THE IMPACT OF ENTREPRENEURSHIP AS A PANACEA FOR UNEMPLOYMENT REDUCTION IN NIGERI (A CASE STUDY OF IMO STATE)

THE IMPACT OF ENTREPRENEURSHIP AS A PANACEA FOR UNEMPLOYMENT REDUCTION IN NIGERI (A CASE STUDY OF IMO STATE)

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ABSTRACT

This research work examined the difficulties to the achievement of level of productivities and unemployment performance in the industries. The research interest on this project work is to improve a better method/ technique of operation that will minimize industrial accident hence using cost and improving job for employment in the country apart from government private can shall provide employment of the unemployment in the country today.

CHAPTER ONE

1.0.    INTRODUCTION

In many African countries government has played a significant role in determine the course of national development since 1960 the Nigeria national development plans have laid great emphasis on public sector control of the economy Ezeife (1998) this trend has generally distinguished the government as a major investor in business which other wise should have been left to private investors the general was that the fastest route to development is government playing a leadership role in entrepreneurship development.

1.1     BACKGROUND OF THE STUDY

In Nigeria, until recently government has participate extensively in business activities making every one look unto it as the provider of employment and welfare UJAM (20010 many Nigerians as an alternative to government employment. However the economic down turn of the economy changed. This situation as unemployment heightened in the mid -1980s graduates and school leaves have now realized that the government is no longer ready to offer them employment hence the current gust for entrepreneurship development Ugbaja (2003) short of them selves into various entrepreneurial ventures.

  The government has shown much concern about the unemployment situation and has set up many institutions to assist in creating favorable climate for entrepreneurship development in the country Aluko (2002) the Nation is now on the right part to entrepreneurship development in the 21st century with the ongoing privatization programmed. The new emphasis on self determination is in the line with current policy of promoting private sector dominance Nwatu (2003) to this and the government international agencies and non government organizations and the world bank are now showing concern for, and commitment to entrepreneurship development in Nigeria.

It is against this background that this study is set to examine the strategies’ for the impact of entrepreneurship skill in reducing youth unemployment as a panacea for unemployment reducing in Nigeria with a particular emphasis of Enugu state.

1.2     STATEMENT OF THE PROBLEM

The current emphasis on entrepreneurship development in Nigeria is facing some constraints these include.

1)         In adequate institutional support for rapid promotion of entrepreneurship development.

2)         Lack of capital and credit for entrepreneurial activities.

3)         Lack of market incentives for entrepreneur.

4)         Inadequate entrepreurship education programs.

5)         Lack of entrepreneurship education programmer.

6)                 In adequate entrepreneurship opportunities for women and young persons.

7)         Lack of willingness (to take risk) entrepreneurial and managerial acumen among Nigeria.

1.3     PURPOSE OF THE STUDY

1. To examine the entrepreneurship promotion measures           introduction by the government.

2. To examine the efforts of Nigerians to become self employed.

3. To examine what role international financial institutions and organizations play in entrepreneurship skill in reducing youth unemploymentdevelopment as a panacea for unemployment reduction.

4 To determine if these are entrepreneurship encouragement programmed opportunities and incentives.

5. To determine if a favorable and stables business climate has

   Been created for entrepreneurship development.

1.4     SIGNIFICANCE OF THE STUDY

     This study insignificant in many respects firstly it will be useful to the government.

This is because its findings will help the government to determine whether it has adopted the right strategies or done encourage to promote entrepreneurship in Nigeria. The recommendation will be very useful for entrepreneurship promotion policy formulation.

  Secondary, the study will show what assistance the international organizational organization includes the World Bank and its affiliates have been giving to Nigeria for entrepreneurship development. This study will therefore provide Nigerians information on how to arrival themselves the opportunities created by these assistance.

  Finally, the study will be useful for academic purpose. It will provide useful information for those who will carry out related studies in the future. Furthermore, the research findings can provide the basic for the further studies.

     1.5    RESEARCH QUESTION

1. What are the strategies adopted by the government in entrepreurship development skill in reducing youth unemployment development as a panacea of unemployment reduction in Imo State?.

2. What efforts are Nigerians making to become self- determine?

3. What role do international financial institutions and other organization play in entrepreneurship skill in reducing youth unemployment development reduction in Imo State?

4. Are there entrepreneurship encouragement programmed opportunities and incentives for young entrepreneurship?

5. Has a favorable and stable business climate been created?

1.5     SCOPE AND LIMITATION OF THE STUDY

The study focuses on the strategies adopted in entrepreurship skill in reducing youth unemployment in a depressed economy with particular reference to Imo State. It therefore covers government individual and international organization’s efforts to promote entrepreneur development for unemployment education in Nigeria.

The researcher encountered some limitation however in carrying out the study, firstly, collecting data for the study is not easy given the nature of the study. Many individual approached for information could not cooperate.

Secondly, the researcher could have traveled out side the state in state in search of information or data.

But she could not do so for lack of finance.

  Finally, the study could not be complete a record time because of the pressure of other academic work on the researcher.

1.7     DEFINITION OF TERMS AND ACRONYMS ENTREPRENEUR

Entrepreneurship:

This is the phenomenon of creating a new business fermenting and managing it taking risk and making losses or profit.

Business environment/climate:

This refers to all the physical facilities environmental factors regulations opportunity and risk associated with the business.

Institutional arrangement/ support:

This refers to institution and their support for entrepreneurship development.

VENTURE CAPITAL:

This refers to loans for business.

STARTING CAPITAL:

This refers to funds required to set up a business.

BUSINESS OPPORTUNITY:

This refers to profitable business activity that can be under taken.

INNOVATION:

This means introducing a new business or product.

BOFID:  bank and other financial institution degree

CAMEL:  capital/ asset management, earnings and liquidity.

ILLIQUIDITY: A situation where some thing does not have monetary value or difficult to turn into cash.

INDUSTAIALIZATION: the development of industries in a country.

PROLIFERATION: increased of something

SALIENT: important

EMBEZZLEMENT: Guilty of stealing money.

CONSOLIDATION: Another way of survival of the fittest. It is also the term used by CBN to describe the coming together of some bank within the country to become one ban





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