Entrepreneurship Skills Development as an Economic Empowerment and Poverty Reduction Strategy in Nigeria.

Abstract

The level of poverty in Nigeria today is quite disturbing as it has assumed an alarming proportion. Both the quantitative and qualitative measurements attest to the growing incidence and depth of poverty in the country. Entrepreneurship skills development and the formation of new small businesses are now more than ever before considered as veritable tools of reducing poverty and unquestionably engines of economic growth and innovation. This paper has therefore attempted to explore the contribution of entrepreneurship in reducing the incidence of poverty in Nigeria. The data for this work was obtained purely from secondary sources. The paper is based on review of empirical works that focused on the impact of entrepreneurship development on job creation, employment generation, economic empowerment and poverty reduction. The data collected was presented, discussed, analyzed using descriptive and historical methods of research analysis. The paper concluded that micro entrepreneurship especially through small business has undoubtedly contributed immensely to job creation and employment generation, economic empowerment and poverty reduction both in the developed and African societies. Unfortunately, in Nigeria public policies directing education, economic empowerment, poverty reduction and overall economic growth and development do not seriously and frantically aimed at developing entrepreneurship. Furthermore, there is the complete absence of the “social climate” postulated by Schumpeter’s theory, which is a necessary pre-requisite for functional Entrepreneurship Development. It is therefore recommended that given the importance of entrepreneurship in the attainment of sustainable growth and development, it is imperative that special centres are created and specifically entrusted with the responsibilities of assisting individuals develop the skills, knowledge, and general competencies for managing challenges. The “graduates” should then be empowered with seed capital and technical assistance as well as follow up services to insure their projects succeeds. As the society advances in complexity, the functionality of entrepreneurship becomes more dynamic so as to meet up with societal needs.