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ENTREPRENEURIAL CHARACTERISTICS AND BUSINESS PERFORMANCE
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
An entrepreneur is an innovator who implements changes within a market through the carrying out of new combinations. The carrying out of new combination can take several forms; the introduction of a new good quality, there fore; the introduction of a new method of production, the opening of a new market; the congress of a new source of new materials or parts; the carrying out of the new organization of any industry. Further more, an entrepreneur is an individual that identifies, develop and brings vision to life under condition of risk and a considerable uncertainty. The vision may be an innovative idea, an opportunity or simply a better way to do something (Mamma, 2010).
This is the reason why it is often said that every entrepreneur is a human being but not every human being is an entrepreneurs. Going by this adage; it can be said that entrepreneurs are special people with distinguishable features or characteristics. As such an entrepreneur is result oriented; future oriented; creative, innovative, has self confidence; has a good human relations; must be self-discipline; copies with uncertainty and above all profit oriented.
A lot of business falls due to the inability of the innovators of such business to exhibit the time entrepreneurial characteristic in the day to day management of their business enterprise, hence such business do not stand the test of time. This is evident in the way and manner in which small and medium scale business collapse in Nigeria. It is against this background that the research sees the subject matter of this research: the effect of this entrepreneurial characteristic of business performance worthy of empirical investigation.
1.2 Statement of problem
Launching into a business venture without having the basic trade instinct or the characteristic of an entrepreneur is suicidal. This is so because such an enterprise cannot stand on the test of time. For instance, an individual who goes into business initially must face difficulty before the business break-even. However, people who do not have trait of an entrepreneur would not be patient enough to nurture a business to a profit-making stage. This is the reason why so many small and medium scale businesses fail. The inability to effectively exhibit a basic trade instinct as well as lack of motivation, goals, and talent for venture creation sequel to the absence of entrepreneurial characteristics in most business proprietor impedes the performance of business enterprise in no small way. As such, the subject matter of this research becomes an empirical issue worthy of investigation.
1.3 Objectives of the study
The central subject of the study is to examine the effect of entrepreneurial characteristic of business performance in Jos North Local Government Area, Plateau State;
The specific objectives are to:
1.4 Significance of the study
The study will be beneficial to entrepreneurship development; as such joss north can utilize the findings of the research as a basis for policy formulation as regard entrepreneurship development.
The study will also contribute to the existing knowledge on entrepreneurship development.
It is also worthy to note that the study can be use as a basis for further research, as the research can be use as a spring board for further research as well as a good reference material to students undertaking similar research.
1.6 Scope of the study
The study covers an empirical examination of the effect of entrepreneurial characteristics on business performance. The study also identifies the practical approaches use in developing entrepreneurship as well as the problems militating against entrepreneurship development. The study is limited to joss north local government area of plateau state.
The study covers a time from 2006 – 2011.
1.7 Limitation of the study
The study is limited to Jos Local Government Area of Plateau State, as it will be difficult to generalize the findings to other states.
For the fact that a survey study was used as the research design as well as the questionnaire as the research instrument, it is not certain if the same result would be obtained if other designs and instruments were used. Besides, another limitation is that the respondents could have either over exaggerated or understate their responses while scoring the items in the questionnaire. Also the nonchalant attitude of some of the respondents could affect the validity of their response to the questionnaire. This limitation should be taking cognizance of other researches conducting similar studies.
1.8 Definition of terms
– Entrepreneurship: is an innovative act, which includes endowing existing resources for new wealth – producing capacity (Afonja, B. 1999).
– Entrepreneur: An individual that identifies develops and brings vision to life under – condition of risk and a considerable uncertainty (Bashar, O. 2005)
– Entrepreneurial Characteristic: These are traits that make an individual an entrepreneur (Tonga, R. 2009).
– Business Performance: The success or failure of an enterprise (Tonga, R. 2009).
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DEVELOPING ENTREPRENEURIAL SKILLS THROUGH APPRENTICESHIP TRAINING: AN ANALYSIS OF SELECTED APPRENTICES AT THE MECHANIC VILLAGE, ABAKALIKI.
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Entrepreneurship plays a critical role in the economic development of nations, particularly in developing countries like Nigeria, where unemployment and underemployment remain significant challenges (Adejumo & Olowu, 2019). One of the key strategies for fostering entrepreneurship is the development of entrepreneurial skills through practical training methods, including apprenticeship programs. Apprenticeship training provides an avenue for acquiring hands-on skills, practical knowledge, and business acumen, enabling individuals to establish and manage their own enterprises (Ojo, 2016).
In Nigeria, informal apprenticeship training has traditionally been the foundation of skill acquisition in trade-related professions such as mechanics, carpentry, tailoring, and welding (Nwankwo, 2018). Mechanic villages, in particular, serve as practical training hubs where apprentices learn essential technical and business skills under the guidance of experienced master craftsmen. Such programs not only equip apprentices with technical skills but also expose them to entrepreneurial principles such as customer relations, cost management, and quality service delivery (Ibrahim & Akinwale, 2020).
Despite the acknowledged benefits of apprenticeship training in skill and entrepreneurial development, many apprentices face challenges such as inadequate mentorship, lack of formal entrepreneurial education, and limited access to capital to start independent ventures. Research indicates that while apprenticeship contributes significantly to skill acquisition, its impact on fostering entrepreneurial mindsets and self-employment readiness is not always optimal (Okoro & Eze, 2021). This highlights the need for empirical studies to assess how apprenticeship training in mechanic villages contributes to developing entrepreneurial skills among trainees.
In Abakaliki, the mechanic village represents a concentrated center for technical apprenticeship, attracting a large number of youths seeking practical training. Understanding how apprentices in this setting acquire entrepreneurial skills and how effectively these skills prepare them for self-employment or small business creation is crucial for promoting youth entrepreneurship and local economic development (Ezeh & Chukwu, 2019).
1.2 Statement of the Problem
Youth unemployment in Nigeria remains a pressing socio-economic issue, despite government initiatives aimed at promoting entrepreneurship (National Bureau of Statistics [NBS], 2022). While apprenticeship training is widely recognized as a means of equipping youths with practical skills, there is limited empirical evidence regarding the effectiveness of these programs in developing entrepreneurial skills in specific contexts, such as the Mechanic Village in Abakaliki.
Observations suggest that many apprentices focus primarily on mastering technical skills without fully acquiring entrepreneurial competencies such as business planning, financial management, and marketing. This limitation reduces their capacity to successfully start and manage businesses after completing their apprenticeship. Therefore, the problem this study seeks to address is the extent to which apprenticeship training at the Mechanic Village in Abakaliki contributes to developing entrepreneurial skills among selected apprentices.
1.3 Purpose of the Study
The main purpose of this study is to examine how apprenticeship training at the Mechanic Village in Abakaliki contributes to the development of entrepreneurial skills among selected apprentices.
Specifically, the study seeks to:
Identify the types of entrepreneurial skills acquired by apprentices in the Mechanic Village, Abakaliki.
Examine the methods and strategies used in apprenticeship training to develop entrepreneurial skills.
Determine the influence of mentorship by master craftsmen on the entrepreneurial skills of apprentices.
Assess the challenges apprentices face in acquiring entrepreneurial skills during their training.
Suggest strategies for enhancing entrepreneurial skill acquisition through apprenticeship programs.
1.4 Research Questions
The study will be guided by the following research questions:
What types of entrepreneurial skills are acquired by apprentices at the Mechanic Village in Abakaliki?
What methods and strategies are employed in apprenticeship training to develop entrepreneurial skills?
How does mentorship by master craftsmen influence the entrepreneurial skills of apprentices?
What challenges do apprentices face in acquiring entrepreneurial skills during their training?
What strategies can be adopted to enhance entrepreneurial skill acquisition through apprenticeship programs?
