EVALUATION OF THE CONTRIBUTION OF ENTREPRENEURIAL DEVELOPMENT OF THE NIGERIAN ECONOMY

EVALUATION OF THE CONTRIBUTION OF ENTREPRENEURIAL DEVELOPMENT OF THE NIGERIAN ECONOMY

 

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ABSTRACT

With the current trend in Nigeria micro and macro-economics policies towards a dynamic private sector led economy. The indispensability of entrepreneurial development thus becomes of paramount importance. This study assesses the contribution of entrepreneurial activities to the growth and development of the Nigerian Economy.

Questionnaires and ministration and interviews have been carried out on entrepreneurs to obtain primary data and related literature have also been used. Data have been analyses using tables and percentages and hypothesis have been tested using chi-square. Based on the findings, entrepreneurs were found to be innovative but still find the growth of their company difficult to handle because of inadequate capital, high costs of input and government policies. To this end the study recommended that Government should establish specialize banks that will offer loan to entrepreneurs, develop industrial estate with adequate and reliable infrastructure and provide subsidy on vital raw materials for industrial growth which in-turn develops the economy.

 

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The word entrepreneur was first used in the early 18th century by an Irish man named Cantillon who was then living in France. The word therefore originated from the French word, entrepreneur, which means to start a business. It was used broadly in connection with the innovative modern individual business leaders.

The entrepreneur has been described as the person who perceives business opportunities and takes advantage of the scarce resources to use them. He bears the non-insurable risk in his enterprise and directs human business.

According to Ndechukwu (2001), an entrepreneur is an individual who takes upon him-self the risk of going into business with the expectation of earning all the profits or losses. He is, in economics, regarded as a special type of labour that assembles all the other factors of production namely, capital, land and labour and endeavor to ensure optimal combination of these resources to maximize profit.

 

The world as we know is becoming a global village; great forces are pursuing the nations to have a dynamic and sound economy. Economic competition and intimidation has become the era of the day, so one is justified if one becomes interested in one of the important factors of a strong and virile economy, the entrepreneur and the entrepreneurship. Many societies placed great values on the entrepreneur.

To encourage their activity, they may be offered access to in-expensive capital, tax exception and management advice. An entrepreneur has the greatest chance of success by focusing on a market niche either too small or too new to have been noticed by established business.

The practice of entrepreneurship promotes self-reliance. Entrepreneurial skills are translated into practical business activities in the form of both small and medium scale enterprises in private and public enterprises. With this close relationship, entrepreneurial development relates to and also embraces the activities and role of small and medium scale enterprise particularly in the area of reducing the level of unemployment, provision of goods and services and their combination of national economic welfare.

The dynamic role of private and public enterprises in Nigerian economy as a mechanism for growth has recognized its effect in achieving macro economic objective such as full employment, income distribution, development of local technology as well as diffusion of management skills and stimulation of indigenous entrepreneurship cannot be over emphasized. At the emerging of a modern day Nigeria in the early 60’s and 70’s, white collar jobs were at the disposal of every fresh graduate, with this idea in mind, the issue of self resourcefulness tending towards entrepreneurial development was at the ebb.

 

The introduction of Structural Adjustment Programme (SAP) in 1986 has a lot of effects in the private and public enterprises of the Nigerian economy which lay off a large number of their work force. This consequently led to economic hardship coupled with unemployment.

For this reason, the need for self reliance and resourcefulness and development of new initiative for economic survival has led individuals to set up enterprises of various sizes and structure to meet up with the trend in the economy and to earn a living. This has indeed led to entrepreneurship development in Nigeria.

 

To qualify as an entrepreneur, it is not sufficient to be just managing an enterprise; one has to be an originator of profitable business ideas. According to Schumpeter (1911), the single function, which constitute entrepreneurship is innovation and indeed it creates a resource (the business entrepreneur). It should be noted that, nothing should be considered as resource until man finds a use for it.

These resources must be combined, recognized and efficiently utilized by entrepreneurship to achieve a desirable satisfaction for human needs which entrepreneurship readily provides.

Entrepreneurial development hold a lot for economic growth and development. A typical example of what it has to offer is seen in the case of Dangote Group of Companies, which grew from a small enterprise into a large conglomerate. Today, it is with several lines of business and diverse product, it is making a tremendous contribution to the development and growth of the Nigerian economy.

 

For a nation to say it is independent, it must be economically independent and these is based upon the development of entrepreneurship spirit. The establishment of a new business involves a thorough understanding of entrepreneurial process. This process does not just involve problem solving but also an entrepreneur must find, evaluate and develop opportunity by overcoming the strong forces that every new ventures faces.

