015. "Corporate Social Responsibility and Entrepreneurship (CSRE): antidotes to poverty, insecurity and underdevelopment in Nigeria," Social Responsibility Journal, Emerald Group Publishing Limited, vol. 11(1), pages 56-81, March.
    12. Dwivedi, Yogesh K. & Hughes, D. Laurie & Coombs, Crispin & Constantiou, Ioanna & Duan, Yanqing & Edwards, John S. & Gupta, Babita & Lal, Banita & Misra, Santosh & Prashant, Prakhar & Raman, Ramakrishn, 2020. "Impact of COVID-19 pandemic on information management research and practice: Transforming education, work and life," International Journal of Information Management, Elsevier, vol. 55(C).
    13. Peterson K. Ozili, 2020. "COVID-19 pandemic and economic crisis: the Nigerian experience and structural causes," Journal of Economic and Administrative Sciences, Emerald Group Publishing Limited, vol. 37(4), pages 401-418, October.
    14. Mesfin Mulu Ayalew & Shumet Amare Zeleke, 2018. "Modeling the impact of entrepreneurial attitude on self-employment intention among engineering students in Ethiopia," Journal of Innovation and Entrepreneurship, Springer, vol. 7(1), pages 1-27, December.
    15. Uduji, Joseph & Okolo-Obasi, Elda & Asongu, Simplice, 2019. "Corporate social responsibility in Nigeria and multinational corporations in the fight against human trafficking in oil-producing communities," MPRA Paper 101556, University Library of Munich, Germany.
    16. Al Lily, Abdulrahman Essa & Ismail, Abdelrahim Fathy & Abunasser, Fathi Mohammed & Alhajhoj Alqahtani, Rafdan Hassan, 2020. "Distance education as a response to pandemics: Coronavirus and Arab culture," Technology in Society, Elsevier, vol. 63(C).
    17. David U. Enweremadu, 2013. "Nigeria’s Quest to Recover Looted Assets: The Abacha Affair," Africa Spectrum, Institute of African Affairs, GIGA German Institute of Global and Area Studies, Hamburg, vol. 48(2), pages 51-70.
    18. Irene Kamberidou, 2020. "“Distinguished” women entrepreneurs in the digital economy and the multitasking whirlpool," Journal of Innovation and Entrepreneurship, Springer, vol. 9(1), pages 1-26, December.
    19. Chiraz Feki & Sirine Mnif, 2016. "Entrepreneurship, Technological Innovation, and Economic Growth: Empirical Analysis of Panel Data," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 7(4), pages 984-999, December.
    20. Ifedapo Adeleye & John Luiz & Judy Muthuri & Kenneth Amaeshi, 2020. "Business Ethics in Africa: The Role of Institutional Context, Social Relevance, and Development Challenges," Journal of Business Ethics, Springer, vol. 161(4), pages 717-729, February.
    21. Adamu Jibir & Musa Abdu, 2021. "Human Capital and Propensity to Protect Intellectual Properties as Innovation Output: the Case of Nigerian Manufacturing and Service Firms," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(2), pages 595-619, June.
    22. World Bank, 2020. "Nigeria Development Update, June 2020," World Bank Publications - Reports 34046, The World Bank Group.
    23. Martin ŠANDA & Jirí KRUPKA, 2018. "Quality Of Life Evaluation As Decision Support In Public Administration For Innovation And Regions Development," REVISTA ADMINISTRATIE SI MANAGEMENT PUBLIC, Faculty of Administration and Public Management, Academy of Economic Studies, Bucharest, Romania, vol. 2018(30), pages 51-66, June.
    24. World Bank, 2020. "Nigeria Development Update, December 2020," World Bank Publications - Reports 34921, The World Bank Group.
    25. Bruce Dye & Theodore R. Alter, 2015. "Government and the entrepreneurial ecology: The case of Halifax, Nova Scotia," Community Development, Taylor & Francis Journals, vol. 46(5), pages 541-558, December.
    26. Elias Carayannis & Ruslan Rakhmatullin, 2014. "The Quadruple/Quintuple Innovation Helixes and Smart Specialisation Strategies for Sustainable and Inclusive Growth in Europe and Beyond," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 5(2), pages 212-239, June.
    27. Nick Williams & Tim Vorley, 2014. "Economic resilience and entrepreneurship: lessons from the Sheffield City Region," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 26(3-4), pages 257-281, May.
    28. Sajda Qureshi, 2021. "Pandemics within the pandemic: confronting socio-economic inequities in a datafied world," Information Technology for Development, Taylor & Francis Journals, vol. 27(2), pages 151-170, April.
    29. Uche A. Osakede & Akanni O. Lawanson & Deborah A. Sobowale, 2017. "Entrepreneurial interest and academic performance in Nigeria: evidence from undergraduate students in the University of Ibadan," Journal of Innovation and Entrepreneurship, Springer, vol. 6(1), pages 1-15, December.
    30. Acheampong, Michael & Yu, Qiuyan & Enomah, Lucy Deba & Anchang, Julius & Eduful, Michael, 2018. "Land use/cover change in Ghana’s oil city: Assessing the impact of neoliberal economic policies and implications for sustainable development goal number one – A remote sensing and GIS approach," Land Use Policy, Elsevier, vol. 73(C), pages 373-384.
    31. Tara Brooks & John Spillane & Paul Tansey & Caroline Hendron, 2016. "The impact of the recent economic recession on the operation of the NEC contract in Northern Ireland," Construction Management and Economics, Taylor & Francis Journals, vol. 34(6), pages 393-417, June.
    32. Sofien Tiba & Mohamed Frikha, 2020. "Africa Is Rich, Africans Are Poor! A Blessing or Curse: An Application of Cointegration Techniques," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 11(1), pages 114-139, March.