1.5 Research Hypotheses
The following null hypotheses will be tested at the 0.05 level of significance:
Mentorship by master craftsmen has no significant influence on the entrepreneurial skills of apprentices at the Mechanic Village, Abakaliki.
Apprenticeship training methods do not significantly influence the acquisition of entrepreneurial skills among selected apprentices.
1.6 Significance of the Study
This study is significant in several ways. First, it provides empirical evidence on how apprenticeship training contributes to entrepreneurial skill development, informing educational policymakers and vocational training institutions on best practices. Second, it benefits apprentices by identifying strategies to enhance their entrepreneurial competencies and increase their readiness for self-employment. Third, master craftsmen and training facilitators can use the findings to improve training approaches and mentorship practices. Finally, the study contributes to academic literature on vocational training and entrepreneurship in Nigeria.
1.7 Scope of the Study
The study is delimited to selected apprentices undergoing training at the Mechanic Village in Abakaliki, Ebonyi State. The focus is on the development of entrepreneurial skills, including business management, financial literacy, customer relations, and innovation in trade practices. The study does not extend to apprentices in other trades outside the mechanic village or to formal entrepreneurship programs in schools or universities.
1.8 Operational Definition of Terms
Entrepreneurial Skills: Competencies that enable individuals to start, manage, and grow businesses successfully, including financial management, innovation, and marketing skills.
Apprenticeship Training: Practical, on-the-job training under the supervision of experienced practitioners aimed at developing technical and entrepreneurial skills.
Mechanic Village: A designated area where mechanics conduct repairs and training, serving as a hub for apprenticeship learning.
Apprentices: Individuals undergoing practical training in a trade under the guidance of master craftsmen.
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IMPACT OF TECHNOLOGICAL INNOVATION ON THE GROWTH OF ENTREPRENEURSHIP.
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
Entrepreneurship is the art or science of innovation and risk-taking for profit in business, the quality of being an entrepreneur. New and unique combinations are the result of Entrepreneurship (Schumpeter, 1934). Successful and right futures are forecast by Entrepreneurship (knights, 1921). Sustainable economic development does not occur without entrepreneurship and entrepreneurship is the practice of starting new organizations or revitalizing mature organizations (Wikipedia, 2008). There is no doubt that increases in GDP, societal wealth and quality of life all follow increased entrepreneurship (Khalil, 2000; Morris, 2001; Sharma, 2006). Wikipedia (2008) presented the work of economist Joseph Schumpeter and the Austrian economists such as Ludwig von Mises and von Hayek, defined entrepreneur as ―a person who is willing and able to convert a new idea or invention into a successful innovation”. The readiness and willingness to innovate must be the hallmark of an entrepreneur in order to foster growth in business. In such a dynamic environment, innovation is regarded to be a prime strategic factor for the manufacturing SMEs„competitiveness. But technological innovation has been shown to take many paths that reflect the multiple sources of knowledge upon which it is based (Belotti and Tunälv, 1999). One of the key insights of modern innovation theory is that firms rarely innovate on the basis of internal resources only, but they draw on knowledge, skills, technical solutions, methods and equipment from outside the firm itself (Sandven, 1996). Most innovating firms have complex webs of relationships with customers, suppliers, research institutes, industry associations and so on, which are used to solve the many technical, organisational and financial problems which are presented by any attempt to innovate. These processes of interdependence have led to a wide set of models of innovation based on interactive learning„between firms and their wider environment (Sandven, 1996). Consequently, the innovation process, as noted by Dosi (1988), is a complex one that requires the mobilisation of many kinds of scientific and technological knowledge as well as their contextual adaptation to the specific situation of the company„s activity and business. This demands the development of technical, research and development (R and D), organisational, and strategic competences and learning capability (Carlson and Eliasson, 1991). Due to the above factors, the innovation process may not be easy for majority of the SMEs due to scarce financial and personnel resources at their disposal. It can then be presumed that external knowledge acquisition is especially important for innovation in these small and medium firms. Calestus Juma (2005), therefore argued, and state that: to seek new growth opportunities, recognition of the new opportunities and the ways to exploit them is of paramount importance (Juma, 2005). Clark and Juma (1992), in Juma (2005), reiterated that modern theory of economic growth coupled with empirical evidence provides strong support for the notion that long-term economic growth requires not only capital but also an understanding of innovation. It is imperative to note that innovation and technology are needed to transform countries from reliance on the exploitation of natural resources to technological innovation as the basis for development (Sharma, 2006). Internet technology has been reported to have brought change in the way we communicate and has improved business globally. Lambing and Kueli (2003) reported that in the 1990s, internet economy generated more than $300 billion in revenue and added more than one million jobs worldwide. The internet infrastructure contributed a substantial amount of this revenue, while e-commerce produced many of the jobs. More than 33% of the total real economic growth during this period was reported to come from information technology producing industries. If during these early years of internet explosion the world business could generate such huge revenue; then we can say that the internet technology will generate more now and in the future. Especially for companies that sell products and/ or services to other businesses, internet sales will continue to grow. It will continue to provide greater amount of information on products and services, health care, employment, and educational research. It is also just beginning to revolutionize the way goods and services are delivered (Lambing and Kueli, 2003). It was observed that enterprise use the internet for four major purposes: research, web presence, emails and intranets. (Lambing and Kueli, 2003). In this work therefore, we hope to learn from the economies that have been transformed by the virtue of Integrating Internet with business with a view to model such for our continent Africa and Nigeria as a country. Policies for a successful integration of Internet and business within the country will also be advanced.
There may have been previous researches in this subject. This work gives further explanations and analysis in effect of technology innovation on entrepreneurship development
H0: There is no relationship between technology innovation and entrepreneurship development.
H1: There is a relationship between technology innovation and entrepreneurship development.
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CHAPTER ONE
INTRODUCTION
1.1 Background of The Study
Entrepreneurship is defined as the willingness and ability of a person to seek and identify investment opportunities, establish and run a successful enterprise Solomon (2007). It is also viewed as the act of arranging business ideas, taking the associated risk and starting a Business, with a view to profit making. According to Paul, (2005); and Ossai (2012) entrepreneurship is essentially about taking a risk; it entails the creating of new venture which previously did not exist. Previously exist; it is the concerted effort and practice of starting new Business organization, especially new business; it leads to the creation of new wealth through the implementation of innovative ideas.
Entrepreneurship is defined as the willingness and ability of a person to seek and identify investment opportunities, establish and run a successful enterprise Solomon (2007). It is also viewed as the act of arranging business ideas, taking the associated risk and starting a Business, with a view to profit making. According to EDC (2013) start up is the early stage in the life cycle of an enterprise consisting of when the entrepreneur converts the idea, to securing finance, outlining the basic structure of the business, and start operations or trading. The effect of new startup businesses are enormous as they create employment opportunities, create customer value in terms of providing new and improved products and services ,create training and skill acquisition opportunities for the youths and impact on the general living standard of the people and the economy. The research therefore seek to investigate the Effect of startup business in entrepreneurial development in Nigeria. A case study of event management
1.2 Statement of the Problem
According to Paul, (2005); and Ossai (2012) entrepreneurship is essentially about taking a risk; it entails the creating of new venture which previously did not exist. Previously exist; it is the concerted effort and practice of starting new Business organization, especially new business;.According to EDC (2013) start up is the early stage in the life cycle of an enterprise consisting of when the entrepreneur converts the idea, to securing finance, outlining the basic structure of the business, and start operations or trading. The effect of new startup businesses are enormous as they create employment opportunities, create customer value in terms of providing new and improved products and services ,create training and skill acquisition opportunities for the youths and impact on the general living standard of the people and the economy.
