Full Project – EFFECT OF ENTREPRENEURSHIP ON ECONOMIC DEVELOPMENT OF NIGERIA

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CHAPTER ONE

INTRODUCTION

1.1       Background to the Study

The prosperity and progress of a nation depends on the quality of its people. Creative and innovative minded individuals backed by ability and desire make it possible for the society to develop. Biodun in Business times (1995:35) explains that entrepreneurial potentials can be found and developed anywhere, irrespective of age, qualification, experience or social economic background-only efforts are required in the right direction. Therefore, entrepreneurship is no monopoly of any religion or community.

Entrepreneurship may not be regarded as the sufficient condition for the development and development activities, but it is surely a necessary condition. This perhaps informs why Adeyemi (2012:2) avers that “entrepreneurship is the livelihood of any economy”. It is in line with this position that entrepreneurship is looked at as being imperatives for the economic development of Nigeria.

Nigeria, the most populous country in Africa, is naturally endowed with millions and millions of acres of durable land, 38.5 bullions 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 (Oteh, 2009:1). Organization of Peteffectum Exporting Countries (OPEC) has ranked Nigeria its second biggest crude oil exporter by volume, climbing four places to push Iran and Venezuela to the back stage and only out paced by Saudi Arabia (OPEC, 2000-2014). Nigeria accounts for 15 percent of Africa’s population, contributes 11 percent of Africa’s total output and 16 percent of its foreign reserves, while it accounts for half of the population and more than two-third of the output of the west African sub region (UNDP, 2000-2014).

Over the years, Nigeria has implemented far-reaching economic reforms, aimed at improving micro and macro economic management, liberalizing markets and trade business environment. From the era of business enterprises promotion decree of 1973 (otherwise known as the indigenization policy) to the present transformation agenda of the President Goodluck Jonathan administration the potentials of entrepreneurship in the economic development have not been in doubt. Freeman, Stoner and Gilbert (2005:161 – 164) maintain that the effect of entrepreneurship in any given society could be traced to the four basic social benefits of the entrepreneur to the society; these include, fostering of economic development, enlargement of productivity, creation of new technology, product or services and changes that rejuvenates competition.

The birth of a new business in most cases is tantamount to the creation of fresh jobs. As that business expands, the economic activities accompanying it expand further, thus widening the economic development. The multiplier effect of establishment of successful business in the economy are enormous; it provide jobs for small families and their relations; others may also be hired. This is probably, why economists pay good attention to entrepreneurship development. Agbaeze (2007:35) quotes Birch David as saying- ‘‘while corroborating above stance that more than four-fifth of all new employment opening in America comes from small business firm.’’

Entrepreneurship also creates goods and services that are capable of satisfying needs. The multiplicity of this creation enlarges productivity. Agbaeze (2007:36) cites John Kendrick as informing that higher productivity is chiefly a matter of improving production techniques and this is entrepreneurial functions per excellence. Two keys to higher productivity are research and development (R and D) and subsequent investment in the plant and machinery.

Furthermore, entrepreneurs are usually, thirsty for innovation and creation in a bid to have competitive advantage over each other’s inventions, new technologies and development. A single creation may lead to a number of other creations and subsequently new products. In the 18^th century, James Watt, in England, developed and perfected the steam engine, in a bid to ease the production processes in the factory (Agbaeze; 2007). To take advantage of this intervention and remove some of the bottlenecks associated with it in the mid 1960s, James Hargreaves invented the spinning jenny, an invention linked to the steam engine. Further in 1785, an English clergy man invented the power loom-a weaving machine powered by the steam engine.

Agbaeze (2007:36) cites Zoltan as describing small business, created by entrepreneurs as agents of change in the market economy. Two possible types of technological changes associated with products/services in the market place include quantum technological change that result into quantum product innovation (a shift or jump from the existing product to entirely new product), and incremental technology change – that is change that refines an existing

1.2       Statement of the Problem

Entrepreneurship is often seen as a process of creation with a view to identifying gaps in need, and mobilizing the necessary factors of production to close the gap(s) with a view to profiteering, if not immediately, later. By so doing so many societal problems are solved. The above notwithstanding, in Nigeria over half of the Nigerian’s population lives on less than a dollar a day. Nigeria is one of the top three countries in the world that have the largest population of poor people. In addition, Nigeria remains off track on achieving the millennium development goals (MDGs) especially in alleviating a number of people who live in extreme poverty through entrepreneur ideas.

The economic reforms have not been sufficient to reverse years of economic decline, deteriorating capacity, weakened institutions and inadequate infrastructure investment while the recent drama in stock market decline and banking crises and the global economic crises have accentuated the situation.

