Entrepreneurship and economic development in Nigeria: the way forward, Prof. Augustine Ahiauzu
Professor Augustine Ahiauzu
Rivers State University of Science and Technology
Nigeria
Abstract: This chapter examines the extent to which the entrepreneurship phenomenon affects national economic growth and development, with a special focus on Nigeria. The meanings of ‘entrepreneurship’ and ‘economic development’ are explored through a brief review of extant theories. The process of economic development in Nigeria is reflected on from the early postcolonial agrarian economy to the present oil and gas economy, and it is observed that one vital factor militating against Nigeria’s economic development is the absence of a truly Nigerian economic ideology, which can properly capture the unique configurations of the traditional Nigerian society. Because of the absence of reliable data on the total Nigerian entrepreneurial function, the experience of Uganda, which was based on the results of the ‘GEM Uganda 2003’ survey, is extrapolated and used in the examination of the likely influence of entrepreneurship on economic development in Nigeria. The chapter concludes that the development of entrepreneurial activities is vital in promoting Nigeria’s economic growth and development.It therefore recommends that concerted effort be made to fashion out a truly Nigerian economic ideology, and that the Nigerian Government should improve the Entrepreneurial Framework Conditions to galvanise Nigeria’s total entrepreneurial activities towards improved national economic growth and development.
Citation: Ahiauzu, A. (2010):Entrepreneurship and economic development in Nigeria: the way forward. In Ahmed, A. and Nwanko, S. (Eds.): Achieving Sustainable Development in Africa: Science, Technology and Innovation Trajectory, Vol. 1, pp. 278-296. WASD: Brighton, United Kingdom.
