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THE IMPACT OF ENTREPRENEURSHIP IN THE ECONOMIC DEVELOPMENT OF
THE NIGERIA ECONOMY
ABSTRACT
This is to examine the impacts of entrepreneurship in the
economic development of the Nigerian economy. In this research work, the method
of estimation is based on the use of multiple regression technique.
Unique relationships between entrepreneurship in the economic
development contribution were established. Our empirical findings also suggests
that there is significant relationship between entrepreneurship development and
its contributions to economic development of Nigerian economy e.g.
unemployment, investment etc although the problems of entrepreneurship
development have not been totally resolved but it is certain that in no
distance future all these problems of entrepreneurship development will be
eliminated.
CHAPTER ONE
1.1 BACKGROUND OF
THE STUDY
Perception of African entrepreneurship among scholars and
researchers seem to differ considerably. At one extreme is the view that, for
one reason or the other, technical entrepreneurial talent that involves the
establishment and management of manufacturing industries for productive
activities in the real sector of the economy, is lacking in Africa. According
to a World Bank study carried out by Nil-,-Henrik March in 1995, the poor
growth performance of most sub-Saharan countries and, in particular, the slow
rate of industrialization could be taken to support such a dismal perception.
Supporters of this view May point to the fact that the kind of economic
policies that have been followed In many African countries in the two to three
decades after political Independence have not always been conducive to private
enterprise. This position is consistent with a third. view by Adjebeng-Asem
(1989) that the African entrepreneur is alive and well, brat that he or she,
rather than undertaking manufacturing businesses, has been diverted to
non-productive, rent-seeking activities which researchers have referred to as
commercial entrepreneurship.
In spite of this critical gap in Africa's development
process, researchers scholars around the world have long identified the role of
entrepreneurs and entrepreneurship in the economic development of nations. For
instance, Dozie (2005) argues that this vital factor of production formed the
bedrock of the classical thesis of Joseph Schumpeter (1934) who established
that no nation would break the barriers of development without a critical mass
of entrepreneurs. This assertion, which formed the basis of Schumpeterian model
economic growth, has helped many developed and even developing nations
accelerate their pace of development by focusing on appropriate incentives
support entrepreneurial activity (Dozie, 2005). It is the entrepreneurs who
generate the critical momentum an economy requires for economic growth by
breaking new grounds In human endeavour as a result of the vital characteristics
or attributes they posses. Unfortunately, after more than four decades of
import substitution strategy, structural adjustment programme commercialization
and privatization of ailing state owned enterprises general economic decline,
the manufacturing sector's contribution to the Gross Domestic Product (GDP) in
Nigeria is still very small. It is plagued by productivity and low quality
output. This is compounded by the consequent increase in competition from
imports, which has resulted in downsizing or outright closure of many
manufacturing industries.
Therefore, the extent to which the restructuring of the
private sector as engine of growth of the economy will succeed is dependent on
the fostering and development of technical entrepreneurship among the
indigenous population. In addition, theoretical and empirical investigations
have emphasized the crucial role that technological innovation and technical
entrepreneurship play in fostering economic development. These investigations
are now seen as crucial and are also recognized as important components of
technological policy and economic planning.
1.2 STATEMENT OF THE
PROBLEM
The present emphasis by government and stakeholders on
indigenous technical innovation and entrepreneurship stems from the failure of
past attempts through the import substitution strategy to stimulate development
by borrowing or transferring advanced and sometimes inappropriate and
sustainable technologies from developed countries. This position was further
reinforced by Adjebeng-Asem (1989) where it was argued that governments in most
developing economies such as Nigeria were criticized for paying inadequate
attention to the need for accelerated economic growth and for not harnessing
the abilities of their own citizens for technological innovations and
entrepreneurship.
Critics also conclude that these developing countries depend
on exogenous technologies that are inappropriate for their environment (ibid,
1989). This has been responsible for Nigeria's exports which have largely been
based on raw materials and semi-manufactured goods with the petroleum sector as
the most important. Less than 5% of these exports are on the average attached
to knowledge intensive goods and services Adjebeng-Asem (1989) Akeredolu-Ale
(1975). The problems became acute in the 1980's and early 1990's, when Nigeria
experienced stagnating industrial output and decreasing crude oil prices while
industrialization through the production of indigenous technological
development became central topics in the industrial policy debates.