However a number challenges which poses as impediment to successful start of business include the inability of people to exercise creative ideas and convert them into business enterprises. A good number of graduates from technical schools are not willing to take the part of starting a business instead they scout for government jobs. Also the risk factor and inability to raise fund also poses as challenges. Many people are not ready to neither take the risk of starting a new business nor raise the necessary fund to meet the requirement for the business. According the problem confronting the research is to determine the Effect of startup business in entrepreneurial development in Nigeria. A case study of event management
1.3 Objectives of the Study
To determine the Effect of startup business in entrepreneurial development in Nigeria. A case study of event management
1.4 Research Questions
What is start up Business in Entrepreneurial development
What is the Effect of startup business in entrepreneurial development in Nigeria? A case study of event management
1.5 Significance of the Study
The study seeks to project the growing significance of successful startup Businesses and its overall impact on the economy.
It shall also serve as a vital source of information to students, graduates, investors and management expert.
1.6 Research Hypothesis
Ho The Effect of event management business startup in entrepreneurial development in Nigeria is not significant
Hi The Effect of event management business startup in entrepreneurial development in Nigeria is not significant
1.7 Scope of the Study
The study focuses on the appraisal of the Effect of startup business in entrepreneurial development in Nigeria. A case study of event management
1.8 Definition of Terms
ENTREPRENUER DEFINED
The entrepreneur is the individual who initiate the idea of a new busines.He brings the overall change through innovation for the attainment of the maximum social economic benefit of the people and of the entire economy .He execute his function with conviction and vision .He is well coordinated with excellent leadership qualities. His spirit of enterprise or business startup makes him assume risk by identify business opportunities, mobilize resources, and execute actions to satisfy demands of the economy (Allawadi, 2010
ENTREPRENUERSHIP DEFINED
Entrepreneurship is defined as the willingness and ability of a person to seek and identify investment opportunities, establish and run a successful enterprise Solomon (2007). It is also viewed as the act of arranging business ideas, taking the associated risk and starting a Business, with a view to profit making. According to Paul, (2005); and Ossai (2012) entrepreneurship is essentially about taking a risk; it entails the creating of new venture which previously did not exist. it leads to the creation of new wealth through the implementation of innovative ideas.
Entrepreneurship is defined as the willingness and ability of a person to seek and identify investment opportunities, establish and run a successful enterprise Solomon (2007). It is also viewed as the act of arranging business ideas, taking the associated risk and starting a Business, with a view to profit making.
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EFFECT OF SKILLS ACQUISITION ON ENTREPRENEURSHIP DEVELOPMENT
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
Today’s workforce is comprised of a diverse group of individuals. White, non-Hispanic workers are still the largest segment of the labor force (81 percent); however, the Asian and Hispanic labor forces are growing at a rapid pace (Bureau of Labor Statistics, Winter 2009-10). The growth rate between 2008 and 2010 was projected to be 30 percent for Asians and 33 percent for Hispanics (Bureau of Labor Statistics, Winter 2009-10). These figures indicate that the future labor force will become more diverse.
While nothing replaces the value of experience and hands-on training in the job market, every worker has to start somewhere. According to Crosby and Moncarz (2006), data show that a post-secondary education makes entering the workforce easier for some jobs; however, a college degree is the only way to begin many careers. As the job market becomes increasingly competitive, education is the key to developing the necessary skills to compete for improved employment opportunities and higher wages. A post-secondary education culminating in a degree increases the number of job options and the amount of earnings available to those entering the job market. Liming and Wolf (2008) reported job earnings for a number of educational levels as follows: High school graduates – $595 per week, Associate’s degree average – $721 per week, and Bachelor’s degree – $962 per week. In 2009, not only were earnings higher with more education, unemployment rates were lower: Bachelor’s degree—5.2 percent unemployed, master’s degree—3.9 percent unemployed, or first professional degree—2.3 percent unemployed (Bureau of Labor Statistics, 2010).
The projected growth rate for occupations requiring a college degree is 19 percent, compared to a 13 percent growth for all occupations (Crosby & Moncarz, 2006). With the increased number of job openings available to individuals with post-secondary education, high school graduates will have to make a decision to pursue more education, enter the full-time workforce, or work while pursuing a post-secondary education. High school graduates, who decide to pursue a post-secondary education, whether full-time or part-time, will have to make choices about the career options they will pursue and the skills they will need to obtain. These career decisions will influence what courses, beyond the required college classes, they choose to concentrate on in order to enhance employment opportunities.
Often, job applicant, students and employees do not realize the importance of possessing transferable skills, and they assume that mastery of skills within their discipline is enough to get that all-important, post-graduation position (Robinson & Garton, 2007). Still, according to many, people graduating from colleges and universities often lack the skills needed in the world of work. This lack of preparation may be the result of three factors including not listening to professors and advisors, lack of participation in class exercises, and an inability to transfer meaning from their experiences into choices that will impact their future.
On the other hand, do professors know the skills needed for today’s workplace? Are professors emphasizing the necessary skills in their classes? According to the Partnership for 21st Century Skills (2006) and American Management Association’s (AMA) 2010 survey, many employers believe that higher education is failing in its role to adequately develop needed skills in job applicant, students and employees. In higher education, professors can influence job applicant, students and employees by promoting the skills businesses are seeking in future employees and helping job applicant, students and employees achieve these skills through course activities. Professors can also influence the choices job applicant, students and employees make through advising relationships.
Stringer, Kerpelman, & Skorikov (2011) reported that according to Erik Erikson, an early psychosocial theorist, the primary developmental task of adolescence into early adulthood is to form an identity in different domains including career and relationships. Stringer and colleagues (2011) defined career identity as “the sense of self derived from one’s development of an occupational career and is an important component of one’s overall identity” (p. 158). To ultimately reach career identity, individuals’ experiences during early adulthood may impact their career formation. According to Savickas (2005), individuals’ experiences do matter. His theory of career construction through experiences involves individuals imposing meaning on past and present experiences and future goals that influence their work lives. Savickas’ theory served as a basis for this study as the researchers explored whether or not the perceptions of the job applicant, students and employees and the faculty members, probably formed from their experiences, mirrored the skills businesses were reporting as necessary for the workplace in the new century.
Like any wokforce, employment can be looked at from varying angles, particularly from the employee’s point of view, from the employers point of view and lastly from the point of view of the general public.
In discussing the profession with a employee one may tend to address his mind to the choice of employment as a career. This may be as a result of an individual’s particular interest to be a employee.
Career frustration may also be one of the reasons for going into any job especially if that particular individual think there was no other profession to which he is best suited. Although having embarked on it, the interest may follow. Of immense important is the influence of employment opportunities while draws and encourages candidates towards the profession, since practitioners have opportunity for frequent change of jobs for better remuneration.
A employee, in office is frequently making a lot of personal decisions in respect of her profession. The personality of the employee together with her academic ability play a lot in her advancement. It is not uncommon, therefore for people write average academic advancement to stay in a permanent employment with a particular firm or department and contended with any departmental promotion and advancement that her employer form time to time offers.
However, some employee use the profession as a stepping stone to get quick money because of the demands for good employees and correspondence good remuneration. These are the types that hop from firm to firm, department to department, having achieved their ambition to gather wealth and thereafter delve into business.
The brilliant, diligent and devoted employee is one who seeks advancement in relevant professional qualification that enhances her position as a employee some employees differentiate between the sexes of the boss. A male boss is preferred by some because of his masculine zeal, appreciative comments on the employee’s behaviors, work and devotion to duty. Some appreciate working with a female boos because of the ability of the female boss to appreciate feminine feelings and devotion to duties as well. When discussing with friends, some believed that employee ship as a profession is a respectable career and like others, the success of failure depends on the practitioner and that it is not a job for drop-out. Some parents do not mind their daughters pursing the course. But some believed that employment as a career for a girl is not good in that it limits the prospects of marriage bad that it is morally debased profession.
