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http://www.iaeme.com/IJM/index.asp 485 [email protected] International Journal of Management Volume 11, Issue 09, September 2020, pp. 485-499. Article ID: IJM_11_09_045 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=9 Journal Impact Factor (2020): 10.1471 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 DOI: 10.34218/IJM.11.9.2020.045 © IAEME Publication Scopus Indexed DISSECTING THE SOCIO-ECONOMIC DYNAMICS OF ENTREPRENEURIAL INTERVENTIONS IN THE SOUTH-SOUTH, NIGERIA Eromafuru Edward Godbless Department of Business Administration, Delta State University, Abraka, Nigeria Akobundu Eleazar Goddey Department of Business Administration, Delta State University, Abraka, Nigeria Yahaya Garba Hassan Department of Business Administration, Delta State University, Abraka, Nigeria Uguru Godwin Ewere Department of Business Administration, Delta State University, Abraka, Nigeria ABSTRACT There are paucity of empirical works to gauge the linkage between Nigerian entrepreneurial practice and socio-economic well-being of people in the Niger- Delta region of Nigeria. The Niger-delta, an oil-rich region of the country, and accounts for the nation’s largest share of the national income and foreign reserve, is in the south- south geo-political zone of the country. Over the years however, the people have not fully felt government impasse in terms of social and capital infrastructures, gainful employment, and a safe haven for robust businesses and investments. Past efforts by stakeholders to revamp the infrastructural epidemic in the areas have been met with utmost derision. In effect, feelings of discontentment, homicide, crime wave, moral decadence, juvenile delinquencies, poverty, disruption of oil operations by hoodlums, hostage taking, forced relocation, and intimidations, have now become acceptable norms and ways of life among people in the region. Concerted efforts by the succeeding regimes to enhance the living conditions of the citizens through direct employment have left millions of others unemployed just as many have become impoverished. Hinging squarely on Wennekers and Thurik theoretical underpinnings, and using multiple regression models to analyze the relationship among the intervening variables, the study has found significant positive relationship between entrepreneurial enhancing programmes of business creations, wealth creations, education and training; and socio-

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Page 1: DISSECTING THE SOCIO-ECONOMIC DYNAMICS OF ......decadence, juvenile delinquencies, poverty, disruption of oil operations by hoodlums, hostage taking, forced relocation, and intimidations,

http://www.iaeme.com/IJM/index.asp 485 [email protected]

International Journal of Management

Volume 11, Issue 09, September 2020, pp. 485-499. Article ID: IJM_11_09_045

Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=9

Journal Impact Factor (2020): 10.1471 (Calculated by GISI) www.jifactor.com

ISSN Print: 0976-6502 and ISSN Online: 0976-6510

DOI: 10.34218/IJM.11.9.2020.045

© IAEME Publication Scopus Indexed

DISSECTING THE SOCIO-ECONOMIC

DYNAMICS OF ENTREPRENEURIAL

INTERVENTIONS IN THE SOUTH-SOUTH,

NIGERIA

Eromafuru Edward Godbless

Department of Business Administration, Delta State University, Abraka, Nigeria

Akobundu Eleazar Goddey

Department of Business Administration, Delta State University, Abraka, Nigeria

Yahaya Garba Hassan

Department of Business Administration, Delta State University, Abraka, Nigeria

Uguru Godwin Ewere

Department of Business Administration, Delta State University, Abraka, Nigeria

ABSTRACT

There are paucity of empirical works to gauge the linkage between Nigerian

entrepreneurial practice and socio-economic well-being of people in the Niger- Delta

region of Nigeria. The Niger-delta, an oil-rich region of the country, and accounts for

the nation’s largest share of the national income and foreign reserve, is in the south-

south geo-political zone of the country. Over the years however, the people have not

fully felt government impasse in terms of social and capital infrastructures, gainful

employment, and a safe haven for robust businesses and investments. Past efforts by

stakeholders to revamp the infrastructural epidemic in the areas have been met with

