Bolstering the Impact of Social Entrepreneurship and Poverty Alleviation for Sustainable Development in Nigeria

Abstract

Social entrepreneurship has gained increasing attention as a means to address social problems, including poverty, in Nigeria. Poverty is a major challenge in Nigeria, with a poverty rate of over 40%. Poverty alleviation is critical to achieving sustainable development in the country. Social entrepreneurship can play a key role in addressing poverty by creating jobs, providing access to goods and services, and promoting economic growth. Hence, this study examines bolstering the impact of social entrepreneurship and poverty alleviation for sustainable development in Nigeria. The research focuses primarily on fostering economic, social, and environmental improvements, as well as improving people’s lives. Three hypotheses were formulated to help accomplish the primary objectives of the study. The Opportunity-Based Entrepreneurship Theory, Social Network Theory, and Schumpeterian Theory of Innovation were used to explain the objective of the study. In this study, a purposive sampling technique was used, and 300 copies of structured questionnaires were administered to selected social entrepreneurs of which 262 copies were retrieved and used for the analysis. The data were analyzed using structural and measurement models, and the path coefficient was determined using PLS-SEM. The significance level was calculated using the bootstrapping method. The results from the test of hypotheses showed that; the most significant predictor of poverty alleviation is social innovation (β = 0.376, p < 0.05), followed by the social value (β = 0.314, p < 0.05), and finally, social impact (β = 0.231, p < 0.05). This study concludes that social innovation is fundamental for empowering individuals and communities to lift themselves out of poverty and achieve long-term prosperity. The study recommends that to promote sustainable social entrepreneurship and poverty alleviation in Nigeria, the government can create policies and programs that support social innovation, such as providing access to funding, business training, and mentorship. The government can also collaborate with entrepreneurs and organizations to promote their initiatives and create a supportive ecosystem for social entrepreneurship.