On the other hand, some people believed that secretarial profession more often comes as preference than as a last resort. In other words, they are of the view that no one would want to go into a job that is only servitude in nature. They feel that it is meant for those who cannot do well in other courses.
1.2 STATEMENT OF THE PROBLEM
The job applicant problem is one of many names for a famous problem of the optimal stopping theory. The problem has been studied extensively in the fields of applied probability, statistics, and decision theory. It is also known as the marriage problem, the sultan’s dowry problem, the fussy suitor problem, the googol game, and the best choice problem.
The basic form of the problem is the following: imagine an administrator willing to hire the best job applicant out of n rankable applicants for a position. The applicants are interviewed one-by-one in random order. A decision about each particular applicant is to be taken immediately after the interview. Once rejected, an applicant cannot be recalled. During the interview, the administrator can rank the applicant among all applicants interviewed so far, but is unaware of the quality of yet unseen applicants. The question is about the optimal strategy (stopping rule) to maximize the probability of selecting the best applicant.
H0: There is no relationship between of skill acquisition programmes and entrepreneurship development
H1: There is a relationship between of skill acquisition programmes and entrepreneurship development
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EFFECT OF GOVERNMENT POLICIES ON THE GROWTH OF SMALL AND MEDIUM SCALE BUSINESS IN NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Policy is defined in the Merriam-Webster Online Dictionary as a definite course or method of action selected from among alternatives to guide and determine present and future decisions. Policy can also be defined as making decisions that reflect values and allocating resources based on those values. Thus, policy represents a particular political, ethical, or programmatic viewpoint. Governmental policy reflects theoretical or experiential assumptions about what is required to resolve a particular issue or problem (Obi, 2001). At the federal and state levels, governmental policy is reflected in multiple venues:
The federal and state constitutions set the general framework, as interpreted in specific instances through court decisions. The chief executive’s agenda is presented through speeches, press releases, “State of the State” and budget messages to the legislature, executive orders, and instructions to department heads. Legislative policy is expressed in speeches and press releases by the leadership and formulated in policy and appropriation bills. It is not generally recognized that budgets, expressed in appropriation acts and taxes, are critical statements of social policy. Budgets distribute resources and determine what government can and cannot do. They may or may not provide stable resources for governmental services (Bacdon, 2004).
Policy can also be found in the determinations and decisions of state department heads and middle management. Their decisions or actions determine how legislative policy and broad governmental mandates are actually translated into services. Policy is reflected in strategic plans and policy memoranda (EKSG, 2014). It is translated and carried out through rules and regulations, manuals, requests for proposals, contractual agreements, enforcement actions, and so forth. However, many researchers has proved in the past that government policies do influences small and medium scale enterprises. Small and medium enterprises are believed to be the engine room for the development of any economy, because they form the bulk of business activities in a growing economy like that of Nigeria (Basil, 2005). This is manifested in the following ways, Employment generation, rural development, Economic growth and Industrialization, Better Utilization of Indigenous Resources.
Governments create the rules and frameworks in which Small and medium scale enterprises are able to compete against each other. From time to time the government will change these rules and frameworks forcing small and medium scale enterprises to change the way they operate (Essien & Udofia, 2006). Small and medium scale enterprises are thus keenly affected by government policy. Key area of government policy that affects business is taxation policy. Taxation policy affects business costs. For example, a rise in corporation tax (on business profits) has the same effect as an increase in costs. Small and medium scale enterprises can pass some of this tax on to consumers in higher prices, but it will also affect the bottom line. Other business taxes are environmental taxes (e.g. landfill tax), and VAT (value added tax). VAT is actually passed down the line to the final consumer but the administration of the VAT system is a cost for business (Ikherehon, 2002). Moreover, the government of the day regularly changes laws in line with its political policies. As a result small and medium scale enterprises continually have to respond to changes in the legal framework (Izedomi, 2011). However, the researcher will in this chapter provide an introduction on the impact of various government policies on Small and medium scale enterprises
1.2 STATEMENT OF THE PROBLEM
The term government policy can be used to describe any course of action which intends to change a certain situation. Think of policies as a starting point for government to take a course of action that makes a real life change (Ekezie, 1995). Government uses policy to tackle a wide range of issues. In fact, it can make policies that could change how much tax you pay, parking fines, import and export duties, immigration laws and pensions (Ireghan, 2009). However in Nigeria, government has come up with various policies aimed at investing in and boosting the Small and medium scale enterprises to generate employment and reduction of poverty but there has been issues of poor implementation. Policies can also be changed by government when is not effective, also when they create a policy it can be made to affect specific groups of people or everyone in society. Other government policies concerning issues such as subsidies, interest rates, exchange rates and public-private partnerships also influence the growth of small and medium scale enterprises (Iromaka, 2006). However, the researcher is seeking to examine the impact of government policies on the growth of small and medium scale enterprises in Nigeria.
1.3 OBJECTIVES OF THE STUDY
The general objective of this study is to examine the impact of government policy on the growth of small and medium scale enterprise while the following are the specific objectives
. To ascertain the impact of government policy on the growth of small and medium scale enterprise.
. To determine the nature of government policy that can influence the growth of small and medium scale enterprise.
. To identify factors limiting the growth of small and medium scale enterprise.
1.4 RESEARCH QUESTIONS
. What is the impact of government policy on the growth of small and medium scale enterprise?
. What kind of government policy can influence the growth of small and medium scale enterprise?
. What are the factors limiting the growth of small and medium scale enterprise?
1.5 HYPOTHESIS
HO: Government policy does not affect the growth of small and medium scale enterprise
HA: Government policy does affect the growth of small and medium scale enterprise
1.6 SIGNIFICANCE OF THE STUDY
This study on the impact of government policy on the growth of small and medium scale enterprises will enlighten the entrepreneurs and the general public on how government policy can positively or negatively affect the growth of small and medium, scale enterprises. It will as well be a useful guide for the government in formulating policies that will contribute to the nation’s GDP through the growth of small and medium scale enterprises. This research will also serve as a resource base to other scholars and researchers interested in carrying out further research in this field subsequently, if applied will go to an extent to provide new explanation to the topic.
1.7 SCOPE/LIMITATIONS OF THE STUDY
This research will cover the overview of the different government policies and how they can influence the growth of small and medium scale enterprises. It will also covers investigations into different kinds of government policies and how they affect the growth of small and medium scale business. Factors that generally affect the growth of small and medium scale enterprises will also be considered in this research.
1.8 DEFINITION OF TERMS
Government policy: A plan or course of action, as of a government, political party, or business, intended to influence and determine decisions, actions, and other matters
SMEs: an enterprise that has asset base (excluding land) of between N5million –N500 million and labour force of between 11 and 300.
Tax: a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions
Subsidies: a sum of money granted by the state or a public body to help an industry or business keep the price of a commodity or service low.
Economy: the state of a country or region in terms of the production and consumption of goods and services and the supply of money.
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ASSESSING THE IMPACT OF ENTREPRENEURSHIP POLICY ON YOUTH EMPOWERMENT THROUGH EMPLOYMENT OPPORTUNITIES IN OBIO-AKPOR LGA OF RIVERS STATE, NIGERIA
Abstract
Entrepreneurship has emerged as a pivotal mechanism for stimulating economic growth, reducing unemployment, and empowering young people, particularly in developing economies like Nigeria. This study investigates the impact of entrepreneurship policy on youth empowerment through employment opportunities in Obio-Akpor Local Government Area of Rivers State. The study aims to evaluate how existing entrepreneurship policies, programs, and government interventions contribute to the creation of sustainable employment and the enhancement of youths’ economic independence in the region.
The research adopted a descriptive survey design, employing both primary and secondary data sources. Structured questionnaires were administered to 200 respondents, including youths, small business owners, and officials of entrepreneurship development agencies within Obio-Akpor LGA. The data were analyzed using descriptive statistics and regression analysis to examine the relationship between entrepreneurship policies and youth employment outcomes.
