The Impact Of Entrepreneurship On Economic Development In Nigeria

This study was carried out to examine the impact of entrepreneurship on economic development in Nigeria using solat manufacturing company, Lagos State, Nigeria as a case study. The study was specifically set to determine whether there is a significant relationship between entrepreneurship activities and economic development in Nigeria, ascertain the contributions of entrepreneurship activities towards to promotion of economic development in Nigeria, find out the factors affecting the effectiveness of entrepreneurship activities in promoting economic development in Nigeria, and proffer possible solution to the identified problems affecting entrepreneurship in Nigeria. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of staff of solat manufacturing company, Lagos State, Nigeria. In determining the sample size, the researcher conveniently selected 119 respondents while 110 were received and 100 were validated. Self-constructed and validated questionnaire was used for data collection.

The collected and validated questionnaires were analyzed using frequency tables and percentage, while the hypotheses was tested using Pearson correlation statistical tool, SPSS v23. The result of the findings reveals that there is a significant relationship between entrepreneurship activities and economic development in Nigeria. Furthermore, the study revealed that entrepreneurship activities contributes immensely towards to promotion of economic development in Nigeria as it generates a network for innovations that promotes the creation of new ideas and new market formations, creates more jobs, thereby reducing the rate of unemployment in the economy, it improves the social well being and standard of living of the people, promotes a country’s export trade thereby reduces concentration of economic power, and increases gross national product and per capital income and facilitates overall development.

The study recommends that the various tiers of government in Nigeria should urgently design and implement entrepreneurs support incentives for indigenous entrepreneurs. For example, tax reduction/ waiver on purchased machinery and equipment, bulk purchase of manufacturing company's products and services by government are good market incentives for enhancing entrepreneurship. To mention but a few.