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Inspite of the small and medium scale emprises contribution: to national economy growth. Nigeria as well as Akwa Ibom is still clouded with set backs which result in lack of job creation, low standard of living, set back in industrial sector, unsustainable livelihood. The main objective was to access the impact and the role play by entrepreneurship in the economic growth and development of the country Nigeria. To achieve this, four research objectives, four research question and three hypotheses were formulated. Entrepreneurship and Economic Growth in Akwa Ibom State; A case of Uyo Local Government Area. However, a simple random sampling technique was used to select 100 sample. Data were collected with a structured questionnaire which was administered to the respondents. Data analysis was done using Pearson Product Moment Correlation Coefficient denoted by “r”. Finding revealed that entrepreneurship contribute immensely to economic growth of Nigeria: It play a significant role in the industrial section of Nigeria, it contribute significantly to job creation in Nigeria and also brings about upgrading standard of living in Nigeria. Based on the finding, the study was recommended that policy makers should recognize the essence of entrepreneurship to economic development; entrepreneurship deserves equal emphasis as being placed on science and technology. Also, the Nigerian government should provide and maintain adequate infrastructural facilities in both the rural and Urbans areas to encourage entrepreneurship.
1.1 Background of the study
Entrepreneurship is one of the economic variables that attract the attention of government and researchers both in developed and developing countries in the last two decades. Several efforts and initiatives have being made by governments and Non-Governmental Organization (NGOs) to promote entrepreneurship and contribute to the overall economic growth and development. Interests in the entrepreneurship development to be in the forefront of policy debates in developing countries especially Nigeria. Recently, private sector has dominated the entrepreneurial development policies globally (Zubair, 2014).
With the collapse of the last vestiges of the socialist economic system in 1990s, virtually the whole world has embraced free enterprise economic system. Entrepreneurship is the cornerstone and the heart of the free enterprise economy (Popoola, 2014). Entrepreneurship is an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organising markets, processes and raw material through organising effort that previously had not existed (Shance and Ventaramen 2000).
According to Afolabi (2015) Studies by UNIDO Nigeria 2012 shows that micro, small and medium enterprise (SMEs) has the propensity to drive the Nigerian economy and data reveal that there are currently over 4 million MSMEs employing over 31 million Nigerians MSMEs account for over 80% of enterprises that employ about 75% of the Nigeria’s total work force and therefore formulating and effectively implementing SMEs friendly policies represents innovative ways of building the capacity to engage in entrepreneurial activities and creating job opportunities thus, playing a central and invaluable role in helping Nigeria realize its quantity advantage.
Baig (2007) opines that the private sector can contribute to economic growth, job creation, and national income and hence contributes to national prosperity and competiveness. According to her, the private sector contributes substantially to the Gross Domestic product (GDP) and thus unlashing domestic resources (financial and entrepreneurial) is likely to create a more Stable and sustainable pattern of growth. However, the major component of private sector, small and medium enterprises (SMES) is generally considered as the engines of economic growth, cornerstone for creativity and innovation and seedbeds of entrepreneurship (Charles 2011).
Entrepreneurship has been coincident as main sustenance of the economy because of their capacity in enhancing economy productivity and enhancing standard of living (Akingernola 2011). Moreover, Sanusi (2003) States that entrepreneurship are critical components of economic growth as they account for more than 50 percent of GDP of developing economics. According to him, SMEs are the main source of entrepreneurship and the main source of innovation and technological development; this provide the required human capital and raw materials to longer businesses. This research aim at showcasing entrepreneurship as an instrument of economic growth.
1.2 Statement of the Problem
Studies have shown that entrepreneurship in many countries which Nigeria is not an exception provide the mechanism for promoting indigenous enterprises, enhancing greater opportunities per unit of capital invested, and aiding the development of local technology. In Nigeria small scale and medium scale enterprise represent 90% of the industrial sector according to Ayayi (2002). Singularly, they have contributed significantly to economic growth through employment job creation, sustainable livelihood, high standard of living of Nigeria.