Findings revealed that entrepreneurship policies such as access to credit facilities, skill acquisition programs, business incubation centers, and government-sponsored empowerment schemes have a significant positive influence on youth employment and self-reliance. However, challenges such as limited access to finance, inadequate training facilities, policy inconsistency, and infrastructural deficits hinder the full realization of these policies’ objectives.
The study concludes that effective entrepreneurship policy implementation plays a crucial role in fostering youth empowerment and reducing unemployment in Obio-Akpor. It recommends that government and private stakeholders strengthen policy execution, enhance youth-oriented financing programs, and promote entrepreneurial education to build a resilient and inclusive local economy.
Keywords: Entrepreneurship Policy, Youth Empowerment, Employment Opportunities, Economic Growth, Obio-Akpor LGA, Rivers State.
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
In developing economies, entrepreneurship has emerged as a powerful instrument for stimulating economic growth, creating employment opportunities, and promoting innovation (Acs et al., 2018). The ability of entrepreneurship to absorb unemployed youths into productive ventures makes it an essential tool for addressing the challenges of poverty and joblessness. In Nigeria, the persistent rise in unemployment, especially among youths, has drawn attention to the importance of entrepreneurship policies as a mechanism for achieving youth empowerment and employment creation (Okafor, 2020).
Entrepreneurship policy refers to a set of government strategies and institutional frameworks designed to encourage, support, and sustain entrepreneurial activities within an economy (Lundström & Stevenson, 2017). These policies typically include access to finance, skill acquisition programs, business development services, favorable taxation systems, and infrastructure provision. According to Audretsch et al. (2019), effective entrepreneurship policies foster an enabling environment for small and medium enterprises (SMEs) to thrive, thereby generating jobs and boosting economic resilience.
Nigeria’s entrepreneurship landscape has evolved over the years through various initiatives such as the National Directorate of Employment (NDE), YouWin! Program, Youth Enterprise with Innovation in Nigeria (YouWiN), and the N-Power Scheme. These programs were designed to address youth unemployment by empowering young people with entrepreneurial skills and start-up capital (Ugochukwu & Onu, 2020). Despite these interventions, the rate of youth unemployment remains alarmingly high, estimated at 53.4% in 2022 according to the National Bureau of Statistics (NBS, 2023).
In Rivers State, particularly in Obio-Akpor Local Government Area, youth unemployment and underemployment remain significant socio-economic challenges. The area is home to a growing youthful population seeking opportunities for self-employment and innovation. However, weak policy implementation, limited access to credit, inadequate training facilities, and infrastructural deficits have hampered the effectiveness of entrepreneurship development programs (Eneh, 2021).
Therefore, exploring how entrepreneurship policies contribute to youth empowerment and job creation within Obio-Akpor is vital. Understanding this relationship can guide policymakers, development agencies, and educational institutions toward improving entrepreneurship frameworks that foster economic inclusion and sustainable development.
The inability of university graduates to secure jobs several years after graduation could trigger a problem and crisis situation that increases the rate of graduate unemployment and insecurity that would eventually retard the development of the enormous human endowments and natural resources in Nigeria. In view of this situation, attacking the problems and crisis of unemployment in Rivers State presupposes on educational policy makers to design programmes that would promote the acquisition of vocational and technical skills and support graduates access to jobs after their tertiary education. Hence, Agi and Yellowe (2013) states that education serves as an important path that affords learners with the opportunity to acquire skills, knowledge, attitudes and beliefs required to aptly synthesize or create careers that induces wealth and reduces poverty as a societal problem.
Consequently, Muogbo and John-Akamelu (2018) in describing the importance and functions of education on the individual opine that acquiring these skills, knowledge, attitudes and values is central for integrating entrepreneurship education in any system. Entrepreneurship is a global initiative comprising numerous prototypes of vocational education programmes instituted to fight unemployment and its associated socio-economic trials (Asiyai, 2013). Thus, its entry or incursion into Nigeria’s educational sector is premised on adopting a National
Policy of Education with objectives to train and impart students with artistry, technical, vocational, trading, and innovative skills necessary to become self-reliant whilst still acquiring the hitherto anticipated academic competencies (Federal Republic of Nigeria, 2013).
In the same vein, Robert-Okah and Daminabo (2014) assert that the emergence of entrepreneurship education as an integral part of Nigerian tertiary educational system will strive to lessen joblessness and economic dependency among tertiary institution graduates. This advent has motivated the interest of those in academics and policy initiators both home and abroad in encouraging its implementation in mostly developing nations; and this will stimulate the creative and productive energies of graduates and undergraduates in Nigerian educational environment.
In addition, the notion underlying entrepreneurship is not entirely novel in tertiary institutions, as its model is the Student Industrial Work Experience Scheme (SIWES) introduced to cater for students’ industry experience. However, its emphasis on aiding the acquisition of skills for onward employment rather than inculcating job creation skills such as technical and vocational is indeed a major limitation that has undermined the viability of SIWES in addressing the problems of secondary school and tertiary institution leavers employability (Asiyai, 2013). Nwadiani (2011) noted that the sustainability of a formal educational process is based on its ability to instil both theoretical knowledge and practical skills on its learners. Corroborating this view, Bokhari, Alothmany and Magbool (2012) asserts that an educational system that produces graduates that continually depend on the public and private sector to provide job openings is not sustainable. Hence, Bokhari (2013) acknowledged that entrepreneurship education presents an alternative solution by inculcating self-reliant and enterprise skills that will aid graduates start new ventures and employ others.
Deductively, entrepreneurship education instils in individuals attitudes, skills and abilities that can be applied to create and start careers that overtime would benefit the society and economy. It is a groundbreaking development involved in the generation of commercial enterprise centered on novel merchandise which differs meaningfully from services offered by competing merchants in content or its promotion. In view of this, students are tutored to develop their cognitive, affective, behavioural and psychomotor skills. This would broaden students horizon to visualize entrepreneurship training as an inspiration to innovate and create jobs, openings, ventures and skills that could be leveraged upon even while in school to solve the unemployment problem wrecking the society.
In the same vein, Robert-Okah and Daminabo (2014) asserts that entrepreneurship education deals with the training and instructions undertaking by people who are desirous to develop ideas that will create jobs for themselves and engage others in creating job opportunities that are legitimate in nature for the purposes of earning a living and resources in the existing job. Suggesting to this, Faizan and Haque (2016) asserts that education is deemed successful when it effectively solves the problems or challenges confronting the society such as unemployment and insecurity etc. Hence, entrepreneurial education primarily develops the innovative capacities and mind-sets that will help students or graduates identify business openings, mobilize resources and exploit self-reliant opportunities for individual, community and national development (Gamede & Uleanya, 2018, Undiayaundeye, 2015).
Furthermore, entrepreneurship education as a concept is associated with several activities among which include; innovation, risk taking, visionary, creativity, financial control, resolute, self-confidence, versatile, knowledgeable, optimist, purposeful, profit oriented, persistent, persevering, and futuristic (Anho, 2011). Thus, aptly undertaking these activities hinges on students exhibiting entrepreneurial skills that culminate to promote sustainable educational development in the society (Thom-Otuya & Thom-Otuya, 2008). In view of this, entrepreneurship education is now introduced as a standalone department/unit or offered as course curriculum in virtually all tertiary institutions (including universities) in Nigeria. Okon and Uke (2015) stated that entrepreneurship education bequests relevant practical skills, knowledge and orientation that will enable university students upon graduation to become selfemployed and employers of labour.
