Utilization Entrepreneurship for Job Creation, Poverty Reduction and National Development

Abstract

Entrepreneurship has become a tool for uplifting nations and improving their socio-economic development for the benefit of all citizens. This has worked for Western capitalist economies and the newly industrialized countries (NICs). In Africa there is less reliance on entrepreneurship as an engine of economic growth and development which has led to unemployment pervasive poverty and underdevelopment. The paper examined how entrepreneurship can help to speed up socio-economic development in Nigeria and reduce reliance on unsuccessful Western backed neo-liberal development strategies. The data of the study were sourced from array of both published and unpublished materials such as textbook, journal papers, newspapers, magazines, conference papers and seminar papers and internet material. The paper argues that Nigeria cannot develop without utilizing entrepreneurship as the cornerstone of its development strategy. Furthermore, the paper sees entrepreneurship as crucial to developing indigenous capacity in technology, manufacturing and export trade. It recommends development and implementation of local solutions to developmental problems, effective implementation of development policies, and credit provision to local entrepreneurs and creation an enabling environment for production and trade, and capacity development of Nigerian youth through technical and vocational training.