utmost derision. In effect, feelings of discontentment, homicide, crime wave, moral

decadence, juvenile delinquencies, poverty, disruption of oil operations by hoodlums,

hostage taking, forced relocation, and intimidations, have now become acceptable

norms and ways of life among people in the region. Concerted efforts by the succeeding

regimes to enhance the living conditions of the citizens through direct employment have

left millions of others unemployed just as many have become impoverished. Hinging

squarely on Wennekers and Thurik theoretical underpinnings, and using multiple

regression models to analyze the relationship among the intervening variables, the

study has found significant positive relationship between entrepreneurial enhancing

programmes of business creations, wealth creations, education and training; and socio-

Page 2: DISSECTING THE SOCIO-ECONOMIC DYNAMICS OF ......decadence, juvenile delinquencies, poverty, disruption of oil operations by hoodlums, hostage taking, forced relocation, and intimidations,

Dissecting the Socio-Economic Dynamics of Entrepreneurial Interventions in the South-South,

Nigeria

http://www.iaeme.com/IJM/index.asp 486 [email protected]

economic living of people through job creations, employment generation, poverty

reduction, and women/youth capacity building. The study recommended inclusive and

expanded framework for developing human capital potentials in the region through

systematic investment in entrepreneurial upgrading ventures to bring succor to the

people in the oil-rich region of Nigeria. The study also provides an impetus to relevant

government agencies and concerned stakeholders in developing effective

entrepreneurial curriculum and programme that will equip youths and make them more

self-reliant and less dependent on government and other private stakeholders.

Keywords: Dissecting, Socio-Economic dynamics, Entrepreneurial interventions,

living standards, South-South Nigeria.

Cite this Article: Eromafuru Edward Godbless, Akobundu Eleazar Goddey, Yahaya

Garba Hassan and Uguru Godwin Ewere, Dissecting the Socio-Economic Dynamics of

Entrepreneurial Interventions in the South-South, Nigeria, International Journal of

Management, 11 (9), 2020, pp. 485-499.

http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=11&IType=9

1. INTRODUCTION

The mounting spate of unemployment, youth restiveness, poverty, crime, moral degradation,

explosive population growth, coupled with the need to compete effectively in the global

markets, are mounting pressures on the Nigerian government and other stakeholders to fast-

tract measures to stimulate entrepreneurial re-thinking and practices among Nigerians. There is

general consensus among scholars that entrepreneurship enhances economic growth and

development of any nation (Naude, 2011). Across the globe, among the industrialized nations

of the world, it is realized that sustainable development is driven by the innovation, invention,

creativity and enterprise of the people. In the recent times, entrepreneurship has occupied a

center pace in the social platform due to its strategic role in developing the nation’s economic,

social and technological infrastructures. The leading industrialized countries in the world today

such as USA, China, UK, Japan, Germany, have traced their antecedents to building strategic

collaboration with the private sectors through entrepreneurial-oriented programmes and

initiatives. Such strategic alliances have translated to optimum resource allocation, wealth

creation, employment generation, and improved living standard of people (Riti & Kamah,

2015).

World Bank report (2010) identified wide-range operational bottlenecks confronting

Nigerian businesses, including poor access to finance, inadequate electricity supply, poor

transportation system, poor access to land, unfriendly tax regime, high cost of finance, high

crime rate, corruption, political uncertainties, custom/excise duty, and regime change. British

Council (2010) in its “next generation report” highlighted that Nigeria needs to develop the

infrastructure that will underpin a world class economy through diversification into the sectors

that will improve employment prospects for young people, while removing obstacles to

economic development and private enterprises. Poised by the need to promote self-reliance and

industrial development in the country, the Nigerian Federal Government in 1986, launched the

economic reform programme that sparked a gradual shift from the high capital intensive

business (large scale) to the low capital intensive one (small and micro enterprises). Prag and