The enormity of the challenge is corroborated by Nigeria’s low score on human development index (HDI) – an index that measures the average achievement of a country in terms of the welfare and quality of its people. Nigeria ranks behind numerous countries with similar sized economies and with a rank similar to smaller economies like Liberia and Malawi. Consequently entrepreneurial development in Nigeria appears to have not performed creditable well and hence not played the expected vital and vibrant effect in the economic development and development of Nigeria. This situation has been of great concern to the government, citizenry, operators and practitioners of the organized private sector. Because of the foreseen effect the governments at various levels, through budgetary allocations, policies and pronouncement have significant interest and acknowledged the crucial effect of the Business enterprises sub-sector of the economy and hence made policies for energizing the same. There have also been fiscal incentives, grants, bilateral and multilateral agencies support and aids, as well as specialized institutions all geared towards making the SME sub-sector vibrant. These initiatives are supposed to inspire entrepreneurial spirit for economic development, it is therefore yet to be ascertained how entrepreneurship

has nurtured or otherwise mitigated the economic development of chemicals and pharmaceuticals industry in Enugu State.

Inspite of all these effort, the rate of unemployment is still very high. There is still high poverty rate, low gross national product (GNP)/Gross Domestic Product (GDP), uneven distribution of wealth and slow pace in industrialization. These societal problems, in the presence of entrepreneurial driven society are worrisome and demand for urgent attention, thus this need motivate this study.

1.3       Objectives of the Study

The objectives of the study are as listed below:

1. To find out the significant effect of entrepreneurship in economic development.
2. To ascertain the extent that government policies have improved the performance of entrepreneurial organization.
3. To examine the extent to which macroeconomic policies foster entrepreneurship culture in economic development.
4. To identify the challenges of entrepreneurship in economic development.

1.4       Research Questions

Based on the above objectives, the questions are posed to further guide the Study;

1. What are the significant effects of entrepreneurship in economic development?
2. To what extent have government policies improved the performance of entrepreneurial organization?
3. To what extent do macroeconomic policies foster entrepreneurial culture in economic development?
4. What are the challenges of entrepreneurial development?

1.5    Hypotheses

Hi:       There are positive significant effects of entrepreneurship in economic development

 Hi:       Government policies to an extent improve the performance of entrepreneurial Organization.

Hi:       Macroeconomic policies positively foster entrepreneurial culture in economic development.

Hi:       Entrepreneurship is challenged by finances in economic development.

1.6       Significance of the Study

The study is significant in a number of ways:

First, it is hoped that the findings of this study would be of immense importance to government and economic policy makers. On the government side, the study would help government to develop and implement policies that would foster entrepreneurial culture.

Secondly, the study would be of immense significant to the students of management, economics/political economy and sociology. The researcher will use this study as a source of secondary data for further studies.

Thirdly, the study is significant in that it would contribute to the development of literature in the area of entrepreneurial culture/entrepreneurship and it will be very useful for all those who want to carry out research in the same area.

1.7       Scope of the Study

This study focused on the effect of entrepreneurship in economic development in Enugu State. Basically the study concentrated on chemicals and pharmaceuticals industries within the Enugu Urban.

1.8       Limitations of the Study

Certain limitations encountered in the course of the study include:.

1. Attitude of the Respondents

This study was further limited by the attitude of the respondents. Owing to high level of ignorance, many respondents were reluctant to fill the questionnaire and also felt indisposed to provide vital information. The

constraints notwithstanding, the researcher successfully overcame and did a good research work.

1.9       Definition of Terms

• Business: Is the planned activities of individuals or groups of people aimed at producing and selling, for a profit, the goods and services that satisfy the need of consumers.

• Economic development: The improvement of the individuals, society well being, such that the GDP of such people/societies equals or greater than the United Nations standard.

• Economic Structure: Institutional arrangement for deciding on what, how and for whom goods and services are to be produced.

• Entrepreneur: An individual who coordinates other factors of production and bears the risk of uncertainty by investing his scare resources in the business venture.

• Entrepreneurship: The willingness and ability of an individual to seek out investment opportunities established and run an enterprise successfully.

• Environment: The environment of an organization includes those individuals, organizations, government agencies, suppliers, distributors, press, etc who in one way or the other help an organization to carry out its productive activities but are not subject to the control of that organization.

• Financial Institutions: Financial enterprises, which perform one or more of several financial services such as accepting deposits, brokering, securities activities, managing funds and underwriting securities.

• Government: The organ of the state that makes interpret and enforces the It exercises legal and regulatory control over business and it’s environment.

• Infrastructure: Basic structures and facilities necessary for a country or organization to function efficiently.

• Microfinance: Providing services to the poor who are traditionally not served by the conventional financial institutions.

• Policies: Guides and directives that are formulated to shape the thinking, actions and decisions of a people in a given area.
• SME: Independently owned and operated business enterprises which are not dominant in its field operation.

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