Creativity and Innovation: An Imperative for Entrepreneurial Development in Nigeria

Abstract

Sustainable economic development does not occur without entrepreneurship and entrepreneurship is the practice of starting new organizations or revitalizing mature organizations. This study therefore aims to find out the relationship between creativity and innovation on entrepreneurial development activities in Nigeria. These key variables creativity and innovation are very critical to any successful entrepreneurship endeavour. Simple random sampling technique was used to select a total of 550 entrepreneurs from Lagos State that constituted our sample size. Lagos state was chosen because it is the commercial and business centre of Nigeria and also is home to a significant percentage of small and medium scale enterprises in the country. The primary data consists of a number of items in well- structured questionnaire that was administered to and completed by the respondents. Regression analysis was used to analyze the data. The results showed that there is significant relationship between innovation and entrepreneurship development in Nigeria. Similarly, study also reveals a significant relationship between creativity and entrepreneurship in Nigeria. The study therefore recommended that government should create a friendly or an enabling environment for entrepreneurship and consumer goods to boost the Nigeria economy. This the study believe can be achieved through creativity and innovation in entrepreneurship.