In spite of SMEs contribution to national economy growth, Nigerian governments have failed to give adequate attention to entrepreneurship development in the country and this have a negative result on the economic growth of the nation entrepreneurship which leads to lack of job creation, low standard of living, set back in industrial sector, unsustainable livelihood. Nigeria is still clouded with set backs which if overcome will enhance economic growth in the country. This research is poised to investigating the impact and role of entrepreneurship in economic growth of Nigeria in order to enhance it potentials and make Nigeria economically self-reliant.
1.3 Objectives of the study
The main objective of the study is to access entrepreneurship and economic growth in Akwa Ibom State. The specific objectives therefore are:
1. To evaluate critically the contribution of small and medium scale enterprises on industrial sector in Uyo Local Government Area, Akwa Ibom State.
2. To examine the role of entrepreneurship on job creation in Uyo Local Government Area, Akwa Ibom State.
3. To assess the impact of entrepreneurship in upgrading the standard of living in Uyo Local Government Area, Akwa Ibom State.
4. To identify the effect of entrepreneurship in sustainable livelihood in Uyo Local Government Area, Akwa Ibom State.
1.4 Research Questions
The following questions are pertinent to this study:
1. Does entrepreneurship contributes to economics growth in Uyo Local Government Area, Akwa Ibom State?
2. To what extent does entrepreneurship contribute to job creation in Uyo Local Government Area, Akwa Ibom State.
3. What are the impact of entrepreneurship in upgrading the standard of living in Uyo Local Government Area, Akwa Ibom State.
4. Does small and medium scale enterprises play any role in the industrial sector of Uyo Local Government Area, Akwa Ibom State.
5. What are the effect of entrepreneurship in sustainable livelihood in Uyo Local Government Area, Akwa Ibom State.
1.5 Research Hypotheses
For the purpose of this study, the following hypotheses are formulated to be tested.
Ho: Small scale and medium scale enterprises does not play a significant role in the industrial sector in Uyo Local Government Area, Akwa Ibom State economy.
Hi: Small scale and medium scale enterprises play a significant role in the industrial sector in Uyo Local Government Area, Akwa Ibom State economy.
Ho: Entrepreneurship does not contribute significantly to job creation in Uyo Local Government Area, Akwa Ibom State.
Hi: Entrepreneurship contribute significantly of job creation in Uyo Local Government Area, Akwa Ibom State.
Ho: There is no significant effect of entrepreneurship in upgrading the standard of living in Uyo Local Government Area, Akwa Ibom State.
Hi: There is significant effect of entrepreneurship in upgrading the standard of living in Uyo Local Government Area, Akwa Ibom State.
1.6 Significance of the Study
Finding from the study will be of immeasurable importance to the Nigerian government, all and aspiring entrepreneurs in Nigeria. It will serve as a manual that will guide them on how to do about using entrepreneurship to economically develop the country and raise their standard of living. It will as well help to bridge the gap that might have existed in the entrepreneurship activities.
This study will be useful to business management and entrepreneurship students as it would serves as reference material for future research in this course of study. To crown it up, the research is significant to the researchers because it is a requirement for the award of Bachelor of Science Degree (B.Sc).
1.7 Scope of the Study
This study investigated the impact and role entrepreneurship has on the economic growth and how economic growth will be improved through entrepreneurship. Evaluating entrepreneurship as a tool in the growth and development in Uyo, Akwa Ibom State economy seems too board for the time frame of this research work. Therefore, the scope of this work was confined towards the contribution of small and medium scale enterprise to the development of Akwa Ibom State economy, concentrating in Uyo Local Government Area, Akwa Ibom State.
1.8 Limitation of the Study
This research work on the impact and role of entrepreneurship on the Akwa Ibom State economic growth was not an exception to the usual problems associated with research in Nigeria. The researcher was faced with the problem of finance as the researcher did not have enough funds to get the required stationery. Also, the timeframe for the work to be carried out was too short.
1.9 Definitions of terms
The following terms were used in the course of this study:
Entrepreneur: This is a person who starts or organizes a business that has a financial risk. This is a person who habitually creates, innovates and builds something of recognizable value within perceived.
Entrepreneurship: This is a process by which persons either on their own or inside organizations purpose opportunities without regard to resources they currently control.
Economic growth: This is a positive charge in the level of production of goods and services in a country over a certain period of time.
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