Entrepreneurship and Inflation in Nigeria

Entrepreneurship and Inflation in Nigeria

CHAPTER ONE

Objective of the Study

The broad objective of this study is to investigate the impact of entrepreneurship development on inflation reduction in Nigeria. Specifically, this study examines;

1. the extent of relationship between entrepreneurship training and inflation reduction in Nigeria.
2. the extent of relationship between entrepreneurship traits and inflation reduction in Nigeria.
3. the extent of relationship between entrepreneurship empowerment and inflation reduction in Nigeria.
4. entrepreneurship challenges affecting inflation reduction in Nigeria.

CHAPTER TWO

LITERATURE REVIEW

Conceptual review

Concept of Entrepreneurship

Entrepreneurship has been defined by various authors to mean many things since the middle age (Igbo, 2006). The entrepreneur has been seen as an actor, innovator or a developer of technology. However, the summary of what entrepreneurship means will reflect the individual definer’s point of view. For Inegbehebor (1987), in Akanwa and Akpanabia (2012), entrepreneurship is the willingness and ability of an individual to seek out investment opportunities, establish and run an enterprise successfully. Esomomu (1998) defined entrepreneurship as the effective manipulation of human intelligence, as demonstrated in a creative and innovative performance. The National Directorate of Employment (NDE, 1989) in Onyebueke and Ochnongo (2002) sees entrepreneurship to be an art which involves recognizing a business opportunity, mobilizing resources and persisting to exploit that opportunity. Tijani-Alawiye (2019), defines entrepreneurship as the process of adding to the stock of existing small, medium and big enterprises available to a country by creating and promoting many capable entrepreneurs who can successfully run innovative enterprises, nurture them to grow and sustain them, with a view to achieving board socio-economic development goals. It is also the process of bringing together creative and innovative ideas and copying them with management and organizational skill in order to combine people, money and resources to meet an identified need and thereby creating wealth. Shepherd and Douglas, (1997) in Akanwa and Akpanabia, (2012) 0bserve that entrepreneurship development is the ability to envision and chart a course for a new business venture by combining information from the functional disciplines and from the external environment in the context of the extraordinary uncertainty and ambiguity which faces a new business venture. Entrepreneurial development has been found to be capable of making positive impacts on the economy of a nation and the quality of life of the people (Adejumo, 2000). However, it has to be noted that only business that have been able to adopt and actually practice the principles of creativity and innovation are positively impacting the economy and add value to the life of the people. The only thing that is constant in this world is change. So, if one want to meet his or her steps with the rest of the world then in this scenario it is imperative for him or her to adopt new phenomenon, new methodologies and new technology. In this regard, the phenomenon of innovation and creativity is very important. Nowadays, businesses, entrepreneurs and individuals, are adopting the concepts of innovation and creativity. These concepts of innovation and creativity are becoming the central part of the strategies of the business and individuals (Uru and Yozgat 2009).

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CHAPTER THREE

RESEARCH METHODOLOGY

Research design

The purpose of this study is to investigate the relationship between entrepreneurship and inflation in Nigeria. The study adopted two research designs due to the nature of issues under investigation and of answering research question and testing hypothesis. The first design is exploratory research design which helps in identifying problems, generate hypotheses and gain insight into the subject. The other is descriptive research design which helps in obtaining first hand data from the respondents so as to formulate rational and sound conclusions and recommendations.

Location of study

Anambra is a state in southeastern part of Nigeria. The capital and seat of government is Awka. Onitsha, a historic port city from pre-colonial times is the largest urban area in the state. The state’s theme is “Light of the Nation”, formerly known as the ” Home for all”. Anambra has 181 towns within it. Nigeria population census estimates the population of Anambra state to be 10,800,000.

CHAPTER FOUR

RESULTS AND DISCUSSION OF FINDINGS

Results

A total of one hundred and fifty (150) copies of questionnaire were distributed both manually and via emails out of which one hundred forty-four (144) copies were returned. Out of the copies of questionnaire returned, one hundred and thirty-five (135) copies were found to be useful representing response rate of ninety percent (90%). Pearson correlation and Anova were used for the hypotheses testing. The results of the hypotheses test were interpreted accordingly;

CHAPTER FIVE

CONCLUSION AND RECOMMENDATIONS

Conclusion

It can be seen that entrepreneurship entails identifying, utilizing and maximizing profitable business opportunities in a sustainable manner that can foster the economic growth and development of a community or nation.

Although Nigeria has been experiencing a reasonably consistent economic growth, the rates of unemployment and inflation have been far greater. This means economic development has not actually been achieved as it were.

The challenges of fighting the rising state of inflation in Nigeria are the major task of policy makers and economic managers alike. The consequences of growing inflation rates are such damning that no economy can afford to despise. Such implications are glaring in the economy of Nigeria where many negative developments are traceable to the nonavailability of jobs for the teaming population of energetic youths. Therefore, the need to aptly address this ugly development becomes paramount. While the government takes the leading role in the task of employment generation by providing the necessary enabling environment for economic activities, it is necessary to note that the battle against inflation in Nigeria is like war that is too important to be left for the Generals alone. Therefore, the only strategy in salvaging this ugly situation is through incorporation of entrepreneurship in the development of youths. This strategy could come in form of training of the youths, developing of entrepreneur traits, among others.

Recommendations

In line with the findings of the study the following recommendations are made:

1. Government should genuinely recognize the essence of entrepreneurship training, job creation and innovation to inflation reduction by providing the enabling environment for the youths to be gainful empowered.
2. The scope of the training programme should be extended to include technical skills, managerial skills and business skills.
3. Unemployed youths in Anambra State should be strengthened to embrace entrepreneurship devoid the imitation and vocational inclinations.
4. Adequate financial, physical and human resources should be provided by various stakeholders not only for potential but also for existing entrepreneurs.
5. Government should strive to reduce the cost of doing business in Nigeria, to the benefit of both entrepreneurial firms and other small businesses.
6. Government must also exigently attend to the nagging issue of infrastructural deficits in the country especially that of power supply. The national economy need a strategic diversification from oil and gas to agriculture, aviation, tourism, manufacturing and these should become the real engine of growth of the economy.

 

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