THE ROLE OF ENTREPRENEURSHIP AS THE DRIVER OF ECONOMIC GROWTH
Ogunlana, Folarin (2018)
Centria-ammattikorkeakoulu
2018
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-201804305976
https://urn.fi/URN:NBN:fi:amk-201804305976
Tiivistelmä
This study examined the role of entrepreneurship as the driver of economic growth. The study also analysed challenges faced by business start-ups or small and medium enterprises (SMEs). The write-up was inspired by a statement from the finance minister of Nigeria after National Bureau of Statistics (NBS) disclosed Nigeria economy was in a recession. Kemi Adeosun said the country was in “its worst possible time”, inflation rate shrank at 17.1 percent, GDP contracted by 2.06 percent and the economy by 0.36 percent. Furthermore, crude oil price had gone down all time low, and for an economy that depends solely on oil export for revenue, there is a need for revenue alternative. The search for alternative revenue was why the author seeks to find out what role entrepreneurship can play in bringing the nation out of economic recession and sustain self-sufficient economic growth for the country.
As a result of the absence of sequential data related to entrepreneurship and sustainable economic growth in Nigeria, the narrative-textual case study method was used to gather information. A self-designed questionnaire was used to gather additional information analysed in simple percentages.
The study found entrepreneurship can play a significant role in achieving economic growth for the country to overcome her economic crisis. Entrepreneurship can generate employment, innovation, increase production, and diversify the economy source of revenue while fostering the development of small and medium enterprises in Nigeria. This study proposed there should be proper policy coordination and stability, provision of necessary infrastructure, and reforms in the educational curriculum to orientate people to be self-reliant. When the country has flourishing micro SMEs or start-ups, gainful employment will be created, wealth created will be distributed evenly, the economy will have developed and gradually will move out of her economic crisis.
As a result of the absence of sequential data related to entrepreneurship and sustainable economic growth in Nigeria, the narrative-textual case study method was used to gather information. A self-designed questionnaire was used to gather additional information analysed in simple percentages.
The study found entrepreneurship can play a significant role in achieving economic growth for the country to overcome her economic crisis. Entrepreneurship can generate employment, innovation, increase production, and diversify the economy source of revenue while fostering the development of small and medium enterprises in Nigeria. This study proposed there should be proper policy coordination and stability, provision of necessary infrastructure, and reforms in the educational curriculum to orientate people to be self-reliant. When the country has flourishing micro SMEs or start-ups, gainful employment will be created, wealth created will be distributed evenly, the economy will have developed and gradually will move out of her economic crisis.