Instructively, entrepreneurship is indeed a timely initiative to enthrone self-reliance, creativity and enterprise mind-set, as a formula to solve the rising emotional, social, economic and societal development problems associated with graduates or school leavers’ unemployment in Rivers State. In supporting this view, Undiayaundeye (2015) opined that creativity effectively plays the role of being the stimulus, catalyst, and engine towards developing the ideas, mind-set, techniques, and views that are integrated to acquire and exhibit entrepreneurship education conceptualized as skills, knowledge and training. Thus, Haque, Faizan and Cockrill (2017) emphasized that creativity is essentially a novel and valuable asset that entrepreneurs leverage upon to develop new solutions that climaxes in endowing the right experience, knowledge, skill and capacity requisite to discover and explore new and unique revenue earning jobs and career path. Consequently, the crux of this study is to scrutinize the roles of entrepreneurship instruction and graduates unemployment in OBIO-AKPOR of Rivers State.
Educational processes are designed to impart the skill, knowledge and expertise that could be leveraged upon to avert unemployment and its maladies (like violence, poverty, idleness, etc.) in Nigeria. In this regard, entrepreneurship education aptly fits as the medium towards empowering and developing the skill, knowledge and training likely to advance both individual and societal capacity and economy. Conversely, Oladele, Akeke and Oladunjoye (2011) stated that the non-exposure of youths to technical, vocational or entrepreneurial skills induced by the inappropriate curricula of integrating entrepreneurship education as a course, department or unit in tertiary institutions; is indeed a problem that escalates youths job mismatch and unemployment in Nigeria.
Furthermore, utilizing educational programmes to tackling a serious societal problem
(like unemployment) correctly suffices in the initiation of entrepreneurship education.
Entrepreneurship education endows on learners, trainees or graduates certain creative, adaptability, imaginative, innovative, intellectual, and interpersonal skills that enable them to discover, adjust, explore and execute plans, activities and enterprises towards becoming selfreliant, self-employed and employers even while schooling or upon graduation. Unfortunately, and sadly too, this core objective integrating entrepreneurship educational policy in Nigeria’s university curriculum, is systematically sandwiched into theoretical postulations as against emphasis on the practical acquisition of skills that could transform individual’s capacities, abilities or potentials. This ridicules the various efforts instituted in designing an entrepreneurship course in universities.
Previous studies (Okon & Uke, 2015) centred on entrepreneurial education as a panacea for youth unemployment in Nigeria. Abdul (2018) focuses on entrepreneurial skills and growth of Small and Medium Enterprise (SMEs) in Nigeria and United Kingdom. But not much was done to x-ray the contributions of entrepreneurship education towards developing graduates intellectual and self-reliance skills. Consequently, this study seeks to probe into the effect of entrepreneurship education and graduate unemployment in OBIO-AKPOR of Rivers State. This was premised on the report by NBS (2020) that Rivers State like Akwa-Ibom State join the list of states with the highest number of unemployed citizens in Nigeria. Specifically, the purposes of this study were to determine:
1.2 Statement of the Problem
Unemployment among Nigerian youths has become one of the most pressing socio-economic challenges in the 21st century. The situation is exacerbated by poor policy implementation, inadequate funding of entrepreneurship schemes, and the mismatch between entrepreneurial training and market realities (Ihugba et al., 2019). Despite the establishment of several government programs aimed at youth empowerment, the majority of Nigerian youths still lack access to practical entrepreneurial skills, financial support, and enabling environments to start or sustain businesses (Adejumo, 2020).
In Obio-Akpor LGA, the problem is particularly evident in the growing number of educated yet unemployed youths who remain dependent on scarce public sector jobs. Entrepreneurship policies that should provide a pathway to self-employment often fail due to bureaucratic bottlenecks, corruption, and inadequate monitoring mechanisms (Uche & Nwogwugwu, 2022).
Furthermore, many youths in the area are unaware of available entrepreneurship support programs or lack the skills to access funding opportunities from agencies such as the Bank of Industry (BOI), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). Consequently, the expected link between entrepreneurship policy and youth empowerment remains weak, leading to persistent unemployment and socio-economic stagnation.
This study, therefore, seeks to assess the effect of entrepreneurship policies on youth empowerment through employment opportunities in Obio-Akpor LGA of Rivers State, with the aim of identifying gaps, challenges, and possible solutions.
1.4 Research Questions
1.5 Research Hypotheses
The following hypotheses were tested:
H₀₁: Entrepreneurship policy has no significant effect on youth empowerment opportunities in Obio-Akpor LGA.
H₀₂: Entrepreneurship training programme has no significant influence on employability skills of youths in Obio-Akpor LGA.
H₀3: Access to entrepreneurship funding and grants has no significant effect on youth-owned start-ups in obio-akpor lga.
H₀4: Business incubation and mentorship initiatives do not significantly promote youth self-employment in obio-akpor lga
H₀5: Challenges affecting entrepreneurship policies do not significantly limit youth empowerment and employment creation in obio-akpor lga.
1.6 Significance of the Study
This study is significant for several reasons. It provides empirical insights into how entrepreneurship policy impacts youth empowerment and employment creation at the local level. Policymakers and government agencies will find the findings useful for redesigning entrepreneurship programs to better align with youth needs and market demands (Acs et al., 2018).
For academics and researchers, the study contributes to the growing literature on entrepreneurship development and policy implementation in Nigeria. For youths and entrepreneurs, it highlights available policy frameworks and opportunities for accessing funding, training, and mentorship. Lastly, development organizations and NGOs can utilize the results to design targeted interventions that foster inclusive growth and self-reliance among Nigerian youths.
1.7 Scope of the Study
The study focuses on entrepreneurship policies and their impact on youth empowerment through employment opportunities in Obio-Akpor Local Government Area of Rivers State. It examines government and private sector initiatives aimed at promoting entrepreneurship among youths, with emphasis on training, funding, and regulatory support mechanisms. The study population includes young entrepreneurs, unemployed youths, and officials of entrepreneurship development agencies.
The study is limited to the 2020–2024 policy period to capture recent developments in Nigeria’s entrepreneurship ecosystem.
1.8 Limitations of the Study
The major limitations include difficulties in obtaining accurate data due to respondents’ reluctance to disclose business or financial information. Limited access to recent policy documents also posed challenges. Additionally, logistical constraints such as time and financial resources affected the extent of field coverage. Despite these limitations, efforts were made to ensure the reliability and validity of collected data.
1.9 Operational definition of terms
Entrepreneurship: The process of identifying, developing, and exploiting business opportunities for profit and societal development (Lundström & Stevenson, 2017).
Entrepreneurship Policy: A set of government actions, strategies, and programs designed to stimulate entrepreneurship, innovation, and business growth (Audretsch et al., 2019).
Youth Empowerment: The process of equipping young people with the skills, resources, and opportunities needed to achieve self-reliance and contribute to economic development (Okafor, 2020).
Employment Opportunities: Access to job creation avenues, either through self-employment or formal sector engagement, resulting from supportive economic policies.
Obio-Akpor LGA: A local government area in Rivers State, Nigeria, characterized by a rapidly growing urban economy and a youthful population.
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SIGNIFICANCE OF STRATEGIC PLANNING AND FORECASTING IN BUSINESS ENTERPRISES
CHAPTER ONE
INTRODUCTION
Strategic planning and forecasting are fundamental management tools that guide organizations in achieving their goals, optimizing resources, and maintaining competitiveness in a dynamic business environment. Strategic planning involves setting long-term objectives, identifying the actions required to achieve them, and allocating resources effectively (David, 2017). Forecasting, on the other hand, involves predicting future business conditions, market trends, and demand patterns to facilitate informed decision-making (Stevenson, 2020).
In modern business enterprises, the combination of strategic planning and forecasting enables organizations to anticipate challenges, seize opportunities, and align operations with their strategic vision. The adoption of these tools has become increasingly vital for businesses operating in volatile and uncertain economic conditions, such as those prevalent in Nigeria and other emerging economies (Ansoff, 2019).