 

Entrepreneurial process has four distinct phases which include ability to identify business opportunities, ability to be able to harness the necessary resources to utilize opportunities identified, ability and the willingness to initiate and sustain appropriate actions towards the actualization of business objectives and managing the resulting enterprise. Some useful sources of business opportunity are consumers existing companies, distribution channels, research and development, as well as the Federal government involvement in promoting entrepreneurship.

 

 

This article highlights various college of education website in Nigeria. We provide free school Past Questions and answer, jamb exams, jamb registration Form and Admissions List to various students to gain admission into Federal, State and Private College Of Education In Nigeria.  This article will also help students to check admission status of various institutions in Nigeria at a go.

Adeyemi College of Education, Ondo, past questions, form and admissions list

Alvan Ikoku College of Education, Owerri, past questions, form and admissions list

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Federal College of Educ. Abeokuta, past questions, form and admissions list

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Federal College of Education, Kano, past questions, form and admissions list

Federal College of Education, Katsina, past questions, form and admissions list

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Federal College of Education, Pankshin, past questions, form and admissions list

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Federal College of Education, Zaria, past questions, form and admissions list

Federal College of Education (Technical), Akoka, past questions, form and admissions list

Federal College of Education (Technical), Asaba, past questions, form and admissions list

Federal College of Education (Technical), Bichi, past questions, form and admissions list

Federal College of Education (Technical), Gombe, past questions, form and admissions list

Federal College of Education (Technical), Gusau, past questions, form and admissions list

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Federal College of Education (Special) Oyo, past questions, form and admissions list

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College of Education, Agbor, past questions, form and admissions list

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Cross River State College of Education, Akamkpa, past questions, form and admissions list

Adamu Augie College of Education, Argungu, past questions, form and admissions list

College of Education, Azare, past questions, form and admissions list

Bayelsa State College of Education, Okpoama, past questions, form and admissions list

Emmanuel Alyande College of Education, Oyo, past questions, form and admissions list

Enugu State College of Education (Tech.) Enugu, past questions, form and admissions list

College of Education, Ekiadolor, past questions, form and admissions list

Umar Suleiman College of Education, Gashua, past questions, form and admissions list

College of Education, Gindiri, past questions, form and admissions list

Michael Otedola College of Primary Education, Moforiji, past questions, form and admissions list

College of Education, Port Harcourt, past questions, form and admissions list

Adeniran Ogunsanya College of Education, Otto, past questions, form and admissions list

Tai Solarin College of Education, Ijebu-Ode, past questions, form and admissions list

Tai Solarin College of Education, Ijebu-Ode, past questions, form and admissions list

Ebonyi State College of Education, Ikwo, past questions, form and admissions list

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College of Education, Benue, past questions, form and admissions list

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Nwafor Orizu College of Education, Nsugbe, past questions, form and admissions list

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College of Education, Oro, past questions, form and admissions list

Oyo State College of Education, Oyo, past questions, form and admissions list

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FCT College of Education, Zuba, past questions, form and admissions list

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Angel Crown College of Education, Gidan-Daya, past questions, form and admissions list

Elder Oyama Memorial College of Education, Ofat-Adun, past questions, form and admissions list

Assanusiyah College of Education, Odeomu, past questions, form and admissions list

African Thinkers Community of inquiry College of Education, past questions, form and admissions list

Best Legacy College of Education, Ikirun, past questions, form and admissions list

Bauchi Institute for Arabic and Islamic Studies, past questions, form and admissions list

Calvin Foundation College of Education, Naka, past questions, form and admissions list

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St. Augustine College of Education, Yaba, past questions, form and admissions list

Yewa Central College of Education, Ogun, past questions, form and admissions list

List of Federal Universities in Nigeria

Abubakar Tafawa Belewa University, past questions, form and admissions list

Ahmadu Bello University, Zaria, past questions, form and admissions list

Bayero University, Kano, past questions, form and admissions list

Federal University, Gashua, past questions, form and admissions list

Federal University of Tech, Akure, past questions, form and admissions list

Federal University of Petroleum Resources, Effurun, past questions, form and admissions list

Federal University of Technology, Minna, past questions, form and admissions list

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Federal University, Gusau

Michael Okpara Univeristy of Agric, Umudike, past questions, form and admissions list

Modibbo Adama University of Tech, Yola, past questions, form and admissions list

National Open University of Nigeria, past questions, form and admissions list

Nigeria Police Academy Wudil, past questions, form and admissions list

Nigeria defense Academy, Kaduna, past questions, form and admissions list

Nnamdi Azikiwe University, Awka, past questions, form and admissions list

Obafemi Awolowo University, Ile-Ife, past questions, form and admissions list

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University of Port-Harcourt, past questions, form and admissions list

