Strategies For Promoting Entrepreneurship Development In Nigeria Universities
The aim of this study is to examine the strategies for promoting entrepreneurship in Nigeria. Data were collected from both primary and secondary sources. The main instrument used is the questionnaire.
The data are presented in table as frequency distribution and in the analysis, the technique of percentage and frequency are used.
The major findings are:
- Entrepreneurship promotion in Nigeria is done through financial non-financial and fiscal supports.
- The government, C.B.N banks and international institutions and agencies promote entrepreneurship in Nigeria.
The conclusion drawn is that in spite of the laudable efforts of these is still needed the main recommendation by all the parties involved in entrepreneurship promotion in Nigeria.
1.1 Background of the Study
In many African countries government has played a significant role in determining the course of national development since 1960 the Nigerian National Development plans have laid great emphasis on public sector control of the economy Ezeife, (1998:26) This trend has generally, distinguished the government as a major investor in business which otherwise should have been left to private investors. The general was that the fastest route to development is government playing a leadership role in entrepreneurship development. In Nigeria, until recently government has participated extensively in business activities making every one look unto it as the provider of employment and welfare Ujam, (2001:19) Many Nigerians did not think of self – determination as an alternative to government employment. However, the economic downturn of the economy changed. This situation as unemployment heightened in the mid-1980’s graduates and school leaves have now realized that the government is no longer ready to offer them employment hence the current guest for entrepreneurship development Ugbaja (2003:12) short of themselves into various entrepreneurial ventures. The government has shown much concern about the unemployment situation and has set up many institutions to assist in creating favourable climate for entrepreneurship development in the country Aluko (2002:32) the Nation is now on the right part to entrepreneurship development in the 21st Century with the ongoing privatization programme. The new emphasis on self-determination is in the line with current policy of promoting private sector dominance Nwatu (2003:18) to this and the government, International agencies and even non-government organizations and the world bank are now showing concern for and commitment to entrepreneurship development in Nigeria. It is against this background that this study is set to examine the strategies for promoting entrepreneurship development in Nigeria with a particular emphasis of Enugu State.
1.2 Statement of the Problem
The current emphasis on entrepreneurship development in Nigeria is facing some constraints these include:
- In adequate institutional support for rapid promotion of entrepreneurship development.
- Lack of capital and credit for entrepreneurial activities.
- Lack of market incentive for entrepreneurs
- Inadequate entrepreneurship encouragement programmes.
- Lack of entrepreneurship education programmes
- In adequate entrepreneurial opportunities for women and young persons.
- Lack of willingness (to take risk) entrepreneurial and managerial acumen among Nigerians.
These factors constrain rapid entrepreneurship development in Enugu State.
1.3 Objective of the Study
The main objective of this study is to examine the strategies adopted for entrepreneurship development in Enugu State thus, the specific objectives of the study are:
- To examine the entrepreneurship promotion measures introduced by the government
- To examine the efforts of Nigerians to become self employed.
- To examine what role international financial institutions and organizations play in promoting entrepreneurship development
- To determines if these are entrepreneurship encouragement programme opportunities and incentives.
- To determine if a favourable and stable business climate has been created for entrepreneurship development.
1.4 Research Hypotheses
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
- H0: there is no entrepreneurship promotion measures introduced by the government
H1: there is entrepreneurship promotion measures introduced by the government
- H02: there are no entrepreneurship encouragement programme opportunities and incentives.
H2: there are entrepreneurship encouragement programme opportunities and incentives.
1.5 Significance of the Study
This study is significant in many respects. Firstly it will be useful to the government. This is because its findings will help the government to determine whether it has adopted the right strategies or done enough to promote entrepreneurship in Nigeria. The recommendations will be very useful for entrepreneurship promotion policy formulation. Secondly, the study will show what assistance the international organization include the world bank and its affiliates have been giving to Nigeria for entrepreneurship development. This study will therefore provide Nigerians information on how to avail themselves the opportunities created by these assistance. Finally, the study will be useful for academic purpose. It will provide useful information for those who will carry out related studies in the future. Furthermore the research findings can provide the basic for further studies
1.6 Scope and Limitation of the Study
The study focuses on the strategies adopted in promoting entrepreneurship development in Nigeria with particular reference to Enugu State. It therefore covers government’s individuals’ and international organization’s efforts to promote entrepreneurship development in Nigeria.
The researcher encountered some limitations however, in carrying out the study. Firstly, collecting data for the study is not easy given the nature of the study. Many individuals approached for information could not cooperate. Secondly, the researcher could have traveled outside the state in search of information and data. But she could not do so for lack of finance.
Finally, the study could not be completed a record time because of the pressure of other academic work on the researcher. The researcher encounters some constrain which limited the scope of the study;
a) Availability of Research Material:
The research material available to the researcher is insufficient, thereby limiting the study
The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
c) Organizational Privacy:
Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.
1.7 Definition of Terms
This refers to an individual who creates a new business and continues managing it until it succeeds.
This is the phenomenon of creating a new business fermenting and managing it, taking risk and making losses or profits.
Business Environment / Climate:
This refers to all the physical facilities environmental factors, regulations opportunities and risk associated with the business.
Institutional arrangement / support:
This refers to institutions and their supports for entrepreneurship development.
This refers to loans for business
This refers to fund required to set up a business.
This refers to a profitable business activity that can be undertaken
This means introducing a new business or product
1.8 Organization of the Study
This research work is organized in five chapters, for easy understanding, as follows
- Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
- Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
- Chapter three deals on the research design and methodology adopted in the study.
- Chapter four concentrate on the data collection and analysis and presentation of finding.
- Chapter five gives summary, conclusion, and recommendations made of the study
Summary, Conclusion and Recommendation
It is important to ascertain that the objective of this study was value added strategies for promoting entrepreneurship development in Nigeria Universities. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of promoting entrepreneurship development in Nigeria Universities
This study was on strategies for promoting entrepreneurship development in Nigeria Universities. Three objectives were raised which included: To examine the entrepreneurship promotion measures introduced by the government, to examine the efforts of Nigerians to become self employed, to examine what role international financial institutions and organizations play in promoting entrepreneurship development, to determines if these are entrepreneurship encouragement programme opportunities and incentives, to determine if a favourable and stable business climate has been created for entrepreneurship development. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of Enugu state University. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made heads of department, senior lecturers, junior lecturers and non academic staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Entrepreneurship is without doubts an important component in the process of economic development. Infact, The start up and development of small business remains one of the major ingredients of continued growth in any economy. There is need to have good business training and skills that enable them know the intricacies and logistics in business administration. The spectrum of data need include among others, business trend, operating environment dynamics, ingredients for business survival etc. As revealed in the study so far carried out shows that the problem that hinders the development of entrepreneurship is raising the right amount of working capital and capital for expansion at the time. They cannot afford to use the highly sophisticated machines nor employ qualified skills due to the poor incentive and inadequate knowledge and training background. Finally government should endeavor to address the problem of industrialists in the country with special reference to the development entrepreneurship with regard to providing the necessary infrastructure and establishing environment for the entrepreneurs.
- Government should endeavor to provide adequate infrastructural facilities and provision of training of entrepreneurs and also formulate fiscal, monetary and regulatory policies conducive to the growth and development of the economy.
- Strong educational background is highly recommended to potential entrepreneurs to ensure successful business venture.
- Laws should be made by government for small business enterprises to insure their business with insurance companies as a means of transferring their business risks to their insurer in case of any loss; by so doing the venturing spirit of the people will be increased
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