As a result of this, United Nations Development Programme
UNDP, (1992) and United Nations Industrial Development Organization UNIDO,
(1994) argued that if Nigeria is to join the league of industrialized
economies, industrial activities have to converge and focus more on
knowledge-based production particularly in the small scale manufacturing and
processing industries. This view was partially enunciated in the various
development national budgets, rolling plans and in the current reform
programmes elaborated in the National Economic Empowerment and Development
(NEEDS) Federal Government of Nigeria, (2004). The central theme of the policy
has been that small-scale industries should spearhead the nation's drive
towards economic recovery. Studies have shown that small industries in many
countries provide the mechanism for promoting indigenous entrepreneurship,
enhancing greater opportunities per unit of capital invested, and aiding the
development of local technology Sule (1986), Nils-Henrik and March (1995). In
Nigeria, small-scale businesses represent about 90% of the industrial sector in
terms of the number of enterprises (Ajayi, 2002). Similarly, they have also
contributed significantly to economic development through employment, job
creation and sustainable livelihood Nigerian Investment Promotion Commission
(2003). In spite of their significance, and contribution of small industries to
the national economy, many problems and constraints still exist in promoting
their development and growth.
Another obstacle to the modernization of small industries are
the persistence of a low level of technology, the shortage and inadequate
entrepreneurial skills of operators and the absence of an effective management
techniques. Their low product quality makes it difficult for them to compete in
technologically driven, knowledge based and export oriented globalize economy.
There is therefore the need to tap the considerable R&D efforts that take
place at universities, polytechnics, monotechnics and other public and private
sector research institutions through increased commercialization or technology
transfer of research results. However, this can only be achieved through a
deliberate intervention strategy of developing a core of characteristics among
the small industry operators to enhance production efficiency, quality and
output. The failure of past efforts by small industry operators and the little
intervention by government necessitate the need to assess why indigenous
technical innovations, management practices and other key success factors in
business are often not translated into feasible business ventures despite the
fact that the country has the technological need. These issues according to
researchers such as Akeredolu-Ale (1975), Afonja (1986) and Adjebeng-Asem
(1989) imply a link between technical innovation, nascent entrepreneurship and
a much broader level of technological development. The present study focused
mainly on a narrow aspect of the link of nascent entrepreneurial characteristics
and its effect on the development and growth of small-scale manufacturing
industries. Against this background, the search study assessed the impact of
technical entrepreneurial characteristics on the performance of small scale
manufacturing industries in Nigeria.
1.3 AIMS AND
OBJECTIVES OF THE STUDY
The main objective of this study is to assess the impacts of
entrepreneurship development on Nigerian Economy and also to appraise the
degree of entrepreneurship development. Contribution increasing the standard of
living in the Nigerian economy. The specific objectives therefore are:
To evaluate critically the technical characteristics on the
performance manufacturing industries in Nigeria.
To emphasize the crucial role that technological innovation
and technical entrepreneurship play in fostering economic development, and;
To examine the role of the small scale on the Nigeria's
economy.
1.4 STATEMENT OF RESEARCH QUESTIONS
The following questions are pertinent to this study:
i. Is there any
future for entrepreneurship in Nigeria?
ii. Does entrepreneurship
contributes to the economic development?
iii. To what
extent/purpose is government reforms on small scale enterprises contribute to
the development of entrepreneur investment?
v. Has the
development of the manufacturing sector led significantly to the promotion of
economic growth and development?
v. What are the
likely problems encountered by the manufacturing industry and their prospects
in this era of financial system reforms?
1.5 SIGNIFICANCE OF
THE STUDY
In the literature on entrepreneurship, there is a broad
consensus among policy makers, researchers and practitioners that a fundamental
cause of difficulties experienced by many developing countries such as Nigeria
is lack of technical entrepreneurship. This is manifested in the low rate at
which small scale manufacturing industries are created and at the high rate of
mortality in the sub-sector Ajakaye (1999).
It is particularly evident in Nigeria where there are many
barriers militating against the development and growth of the real sector that
is the bedrock of any economy. Such barriers inhibit entrepreneurial progress
in the country despite a number of strengths and opportunities that encourage
the prevalence of "creative imitators" rather than "innovators"
with low level of entrepreneurial talent Umoh (2001).
Adegbite and Van - Hattum (2002) suggest that the main
prerequisite for such progress in Nigeria is the development of an
institutional framework and enterprise culture capable of creating the optimum
condition for technical entrepreneurship. Unfortunately, a number of models
perceived to be relevant in international context have not been effective in
Nigeria due to lack of a holistic, equitable approach to industrial development
and socio-economic transformation. This has necessitated the need for this
study to critically examine how technical entrepreneurial characteristics
affect the start-up of small scale industries and their subsequent performance.
