Entrepreneurship Management: A Panacea for Social Economic Development in Nigeria

International Journal of Research and Innovation in Social Science (IJRISS) | Volume IV, Issue IX, September 2020 | ISSN 2454–6186

Entrepreneurship Management: A Panacea for Social Economic Development in Nigeria

Anekwe Rita Ifeoma¹, Dr. Ndubusi –Okolo Purity², Dr. Nwanah Chizoba Patience^{3
1 ,2}Nnamdi Azikiwe University, Anambra State, Nigeria
²University of Nigeria, Enugu Campus

Abstract: The role of entrepreneurship in social-economic development has become an essential factor in employment, and innovations which enhanced market competition. They are the spark that ignites the flames of economic development in a country. Entrepreneurship is the focal point in the process of economic development. A nation’s economic growth depends on successful domestic entrepreneurship combined with the forces of an established corporation. Several socio-economic problems that bedeviled the country such as corruption, terrorism, poor infrastructure, poverty, illiteracy, unemployment, low standard of living, etc. can be addressed through entrepreneurship development and management. The study explores entrepreneurship management as a panacea for social-economic development in Nigeria. It highlights the role of entrepreneurship in social-economic development, social-economic challenges confronting Nigeria, and the solution to Social Economic Challenges in Nigeria was also discussed. It was concluded that entrepreneurship is the engine of growth and development that drives the socio-economic transformation of any country, especially in a developing country like Nigeria. The study, therefore, recommended that the government should encourage people to engage in entrepreneurial activities by providing financial institutions that will give loans to people who are interested in venturing into business without demanding collateral.

Keywords: Economic, Social, Development, Entrepreneurship

I.INTRODUCTION

Entrepreneurship is the primary element of socio-economic development in a country. It constitutes immensely to the social, economic, financial, and otherwise development of any country. The structural adjustment programme of mid 1980s, developed by Nigeria government has put in place policies and programmes aimed at entrepreneurship development, as a means of employment generation, poverty alleviation and rapid economic and socio economic development. One of the important inputs in any economic development of a country is entrepreneurship. More the entrepreneurship activity better the development. Entrepreneurship is the lifeblood of any economy, they are a mainstay of a nation’s socio-economic improvement. For a nation to actualize its full capacity in terms of economic and social transformation, it cannot afford to underestimate the significance of its local micro-enterprises and their positive impacts on the country’s economy. Entrepreneurship is an act of identifying and exploiting opportunities. A perspective viewed as a compelling means not just of battling unemployment, poverty, and under-employment in the developing countries, but also as a

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