________________________________________
1.1 Background to the Study
Businesses operate in environments characterized by uncertainty, competition, and rapid technological changes. In such conditions, strategic planning provides a roadmap for achieving organizational objectives by identifying priorities, evaluating alternatives, and aligning resources with long-term goals (Mintzberg et al., 2018). Forecasting complements strategic planning by providing predictive insights into market trends, consumer behavior, and financial performance, allowing organizations to anticipate risks and plan contingencies (Armstrong, 2020).
In Nigeria, where businesses face challenges such as fluctuating economic policies, currency instability, and market unpredictability, the integration of planning and forecasting has proven essential for sustaining operations and ensuring profitability (Olowookere & Akinlabi, 2019). Enterprises that neglect these practices often experience resource mismanagement, missed opportunities, and operational inefficiencies.
________________________________________
1.2 Statement of the Problem
Despite the recognized importance of strategic planning and forecasting, many business enterprises in Nigeria operate without clear long-term strategies or accurate forecasting models. This has led to poor decision-making, reduced competitiveness, and business failures (Adebayo & Ogunleye, 2020). The lack of proper planning and forecasting mechanisms hinders organizational growth, reduces profitability, and limits the ability of enterprises to respond effectively to market fluctuations.
This study seeks to investigate the significance of strategic planning and forecasting in enhancing business performance and sustainability, identifying the benefits, challenges, and best practices that enterprises can adopt.
________________________________________
1.3 Objectives of the Study
The objectives of this study include:
1. To examine the role of strategic planning in guiding business enterprises toward achieving their objectives.
2. To assess the contribution of forecasting in predicting market trends and facilitating informed decision-making.
3. To identify the challenges associated with implementing strategic planning and forecasting in businesses.
4. To recommend strategies to enhance the effectiveness of planning and forecasting in business enterprises.
________________________________________
1.4 Research Questions
The study seeks to answer the following questions:
1. What is the role of strategic planning in improving business enterprise performance?
2. How does forecasting contribute to effective decision-making in business operations?
3. What challenges hinder the effective implementation of strategic planning and forecasting in businesses?
4. What strategies can be employed to improve the adoption and impact of planning and forecasting in enterprises?
________________________________________
1.5 Research Hypotheses
The following hypotheses will be tested in this study:
1. H₀: Strategic planning does not significantly influence the performance of business enterprises.
H₁: Strategic planning significantly influences the performance of business enterprises.
2. H₀: Forecasting has no significant effect on decision-making in business operations.
H₁: Forecasting has a significant effect on decision-making in business operations.
________________________________________
1.6 Significance of the Study
The findings of this study are expected to benefit various stakeholders:
• Business Managers and Entrepreneurs: The study provides insights into how strategic planning and forecasting can enhance performance and competitiveness (David, 2017).
• Policy Makers: The research informs the development of policies that encourage structured business planning and reliable forecasting models (Olowookere & Akinlabi, 2019).
• Academia: The study contributes to existing literature on business management practices and decision-making frameworks.
• Investors and Financial Analysts: Understanding planning and forecasting significance can guide investment decisions and risk assessments (Armstrong, 2020).
________________________________________
1.7 Scope of the Study
The study focuses on business enterprises operating in Nigeria, covering both small and medium-scale enterprises (SMEs) and larger corporations. It examines how strategic planning and forecasting influence business performance, resource allocation, and decision-making. The study considers data from 2015 to 2025 to reflect recent trends and contemporary business practices.
________________________________________
1.8 Definition of Terms
• Strategic Planning: A systematic process of defining long-term organizational goals, evaluating resources, and designing actionable steps to achieve objectives (Mintzberg et al., 2018).
• Forecasting: The process of predicting future trends, demand, and market conditions to inform business decision-making (Stevenson, 2020).
• Business Performance: The effectiveness of an enterprise in achieving its goals, including profitability, market share, and operational efficiency (Adebayo & Ogunleye, 2020).
• Enterprise: Any organization engaged in commercial, industrial, or professional activities with the objective of generating value (Ansoff, 2019).
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Account Number: 2023350498
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FOR MORE INFORMATION, CALL:
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THE IMPACT OF OIL PRICE INSTABILITY ON THE ECONOMIC DEVELOPMENT OF NIGERIA
CHAPTER ONE
1.1 Background of the study
Crude oil is arguably one of the single most important driving forces of the global economy, and changes in the price of oil have significant effects on economic growth and welfare around the world. Indeed, the level of oil dependency of industrialized economies became particularly clear in the 1970s and 1980s, when a series of political incidents in the Middle East disrupted the security of supply and had severe effects on the global price of oil. Since then, oil price shocks due to such exogenous events have continuously increased in size and frequency (cf. Figure 1). While oil demand tends to be slow moving, mainly driven by economic growth and to some extent climate policies, the prospects of future oil supply are highly uncertain – not least considering persistent political instability in exporting countries and the uncertainty regarding the discovery of new reserves. As a result of such uncertainties, oil prices could undergo further (increasingly) drastic fluctuations in the future.
Oil price shocks (i.e. sudden changes) can be transmitted into the macro-economy via various channels. In the private sector, a positive oil price shock will increase production costs and hence restrict output – with price increases at least partially passed on to consumers. Moreover, as prices for gasoline and electricity increase, households face higher costs of living, with the poor being particularly vulnerable. These impacts can have further significant knock-on effects and repercussions throughout the economy, affecting macro-indicators such as employment, trade balance, inflation and public accounts, as well as stock market prices and exchange rates. Thereby, the nature and extent of such knock-on effects depend on the structural characteristics of an economy; for instance, the more a country engages in oil trade, the more it is exposed to price shocks on global commodity markets. Countries relying on a high fossil fuel share in their energy mix, or on energy intensive industrial production, are also more vulnerable. Furthermore, oil price shocks on the international market might be amplified in specific countries, depending on the respective Dollar exchange rate and prevailing inflationary pressures.
While a given oil price increase may be perceived positively by oil exporting countries and negatively by importers, an increase in oil price volatility (i.e. consecutive positive and negative oil price shocks) increases perceived price uncertainty for all countries – regardless of their trade balance. Such oil price volatility reduces planning horizons, causes firms to postpone investments, and may require expensive reallocation of resources. Formulating robust national budgets becomes more difficult, as importing countries face uncertainty regarding import costs and fuel subsidies levels, and exporters face volatile revenues. This may be a particularly profound problem in budget constrained developing countries, which rely on oil exports as a main source of public revenue. In order to protect firms and households against price volatility on international markets, particularly in developing countries, governments often allocate large parts of their budgets to subsidizing fuel. These subsidy systems not only expose governments to significant budgetary risks, but result in significant environmental costs, benefit mainly the wealthier, create disincentives for energy efficiency, and crowd out resources from education, health and other investments in development.
However, volatility and uncertainty are not interchangeable terms as uncertainty exists even in the absence of volatility. Even when prices remain relatively stable over an extended period of time, a sudden exogenous event independently of previous events could disrupt the balance at any point in time and cause significant upward or downward price changes (e.g. a large earthquake in an exporting country may disrupt supply, thus increasing prices). However, when prices are stable, economic agents (incl. households, firms and governments) tend to overlook this ubiquitous, permanent underlying uncertainty, when making economic decisions. On the contrary, in an environment of already volatile prices agents are more likely to take future price uncertainty into account when making investment decisions. Overall, oil price volatility typically results in an increased sense of economic uncertainty, whereas the absence of volatility instills a false sense of stability.
1.2 Statement of the problem
Owing to the complex interaction of direct effects, knock-on effects, and repercussions induced by oil price volatility, its consequences extend from government level to firms and households. Therefore, it is critical for policy makers to adopt an integrated risk management approach. Subject to country-specific circumstances, an integrated approach also implies accounting for related risks, such as the price volatility of other key commodities.
