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ENTREPRENEURSHIP
AS A PANACEA TO ECONOMIC DEVELOPMENT: A CASE STUDY OF ETSAKO WEST
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
Nigeria as a
country fully endowed with human and material resources have the right playing
ground for business and investment purposes.
Prior to the
80s, unemployment and poverty were not as disturbing as what it is now.
However, inconsistencies in the socio-economic policies of successive
governments contributed to the increase in unemployment and poverty. During
this period, many workers were laid off, and early retirement of employees due
to some shaky government policies.
Nigeria as a
developing country is improving in economic sectors such as science,
technology, sports, entertainment, and agriculture. Innovative end- products
are derived from each of this sectors-foodstuff from agriculture, in the area
of technology we have phones/laptops repair, sales of recharge cards, in
engineering we have cases of road construction, in tourism we have the
preservation of our culture and the list continues. Notwithstanding all these
human and material resources Nigeria is blessed with, it is still referred to as
one of the poorest countries in sub-Sahara Africa (Salami,2011 p:10). It is
obvious on the way some countries have encouraged the entrepreneur sector, thus
reducing the level of unemployment to the barest minimum, but that cannot be
said of Nigeria. As the government has done little or nothing to bring a
lasting solution to this problem; thus leading to increase in crime and other
vices just to meet ends needs.
The role of
entrepreneurship in the curbing of unemployment, unstable economic growth and
development cannot be emphasized. The current state of the global world brings
entrepreneurship to a fore. Countries practicing capitalism makes the current
state of the economy glaring that private ownership of business is a way
forward. The youths are unemployed not because they don’t have the
qualifications; but because politically, economically and even religiously the
systems are paralyzed (Kuratko, 2009).
Entrepreneurship
constitutes immensely to the social, economic, financial and otherwise
development of any country. Due to this, successive governments have tried to
revive this sector while current governments seem more serious; and that is why
they saddled some agencies with the responsibility of achieving this-agencies
like: National Poverty Eradication Programme (NAPEP), National Directorate of
Employment (NDE), etc. the truth still remains that for a country to grow in
all ramifications, it must have strong private partners who involve in wealth
creation, backed with great skills. (Akpomi ,2009 p:156).
It is
crystal clear that entrepreneurship development enhances the sustainable
development of a country, the sector has been neglected and of cause, this has
an effect on the economy. Bearing the aforementioned in mind, entrepreneurship
if given the needed attention it requires will place Nigeria on the right
pedestal nationally and internationally.
This study
is aimed at presenting entrepreneurship as a panacea to current economic
challenges facing Nigeria, most especially the high level of unemployment.
1.2 Statement of the problem
It is quite
disheartening on how the teeming population of unemployed graduates of Nigeria
keeps increasing on a daily basis. There are no white collar jobs and this is
what every Nigerian graduate looks up to after his national youth service
(NYSC).
Due to this,
some of resorted to very dubious means of making money, with cases of arm
robbery attacks, kidnapping, prostitution, drug/human trafficking, oil theft,
etc always on the news.
Another
problem to the subject matter is that the government is not doing the needful
to revive the entrepreneurship sector and this is tied to a major problem of
the country; which is corruption. The agencies saddled with this responsibility
are dormant doing nothing, other than embezzling funds allocated for such task.
On some occasions, you have the government allocate certain funds to purchase
equipment meant to empower youths who have learnt some skills, but at the end
of the day such funds are diverted.
In addition
to this, schools, secondary and tertiary institutions are lack entrepreneurship
education of students. Students are not well enlightened on the need to have a
skill and create their own wealth instead of waiting for the government to
create employment.
However,
Nigeria being a mono-economy also poses a challenge. Nigerians including the
government concentrates so much on the oil sector, thus relegating other
sectors of the economy that can create jobs for the unemployed.
Meanwhile,
these are some of the problems this study will be seeking ways of proffering
solutions to.
1.3 Aims/Objectives of the study
The major
aim of this study is to examine Entrepreneurship as a panacea to economic
development; a case study of Etsako west.
Other
specific objectives include:
To examine
the challenges of entrepreneurship in the sustainable development of Estako
west.
To examine
the relationship between entrepreneurship and economic development.
To examine
entrepreneurship education as a means of encouraging entrepreneurship in Estako
west.
To examine
entrepreneurship as having a link with the economy of Nigeria.
1.4 Research questions
What are the
challenges of entrepreneurship in the sustainable development of Estako west?
Is there a
relationship between entrepreneurship and economic development?
Is
entrepreneurship education a means of encouraging entrepreneurship in Estako
west?
Is there a
link between entrepreneurship and the economy of Nigeria?
1.5 Research Hypothesis
H0: There
are no challenges of entrepreneurship in the sustainable development of Estako
West.
H1: There
are challenges of entrepreneurship in the sustainable development of Estako
West.
Significance
of the study/Justification of the study
This study
is meant to educate the general public, the government and policy makers on the
need to encourage entrepreneurship.
The public
need to be well informed that gone are the days when Nigerians sit and wait for
the government to create jobs; now is the time for private individuals to
create jobs in other to enhance economic growth.
Also, the
government has a part to play in promoting entrepreneurship. The government can
embark on meaning projects; enact policies that will support entrepreneurship
in Nigeria. The government equally needs to see to it that funds allocated to
empower such programmes are well utilized.
In addition,
the government needs to enforce entrepreneurship education in schools, in other
for our students to be educated on the need to acquire skills to enhance job
creation in the country.
However,
policy makers need to add this study to their work in other to educate upcoming
generations about entrepreneurship.
This study
will be of immense benefit to other researchers who intend to know more on this
topic and can also be used by non-researchers to build more on their work. This
study contributes to knowledge and could serve as a guide for other work or
study.
1.6 Scope/Limitations of the study
This study
is restricted to examining Entrepreneurship as a panacea to economic
development; a case study of Etsako west.
Limitations
of study
1. Financial constraint– Insufficient fund tends
to impede the efficiency of the researcher in sourcing for the relevant
materials, literature or information and in the process of data collection
(internet, questionnaire and interview).
2. Time constraint– The researcher will
simultaneously engage in this study with other academic work. This consequently
will cut down on the time devoted for the research work.
1.7 Definition of terms
Entrepreneurship:
This is the willingness to take risks and develop, organize and manage a
business venture in a competitive global marketplace that is constantly
evolving.
Entrepreneurs:
are pioneers, innovators, leaders and inventors.
Panacea:
This is an answer or solution for all problems or difficulties.
Economic
development: This is the process and policies by which a nation improves the
economic, political, and social well-being of its people.
It is also
referred to as the quantitative and qualitative changes in an existing economy.
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