Cramer (2001) in their study observed that employment is much more generated from medium,

small and micro enterprises (MSMEs) than large scale businesses. From the global terrain,

entrepreneurial development through education has been receiving increasing impetus. For the

purpose of developing both entrepreneurship spirit and culture, Akpomi (2009) reported that

pressures have mounted on the government and other stakeholders to establish training and

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Eromafuru Edward Godbless, Akobundu Eleazar Goddey, Yahaya Garba Hassan and Uguru Godwin

Ewere

http://www.iaeme.com/IJM/index.asp 487 [email protected]

research centers that are entrepreneurial driven. In this regard, efforts have to be geared toward

mobilizing and enhancing entrepreneurial activities which will consequently benefit

individuals, government and society at large.

Still, in a bid to step up efforts toward promoting entrepreneurship, the federal government

directed the administrative bodies of all higher institution in Nigeria to introduce

entrepreneurship as a mandatory course of study for all students effective from 2007/2008

academic session (Aliu, 2008). Besides entrepreneurial education, there are other schemes and

programmes through which technical and financial assistance is rendered to entrepreneurs. The

federal government in collaboration with the foreign agencies such as World Bank, Africa

Development Bank (ADB) and International Fund for Agricultural Development (IFAD)

continued to make capital available to SMEs. The small and medium scale enterprises became

recognized when government realized that large scale business cannot operate in all aspect of

the nation’s economy and certain schemes were floated to take care of their development and

smooth operations.

At the national scene, the federal government in a bid to aid the development of SMES, has

established agencies such as the National Economic Empowerment and Development Strategy

(NEEDS); Small and Medium Enterprise Development Agency of Nigeria (SMEDAN); Youth

Enterprise with Initiative (YEWIN), Youth Empowerment Scheme (YES) and among others.

In pursuant of the development of entrepreneurship, the government has through the Bank of

Industry (BOI) and Agricultural Development Bank (ADB) invested money in some schemes

which render financial and technical assistance to entrepreneurs. According to Agbeze (2012)

Nigeria is developing the subsector through people with innovative, creative ability and

entrepreneurial attitude in area of Agriculture and Agro-allied business, hospitality and tourism

business, waste management business, engineering and fabrication works, automobile, foot

wears, financial and banking services, building and construction, machine and tools fabrication

and among others which offer greater potential both in employment generation and Gross

Domestic Product (GDP) than that of the oil sector.

Despite government’s determined efforts and interest in the nation’ SMES, unemployment

and other social malaise still remain un-abated (Ajayi, 2016). Cases of kidnapping, armed

robbery, armed conflicts, lootings, wanton destruction of lives and property, pipeline

vandalism, being reported in the national dailies and media have been the result of youth

restiveness in most parts of Nigeria. The situation is even more pathetic in the Niger-Delta

region which produced bulk of the nation’s revenue through crude oil exploration. World Bank

(1996) described Nigeria as a paradox in the sense that the wealth of the nation contradicts the

poverty level in the country. Nigeria with its immense wealth, rather than recording increase in

the countries socio-economic development has declined from one of the 50 richest countries in

the 70s to one of the 25 poorest countries at the threshold of 21st century. Monumental training

programmes over the years for the acquisition of skills have neither reflected on the number of

start-up businesses nor in tandem with labour market requirements. Prior to the 3rd quota of

2016, where Nigeria experienced negative gross domestic product (GDP) in the first and second

quarters, the Federal Government had confirmed the country to be in recession and a state of

emergency declared on the economy. According to the global economic index, Savido (2016)

reported that Nigeria has been experiencing a positive Gross Domestic Product (+GDP) growth

over the last 10 years averaging 6.8% in 2003 to 7.67% in 2013, thereby making Nigeria

economy to be the second largest economy and the highest producers of oil and Gas in Africa.

Following an April 2014 economic “rebasing” exercise by the federal government, Nigeria

emerged as Africa largest economy, with 2015 GDP estimated at $1.1 trillion nominal terms.