University of Uyo, past questions, form and admissions list

Usmanu Danfodiyo University, past questions, form and admissions list

List of State Universities in Nigeria admission list

Abia State University, Uturu, past questions, form and admissions list

Adamawa State University, Mubi, past questions, form and admissions list

Adekunle Ajasin University, Akungba, past questions, form and admissions list

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Anambra State University of Sc. & Tech, Uli, past questions, form and admissions list

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Bauchi State Unibversity, Gadau, past questions, form and admissions list

Benue State University Markurdi, past questions, form and admissions list

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Cross River State University of Sc. & Tech, Calabar, past questions, form and admissions list

Delta State University Abraka, past questions, form and admissions list

Ebonyi State University, Abakaliki, past questions, form and admissions list

Ekiti State University, past questions, form and admissions list

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Private Universities

Achievers University, Owo, past questions, form and admissions list

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African University of Sc. & Tech, Abuja, past questions, form and admissions list

Al-hikmah University, Ilorin, past questions, form and admissions list

Ajayi Crowther University, Ibadan, past questions, form and admissions list

Al-Qalam University, Katsina, past questions, form and admissions list

American University of Nigeria, Yola, past questions, form and admissions list

Babcock University, Ilishan, past questions, form and admissions list

Baze University, past questions, form and admissions list

Bells University of Technology, Otta, past questions, form and admissions list

Benson Idahosa University, Benin, past questions, form and admissions list

Bingham University, New Karu, past questions, form and admissions list

Bowen University, Iwo, past questions, form and admissions list

Caleb University, Lagos, past questions, form and admissions list

Caritas University, Enugu, past questions, form and admissions list

CETEP City University, Lagos, past questions, form and admissions list

Covenant University, Ota, past questions, form and admissions list

Crawford University, Igbesa, past questions, form and admissions list

Crescent University, past questions, form and admissions list

Elizade University, Ilara-mokin, past questions, form and admissions list

Fountain University, Oshogbo, past questions, form and admissions list

Gregory University, Uturu, past questions, form and admissions list

Hallmark University, past questions, form and admissions list

Igbinedion University, Okada

Joseph Ayo Babalola University,Ikeji, past questions, form and admissions list

Kwararafa University, Wukari, past questions, form and admissions list

Lead City University, Ibadan, past questions, form and admissions list

Madonna University, Okija

Mcpherson University, Seriki

Nigerian-Turkish Nile University, Abuja, past questions, form and admissions list

Novena University, Ogume, past questions, form and admissions list

Obong University, Obong Ntak, past questions, form and admissions list

Oduduwa University, Ipetumodu, past questions, form and admissions list

Pan-African University, Lagos, past questions, form and admissions list

Paul University, Awka, past questions, form and admissions list

Redeemer’s University, Mowe, past questions, form and admissions list

Renaissance University, Enugu, past questions, form and admissions list

Salem University, Lokoja, past questions, form and admissions list

Tansian University, Umunya, past questions, form and admissions list

University of Mkar

Veritas University, past questions, form and admissions list

Wellspring University, Edo, past questions, form and admissions list

Wesley University of Sc. & Tech, Ondo, past questions, form and admissions list

Western Delta University, Oghara

List of all the Federal Polytechnics in Nigeria

    Air Force Institute of Technology Nigerian Air Force, past questions, form and admissions list

    Air Force Institute of Technology Nigerian Air Force, past questions, form and admissions list

    Akanu Ibiam Federal Polytechnic, Unwana, past questions, form and admissions list

Nigeria Army School of Military Engineering, past questions, form and admissions list

     Auchi Polytechnic past questions, form and admissions list

     Auchi Polytechnic past questions, form and admissions list

    Federal Polytechnic, Ado-Ekiti past questions, form and admissions list

Federal Polytechnic, Ado-Ekiti past questions, form and admissions list

Federal Polytechnic, Bauchi, past questions, form and admissions list

    Federal Polytechnic, Bida, past questions, form and admissions list

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   Federal Polytechnic, Damaturu, past questions, form and admissions list

     Federal Polytechnic, Ede, Osun State, past questions, form and admissions list

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 Federal Polytechnic, Ida, past questions, form and admissions list

   Federal Polytechnic, Ida, past questions, form and admissions list

  Federal Polytechnic, Ilaro, past questions, form and admissions list

     Federal Polytechnic, Ile-Oluji, Ondo State, past questions, form and admissions list

