The Nexus between Entrepreneurship Development and Diversification of Nigerian Economy | Chapter 7 | Current Perspective to Economics and Management Vol. 1

Nigerian economy is mono-cultural dependence on a single commodity-oil, while other sectors of the economy have been relegated or neglected since the discovery of oil, and the management of oil revenues has proven inefficacious in driving the economy to bring about the needed level of growth talk less of development. This has the serious negative implementation on the nation’s development, as good percentage of Nigerians still live in abject poverty and unemployment is on the increase in the country. In respect of this, the paper seeks possible ways to diversify productive sectors of Nigerian economy. It is revealed that considering Nigeria’s peculiar circumstances and successes recorded before the advent of oil, for Nigeria to break loose from the problems inherent in a monotype-economy dominated by oil, which is subject to depletion, international price shocks and unfavourable quota arrangement, there is need for diversification of Nigerian economy for National development. This paper therefore, utilized data generated through structured questionnaire from 36 states of the federation and the federal capital territory, descriptive statistics was used to analyse the data and it revealed that there is a positive relationship between entrepreneurship development and diversification of Nigerian economy. The paper as well depicts the importance of Entrepreneurship as a realistic mechanism for the diversification of Nigerian economic development. It discusses that entrepreneurship has been instrumental in economic development and job creation in most of the developing economies, and training on entrepreneurship is one of the possible option for diversification of the Nigerian economy. The paper recommended that government should have interest and support entrepreneurship with finance, access to licences/permit, taxes and to be included in the curriculum of studies from primary school to tertiary level. Despite the fact that the Nigerian economy has experienced a steadily growth over the last decade, that growth was however moving at a slow pace as a result of the countries dependence on a natural resource; which is exhaustible in nature and unsustainable and had experienced set back in the international market. This study revealed that economic diversification can be achieved through developing entrepreneurship with machinery put in place to empower the trained entrepreneurs. A flexible and enabling environment will go a long way to improve the quest for diversification.

Biography of author(s)

Shuaibu Mukhtar
Department of Social Sciences, Kebbi State Polytechnic Dakingari, Nigeria.

Umar Garba Gwazawa
Department of Social Sciences, Kebbi State Polytechnic Dakingari, Nigeria.

Aliyu Musa Jega
Department of Social Sciences, Kebbi State Polytechnic Dakingari, Nigeria

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