ENTREPRENEURSHIP AS A PANACEA TO ECONOMIC DEVELOPMENT; CASE STUDY OF ETSAKO WEST

ENTREPRENEURSHIP AS A PANACEA TO ECONOMIC DEVELOPMENT; CASE STUDY OF ETSAKO WEST

CHAPTER ONE

INTRODUCTION

1.1      Background of the study

Nigeria as a country fully endowed with human and material resources have the right playing ground for business and investment purposes.

Prior to the 80s, unemployment and poverty were not as disturbing as what it is now. However, inconsistencies in the socio-economic policies of successive governments contributed to the increase in unemployment and poverty. During this period, many workers were laid off, and early retirement of employees due to some shaky government policies.

Nigeria as a developing country is improving in economic sectors such as science, technology, sports, entertainment, and agriculture. Innovative end- products are derived from each of this sectors-foodstuff from agriculture, in the area of technology we have phones/laptops repair, sales of recharge cards, in engineering we have cases of road construction, in tourism we have the preservation of our culture and the list continues. Notwithstanding all these human and material resources Nigeria is blessed with, it is still referred to as one of the poorest countries in sub-Sahara Africa (Salami,2011 p:10). It is obvious on the way some countries have encouraged the entrepreneur sector, thus reducing the level of unemployment to the barest minimum, but that cannot be said of Nigeria. As the government has done little or nothing to bring a lasting solution to this problem; thus leading to increase in crime and other vices just to meet ends needs.

The role of entrepreneurship in the curbing of unemployment, unstable economic growth and development cannot be emphasized. The current state of the global world brings entrepreneurship to a fore. Countries practicing capitalism makes the current state of the economy glaring that private ownership of business is a way forward. The youths are unemployed not because they don’t have the qualifications; but because politically, economically and even religiously the systems are paralyzed (Kuratko, 2009).

Entrepreneurship constitutes immensely to the social, economic, financial and otherwise development of any country. Due to this, successive governments have tried to revive this sector while current governments seem more serious; and that is why they saddled some agencies with the responsibility of achieving this-agencies like: National Poverty Eradication Programme (NAPEP), National Directorate of Employment (NDE), etc. the truth still remains that for a country to grow in all ramifications, it must have strong private partners who involve in wealth creation, backed with great skills. (Akpomi ,2009 p:156).

It is crystal clear that entrepreneurship development enhances the sustainable development of a country, the sector has been neglected and of cause, this has an effect on the economy. Bearing the aforementioned in mind, entrepreneurship if given the needed attention it requires will place Nigeria on the right pedestal nationally and internationally.

This study is aimed at presenting entrepreneurship as a panacea to current economic challenges facing Nigeria, most especially the high level of unemployment.

ENTREPRENEURSHIP AS A PANACEA TO ECONOMIC DEVELOPMENT; CASE STUDY OF ETSAKO WEST