Poverty reduction through entrepreneurship development in Nigeria

• Main Author: Isidore, Ekpe
• Format: Conference or Workshop Item
• Language: English
• Published: 2010
• Subjects: HD Industries. Land use. Labor
• Online Access: http://repo.uum.edu.my/4161/1/sHa.pdf; http://repo.uum.edu.my/4161/

The objective of this study is to examine the effect of entrepreneurship development on poverty reduction in Nigeria. The various science and technology initiatives of the government and their effect on people and enterprises would also be highlighted. Entrepreneurship development is considered a vital link to an overall economic growth of a nation through its positive impact on economic development at the grassroots. Entrepreneurships are very vital to a nation’s economic development as they help to create wealth and reduce unemployment. They also help to increase total production (G.D.P) of a country, create jobs and innovations. As such, adequate support services are required for effective performance of their crucial role in the economy. This will go a long way to reduce or eliminate poverty in a country, thereby leading to economic growth. Secondary data from the annual reports of Nigeria’s National Directorate of Employment for 2004-2005 were analyzed using descriptive statistics. The study revealed that Nigeria’s population from 1999-2005 was 120,000,000. A total of 61,779 unemployed Nigerians (5% of the population) benefited from the Government’s Small Scale Enterprises Program through training and micro-credits in 2004. 75 enterprises were created nationwide as a result of the government’s support services (training and micro-credits) to Entrepreneurs. The study also revealed that women entrepreneurs were not given much support as their male counterparts both in urban and rural poverty alleviation programs of the government within the period. Again, all the beneficiaries of the Rural Employment Promotion Program accounted for less than 1% of the population. From the limited positive impact recorded, the paper is of the view that if much support services are given to entrepreneurs, poverty will be reduced and economic development achieved in Nigeria.