In the last century, many writers have identified entrepreneurship
with the function of uncertainty and risk bearing and, others with the
coordination of productive resources, the introduction of innovation and the
provision of technical know-how Hoselitz (1952) cited in Burnet, (2000). The
necessity of entrepreneurship for production was also recognized by Alfred
Marshall in 1890 when he asserted in his treatise of Principles of Economics
that there are four factors of production i.e. land, labour, capital and
organization. Entrepreneurship, both technical and commercial, is the driving
element behind organization. He further argued that the skills associated
particularly with technical entrepreneurship are rare and limited in supply and
that the ability of entrepreneurs are so great and so numerous that very few'
people can exhibit them all in a very high degree. Another research carried out
by Penrose (1959) posit that entrepreneurship, particularly technical en
entrepreneurial involves identifying opportunities within the economic system,
filling market deficiencies through input-completing activities including the
process identifying, developing and bringing a vision to life. This vision may
be an innovative idea, an opportunity or a better way of doing something. The
end result of this process is the creation of a new venture, the expansion of
an existing one carried out under conditions of risks and considerable
uncertainty Meyer (1976).
Therefore, in recognition of the considerable risks and
uncertainty associated with entrepreneurship, Afonja (1999) made a clear
distinction between technical entrepreneurship and commercial entrepreneurship.
The former involves product manufacture or the provision of technical services
while the latter involves trading, buying and selling or provision of
nontechnical services. The prerequisites for success and risk factors involved
significantly for the two types of entrepreneurship. Therefore, the focus of
this study is on the effect of technical entrepreneurial characteristics on the
performance of small industry manufacturing operators in the food, textiles,
and wood processing and fabricated metal products all of which are generally
important in the industrialization of a developing economy such as Nigeria.
1.6 STATEMENT OF
HYPOTHESIS
For the purpose of this study, the following hypotheses are
formulated to be tested:
Hypothesis 1
Ho: Entrepreneurship
development does not contribute significantly to the development of Nigeria
economy.
Hi: Entrepreneurship
development contributes significantly to the development of Nigeria economy.
Hypothesis 2
Ho: Entrepreneurship
development does not contribute to the performance of small- scale manufacturing
industries in Nigeria.
HI:
Entrepreneurship development contributes significantly to the
performance of small-scale manufacturing industries in Nigeria.
1.7 METHODOLOGY
The method employed both primary and secondary sources of
data collection techniques in finding the impacts of entrepreneurship
development on Nigerian Economy. The primary source involves simple chi-square.
While the secondary source will make use of questionnaires, tables, charts etc.
1.8 SCOPE OF THE
STUDY
The scope of this study, viewing it from the perspective
angle of an entrepreneur emphasis will be laid on the rule, problems militating
against their performance in the Nigeria Economy
1.9 LIMITATION OF
THE STUDY
This project may suffer some limitations which include
financial, time, geographical and communication problem, as well as inability
of some people who are not ready to respond or entertain any questions. This
project will be limited to impact of entrepreneurship development in the
context of Nigerian economy.
1.10 DEFINITION OF TERMS
i.
Entrepreneurship: This is defines as self-employment of any sort where
the entrepreneur is the bearer of uncertainty and risk.
ii. Financial
Intermediaries: This refers to as the function of channeling funds between
those who wish to lend and those who wish to borrow.
iii. Investment
Planning: This IS the process of evaluating proposed investment in specific
fixed assets and the benefits to be obtained from their acquisition
iv. Entrepreneur:
This is defined as one who organizes, manages and assumes the risks of a
business enterprise.
v. Investment
Decisions: This is refers to as investment criteria or investment techniques.
1.11 PLAN OF THE STUDY
The fundamental purpose of this study is to show that within
the context of Nigeria developmental effort, entrepreneurship development has
aided investment and economic development to a greater extent, than generally
recognized.
In chapter one, small scale industries will be made reference
point of study. In the course of the study, the researcher will take a look at
the conceptual role of entrepreneurship development in the economic development
of Nigerian Economy. Also characteristics of an entrepreneur, their
developmental roles, prospects and problems, militating against performance
were discussed in detail.
Chapter two, this will be the Literature Review of relevant
research work.
Chapter three deals with the Structural Analysis
(Composition).
Chapter four will be presentation and analysis of data.
While chapter five contains the summary of the research work,
recommendations and conclusions.
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