In order to reduce a country’s structural exposure and vulnerability to price volatility, policy makers have various long-run policy instruments at their disposal. Typically these are measures aimed at transforming and reforming economic structures in order to reduce the level of dependency on international commodity markets. This includes measures such as decreasing the fossil fuel share in the national energy portfolio, increasing energy efficiency, and developing structural and technological alternatives to make production processes less fossil fuel intensive. Since such structural policy measures have long-term time horizons, they need to be complemented with short-term risk management instruments, such as physical reserves, strategic purchasing contracts and financial instruments, which are all common practice among many large private companies for hedging their supply risks. To facilitate the implementation of an integrated risk management framework, it is critical to make institutional arrangements with adequate technical capacity, political independence, and ability to coordinate across ministries and sectors. In developing countries, such actions could make a significant contribution for reducing the exposure of economic activity and protecting the livelihoods of the poor.
1.3 Objectives of the study
1. To understand the impact levels of oil price instability on the economic development of Nigeria
2. To determine the relationship between oil price instability and the economic development of Nigeria
1.4 Research Questions
1. Does oil price instability have a strong impact on the economic development of the nation
2. Does oil price instability have a weak impact on the economic development of the nation
1.5 Research Hypothesis
H0: oil price instability have a weak impact on the economic development of the nation
H1: Does oil price instability have a strong impact on the economic development of the nation
1.6 Limitations of the study
There was limited time and finance in the course of the research
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THE INFLUENCE OF ENTREPRENEURIAL ACTIVITIES ON NIGERIA’S ECONOMIC EXPANSION AND DEVELOPMENT
Abstract
Entrepreneurship plays a pivotal role in stimulating economic growth and fostering sustainable development in emerging economies. This study examines the influence of entrepreneurial activities on Nigeria’s economic expansion and overall development. The research investigates how the creation of new businesses, innovation, and investment by entrepreneurs contribute to job creation, income generation, and wealth distribution across the nation. Data were collected using a combination of primary sources, including surveys of entrepreneurs and secondary sources from government reports and published literature. The study employs both descriptive and inferential statistical methods to analyze the relationship between entrepreneurial activity and key economic indicators such as gross domestic product (GDP), employment rates, and business growth. Findings reveal that active entrepreneurship significantly enhances economic productivity, drives industrial diversification, and stimulates innovation, thereby contributing to national development. The study recommends the implementation of supportive government policies, provision of financial incentives, and capacity-building programs to strengthen entrepreneurial engagement. Overall, the research underscores the importance of nurturing entrepreneurship as a strategic tool for Nigeria’s sustained economic advancement.
CHAPTER ONE
INTRODUCTION
Entrepreneurship has become a central driver of economic growth and development in both developed and developing nations. It is widely recognized as a key factor in wealth creation, job generation, and industrial diversification (Hisrich et al., 2017). In Nigeria, entrepreneurship has been acknowledged as a critical tool for economic transformation, especially in the face of high unemployment rates, underdeveloped industries, and the need for sustainable development (Ogunleye & Omolade, 2019). By promoting innovation and the establishment of new businesses, entrepreneurial activities contribute to the expansion of economic opportunities, increase productivity, and improve the overall standard of living (Afolabi et al., 2020).
1.1 Background to the Study
Economic expansion refers to the growth of an economy over time, often measured by indicators such as gross domestic product (GDP), employment levels, and industrial output (Schumpeter, 1934). Development, on the other hand, encompasses improvements in social and economic welfare, including poverty reduction, quality of life, and access to essential services (Todaro & Smith, 2015). Entrepreneurship, defined as the ability to identify, create, and exploit business opportunities, plays a crucial role in both economic growth and development (Hisrich et al., 2017).
In Nigeria, entrepreneurial activities have witnessed a surge in recent decades due to government initiatives, private sector investments, and an increasing population of youthful innovators (Nwosu & Okwu, 2021). Small and medium-scale enterprises (SMEs) dominate the Nigerian business landscape, contributing substantially to employment and GDP (Adebayo et al., 2018). However, challenges such as inadequate funding, poor infrastructure, policy inconsistencies, and limited entrepreneurial skills often hinder the full potential of entrepreneurial ventures in driving economic growth (Ogunleye & Omolade, 2019).
1.2 Statement of the Problem
Despite the recognized role of entrepreneurship in promoting economic growth, Nigeria continues to face persistent economic challenges. Unemployment, low industrialization, and income inequality remain major concerns (World Bank, 2021). Many entrepreneurial ventures fail within their early years due to inadequate support systems, lack of access to finance, and limited business development knowledge (Afolabi et al., 2020). This situation raises questions about the effectiveness of entrepreneurial activities in contributing meaningfully to national economic expansion and sustainable development.
Hence, this study seeks to investigate the extent to which entrepreneurial activities influence Nigeria’s economic growth and development, identifying key opportunities, constraints, and strategies for enhancing the entrepreneurial ecosystem.
1.3 Objectives of the Study
The objectives of this study are as follows:
To examine the role of entrepreneurship in stimulating economic growth in Nigeria.
To assess the contribution of entrepreneurial activities to national development indicators such as employment and income generation.
To identify challenges that limit the effectiveness of entrepreneurship in Nigeria.
To propose strategies for improving the impact of entrepreneurial activities on economic growth and development.
1.4 Research Questions
The study will seek answers to the following questions:
How do entrepreneurial activities influence economic growth in Nigeria?
What is the contribution of entrepreneurship to employment creation and income generation?
What challenges do entrepreneurs face in Nigeria that limit their economic impact?
What measures can be adopted to enhance the effectiveness of entrepreneurial activities in fostering national development?
1.5 Research Hypotheses
The following hypotheses are formulated for testing in the study:
H₀: Entrepreneurial activities have no significant impact on Nigeria’s economic growth.
H₁: Entrepreneurial activities have a significant impact on Nigeria’s economic growth.
H₀: Entrepreneurial activities do not contribute significantly to employment generation in Nigeria.
H₁: Entrepreneurial activities contribute significantly to employment generation in Nigeria.
1.6 Significance of the Study
This study is significant for several reasons:
Policy Makers: The findings will help government agencies design policies that foster entrepreneurship as a tool for economic growth and development (Nwosu & Okwu, 2021).
Entrepreneurs: Insights from the study will provide entrepreneurs with strategies to overcome challenges and maximize their economic impact.
Academia: The research will contribute to the body of knowledge on entrepreneurship and its role in national development.
Economy: Understanding the link between entrepreneurial activity and economic expansion will inform interventions to improve Nigeria’s economic performance (Adebayo et al., 2018).
1.7 Scope of the Study
The study focuses on entrepreneurial activities in Nigeria, examining their impact on economic expansion and development. While entrepreneurship exists across all sectors, this study will primarily consider small and medium-scale enterprises (SMEs) and their contribution to employment, income generation, and GDP growth. The study covers the period from 2010 to 2025 to reflect contemporary trends in entrepreneurial development.
1.8 Definition of Terms
Entrepreneurship: The process of identifying, creating, and managing business opportunities for profit and innovation (Hisrich et al., 2017).
Economic Growth: The increase in a country’s productive capacity, measured by indicators such as GDP and industrial output (Todaro & Smith, 2015).
Economic Development: Improvements in the overall standard of living, social welfare, and equitable distribution of wealth (Schumpeter, 1934).
Small and Medium Enterprises (SMEs): Businesses that operate with limited capital and workforce but contribute significantly to employment and GDP (Adebayo et al., 2018).
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After paying the appropriate amount (#5,000) into our bank Account below, send the following information to any of the numbers below
08068231953, 08137701720,
(1) Your project topics
(2) Email Address
(3) Payment Name
OR you drop them on our WhatsApp/Telegram, 08137701720
We will send your material(s) after we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
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OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 3139283609
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OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
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FOR MORE INFORMATION, CALL:
08068231953, 08137701720, 08154275408
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