    Federal Polytechnic, Mubi, past questions, form and admissions list

   Federal Polytechnic, Namoda, past questions, form and admissions list

   Federal Polytechnic, Nassarawa, past questions, form and admissions list

  Federal Polytechnic, Nekede, past questions, form and admissions list

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Federal Polytechnic, Offa, past questions, form and admissions list

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 Federal Polytechnic, Oko, past questions, form and admissions list

Federal School of Dental Technology and Therapy, past questions, form and admissions list

Kaduna Polytechnic, Kaduna, past questions, form and admissions list

Hussaini Adamu Federal Polytechnic, past questions, form and admissions list

Nigeria Army School of Military Engineering, past questions, form and admissions list

Federal College of Animal Health and Production Technology, past questions, form and admissions list

Waziri Umaru Federal Polytechnic Birnin Kebbi, past questions, form and admissions list

Yaba College of Tech, past questions, form and admissions list

List of State Polytechnics in Nigeria

 Abraham Adesanya Polytechnic, Ijebu-Igbo, past questions, form and admissions list

Abia State Polytechnic, past questions, form and admissions list

Adamawa State Polytechnic, past questions, form and admissions list

Akwa-Ibom State Polytechnic, Ikot-Osurua, past questions, form and admissions list

Benue State Poly, Ugbokolo, past questions, form and admissions list

Gateway Polytechnic, Igbesa, past questions, form and admissions list

Rufus Giwa Polytechnic, past questions, form and admissions list

Rufus Giwa Polytechnic, past questions, form and admissions list

The Polytechnic, Ibadan, past questions, form and admissions list

Institute of Mgt. and Tech, past questions, form and admissions list

Imo State Polytechnic, Umuagwo, past questions, form and admissions list

Kano State Polytechnic, past questions, form and admissions list

Kogi State Polytechnic, Lokoja, past questions, form and admissions list

Kwara State Polytechnic, Ilorin, past questions, form and admissions list

Lagos State Poly, Ikorodu, past questions, form and admissions list

Moshood Abiola Poly, past questions, form and admissions list

Nasarawa State Polytechnic, past questions, form and admissions list

Nuhu Bamalli Polytechnic, past questions, form and admissions list

Delta State Polytechnic, Ogwashi-Uku, past questions, form and admissions list

Osun State Poly, Iree, past questions, form and admissions list

Osun State Poly, Iree, past questions, form and admissions list

Osun State College of Tech, Esa-Oke, past questions, form and admissions list

Delta State Polytechnic, Ozoro, past questions, form and admissions list

Plateau State Polytechnic, Barkin-Ladi, past questions, form and admissions list

Adamawa State Poly, past questions, form and admissions list

Rivers State College of Arts and Science, past questions, form and admissions list

Rivers State College of Arts and Science, past questions, form and admissions list

Rivers State Polytechnic, past questions, form and admissions list

Gateway Polytechnic Saapade, past questions, form and admissions list

Edo State Inst. of Tech and Mgt, Usen, past questions, form and admissions list

Niger State Poly, Zungeru, Niger State, past questions, form and admissions list

List of Private Polytechnics in Nigeria

Allover Central Polytechnic, past questions, form and admissions list

Crown Polytechnics, past questions, form and admissions list

Covenant Polytechnic, past questions, form and admissions list

Dorben Polytechnic, Bwari-Garam Road, past questions, form and admissions list

Fidei Polytechnic, Gboko, past questions, form and admissions list

Grace Polytechnic, past questions, form and admissions list

Grace Polytechnic, past questions, form and admissions list

Igbajo Polytechnic, past questions, form and admissions list

The Polytechnic, Ile-Ife, NITEL Road, past questions, form and admissions list

Lagos City Poly, Ikeja, Lagos State, past questions, form and admissions list

Light House Polytechnic, Eubuobanosa, past questions, form and admissions list

Interlink Polytechnic, past questions, form and admissions list

Kings Polytechnic, Ubiaja, past questions, form and admissions list

RONIK Polytechnic, past questions, form and admissions list

Shaka Polytechnic, Polytechnic, Benin city, past questions, form and admissions list

Temple-Gate Polytechnic, past questions, form and admissions list

Wolex Polytechnic, past questions, form and admissions list

Prime Polytechnic, past questions, form and admissions list

The Polytechnic Imesi-Ile, Osun, past questions, form and admissions list

Heritage Polytechnic, Ikot Udota, past questions, form and admissions list

Ibadan City Polytechnic, past questions, form and admissions list

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