Entrepreneurship and Economic Development in Nigeria: The Way Forward.

Abstract

This paper examines the extent to which the entrepreneurship phenomenon affects national economic growth and development, with a special focus on Nigeria. The meanings of entrepreneurship and economic development are explored through a brief review of extant theories. The process of economic development in Nigeria is reviewed from the early post-colonial agrarian economy to the present oil and gas economy, and the paper observes that one vital factor militating against Nigeria’s economic development, is the absence of a truly Nigerian economic ideology, which can properly capture the unique configurations of the traditional Nigerian society. The paper discusses the relationship between entrepreneurship and economic development, and drawing from the analysis of the ‘GEM Uganda 2003’ survey results, concludes that entrepreneurship (particularly ‘necessity’ entrepreneurship in the case of developing countries) contributes immensely to economic growth and development. Because of the absence of valid data on the Nigerian national entrepreneurial function, the experience of Uganda was extrapolated and used in the examination of the likely influence of entrepreneurship on economic development in Nigeria, and concludes that the development of entrepreneurial activities is very vital in promoting Nigeria’s economic growth and development. The paper therefore recommends that The Academy of Management Nigeria (TAMN) should champion the move toward the generation of necessary research information to support effective management of Nigeria’s national entrepreneurial function, and that government at all levels and their agencies, should improve the Entrepreneurial Framework Conditions, which will galvanize Nigeria’s total entrepreneurial activities toward improved national economic growth and development.