    33. Eze & Onyekachi Ricahrd & Festus O. Ogiji, 2016. "Impact of Deficit Financing on Economic Stability in Nigeria: Analysis of Economic Growth," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 6(1), pages 1-7.
    34. Lukman Raimi & Hassan Yusuf, 2020. "A Critical Discourse of EI and CA in Emerging Economies: The Place of Nigeria Within the Global Innovation Ecosystems," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 6(2), pages 295-314, July.
    35. Arega Shumetie & Mulugeta Damie Watabaji, 2019. "Effect of corruption and political instability on enterprises’ innovativeness in Ethiopia: pooled data based," Journal of Innovation and Entrepreneurship, Springer, vol. 8(1), pages 1-19, December.
    36. Ogunleye, Eric Kehinde, 2008. "Natural resource abundance in Nigeria: From dependence to development," Resources Policy, Elsevier, vol. 33(3), pages 168-174, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zafeirios Thomakis & Irene Daskalopoulou, 2022. "Entrepreneurial Views and Rural Entrepreneurial Potential: Evidence from Greece," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(2), pages 1611-1634, June.
    2. Asongu, Simplice & Tchamyou, Vanessa & Asongu, Ndemaze & Tchamyou, Nina, 2018. "The Comparative African Economics of Governance in Fighting Terrorism," MPRA Paper 92346, University Library of Munich, Germany.
    3. Asongu, Simplice & Boateng, Agyenim & Akamavi, Raphael, 2016. "Mobile Phone Innovation and Inclusive Human Development: Evidence from Sub-Saharan Africa," MPRA Paper 75046, University Library of Munich, Germany.
    4. Abdulqadir, Idris A. & Asongu, Simplice A., 2022. "The asymmetric effect of internet access on economic growth in sub-Saharan Africa," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 44-61.
    5. Simplice A. Asongu & Joseph Nnanna, 2020. "Governance and the Capital Flight Trap in Africa," Working Papers of the African Governance and Development Institute. 20/024, African Governance and Development Institute..
    6. Veldhuizen, Caroline, 2020. "Smart Specialisation as a transition management framework: Driving sustainability-focused regional innovation policy?," Research Policy, Elsevier, vol. 49(6).
    7. Simplice A. Asongu & Joseph I. Uduji & Elda N. Okolo-Obasi, 2020. "Foreign aid volatility and lifelong learning," International Journal of Education Economics and Development, Inderscience Enterprises Ltd, vol. 11(4), pages 370-406.
    8. Ariful Islam & Sazali Abd Wahab, 2023. "Configuring a Quadruple Helix Innovation Model (QHIM) Based Blueprint for Malaysian SMEs to Survivethe Covid-19 Pandemic," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 13(1), pages 102-127.
    9. Simplice A. Asongu & Vanessa S. Tchamyou, 2019. "Foreign Aid, Education and Lifelong Learning in Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(1), pages 126-146, March.
    10. Asongu, Simplice A. & Andrés, Antonio R., 2020. "Trajectories of knowledge economy in SSA and MENA countries," Technology in Society, Elsevier, vol. 63(C).
    11. Simplice A. Asongu & Vanessa S. Tchamyou & Paul N. Acha-Anyi, 2020. "Who Is Who in Knowledge Economy in Africa?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 11(2), pages 425-457, June.
    12. Simplice A. Asongu, 2021. "The Effects of Mobile Phone Technology, Knowledge Creation and Diffusion on Inclusive Human Development in Sub-Saharan Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(3), pages 1367-1398, September.
    13. Simplice A. Asongu & John Kuada, 2020. "Building knowledge economies in Africa: an introduction," Contemporary Social Science, Taylor & Francis Journals, vol. 15(1), pages 1-6, January.
    14. Ewa Multan & Bartosz Sobotka, 2022. "Knowledge about Competences Increasing Resilience to Crises in the Modern Business Sector: Results of the Polish University Project," Sustainability, MDPI, vol. 14(16), pages 1-27, August.
    15. Andréa Aparecida Costa Mineiro & Cleber Carvalho Castro & Marcelo Gonçalves do Amaral, 2024. "Who Are the Actors of Quadruple and Quintuple Helix? Multiple Cases in Consolidated Science and Technology Parks," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 4691-4709, March.
    16. Simplice A. Asongu & Nicholas M. Odhiambo, 2020. "Building Knowledge-Based Economies in Africa: A Systematic Review of Policies and Strategies," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 11(4), pages 1538-1555, December.
    17. Asongu, Simplice & Tchamyou, Vanessa, 2015. "The Impact of Entrepreneurship on Knowledge Economy in Africa," MPRA Paper 70237, University Library of Munich, Germany, revised Aug 2015.
    18. Simplice A. Asongu & Samba Diop & Ekene ThankGod Emeka & Amarachi O. Ogbonna, 2024. "The role of governance and infrastructure in moderating the effect of resource rents on economic growth," Working Papers of the African Governance and Development Institute. 24/027, African Governance and Development Institute..
    19. Samba Diop & Simplice A. Asongu, 2023. "Research Productivity: Trend and Comparative Analyses by Regions and Continents," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(2), pages 1503-1521, June.
    20. Simplice Asongu & Jacinta C. Nwachukwu, 2016. "Mobile Phones in the Diffusion of Knowledge and Persistence in Inclusive Human Development in Sub-Saharan Africa," Working Papers of the African Governance and Development Institute. 16/009, African Governance and Development Institute..

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:jknowl:v:15:y:2024:i:1:d:10.1007_s13132-023-01117-y. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.