Nigeria economic growth over the last five years (2010 to 2015) has been spurred by growth in

telecommunication, Agriculture and services which includes the effective recapitalization of

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Dissecting the Socio-Economic Dynamics of Entrepreneurial Interventions in the South-South,

Nigeria

http://www.iaeme.com/IJM/index.asp 488 [email protected]

the Banking sector. It is pertinent to state that economy diversification and strong growth have

not translated into significant improvement in living standards as over 62% of Nigerians

representing 170 million people still live in extreme poverty. GDP growth in 2015 fell to

around 3% due to lower oil prices and government revenues decline, while non-oil sector also

shrank due to economic policy uncertainty (CAI World Face book October, 8, 16). In March

2015, the federal government announced plans to increase transparency, diversify the economy

away from oil, improve fiscal and monetary policy management, develop public–private

partnership for roads, agriculture and power, fight insurgency and herd’s men menace in

different parts of the country.

A release by the National Bureau of Statistics (2016) indicated that the country was in

recession with the growth rate shrinking at –0.36%, –2.06% and -2.26% in the first, second and

third quarters respectively. The rate of unemployment increased as the number of those

unemployed rose to above 4.5million in the 2nd quarter of 2016, While the number of

underemployed (people doing menial job or jobs for less than their academic qualification or

training) rose significantly during same period in review. Unemployment rate in Nigeria

increased to 23.10 percent in the third quarter of 2018 from 22.70 percent in the second quarter

of 2018 (tradingeconomics.com) – National Bureau of Statistics. Related findings, based on

projection by the world poverty clock and compiled by Brookings Institute, show that more

than 643 million people across the world live in extreme poverty with African accounting for

two thirds of the total number. Ahead of India, it is estimated that 87 million Nigerians live in

extreme poverty, implying that around half of the country’s population is thought to be living

on less than $1.90 a day (edition.cnn.com; www.businessamlive.com, June, 26, 2018). Earlier,

in the second quarter of 2017, the Nigeria’s unemployment rate worsened from 16.2 percent in

the second quarter to 18.8 percent in the third quarter of the year. During that year, the number

of people within the labour force who were unemployed increased from 13.6 million in the

second quarter to 15.9 million in the third quarter of the year. Arising from the above the study

has stressed the need for federal government to diversify the economy by forging alliance with

the private sectors of the economy and provide a safe haven climate where entrepreneurship

can thrive.

1.1. HYPOTHESES

H1 There is no significant relationship between entrepreneurship and employment

generation in Nigeria

H2 Entrepreneurship does not significantly affect poverty reduction in the Nigeria.

H3 Entrepreneurship does not significantly lead to reduction in youth restiveness in the

South-South Nigeria.

H4 Entrepreneurial activity has no significant relationship with literacy level.

2. LITERATURE REVIEW

2.1. Theoretical Framework

This study hinges on Wennekers and Thurik (1999) model to explain how entrepreneurship is

linked with economic growth and socio-economic well-being of people. The theory was first

developed by Carree and Thurik (2002) where they made distinction among three levels of

analysis: The individual level; the firm level, and the macro level. The authors concurred that

entrepreneurial activity starts at the individual level which is traceable to a single person, the

entrepreneur. But realization is achieved at the firm level; as such start-ups or innovations are

vehicles for transforming personal entrepreneurial qualities and ambitions into actions. At the

macro level, the entrepreneurial activities are susceptible to competition among firms which

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Eromafuru Edward Godbless, Akobundu Eleazar Goddey, Yahaya Garba Hassan and Uguru Godwin

Ewere

http://www.iaeme.com/IJM/index.asp 489 [email protected]

expand and transform the productive potential of the national economy by inducing higher

productivity and expansion of new niches and industries.

The entrepreneurship in this context is thought of as being induced by an individual’s skills,

motive, or attitudes and psychological endowments in a timeless and space-less vacuum, which

in turn is affected by the context in which he or she is acting. Therefore, the entrepreneurial

motives and actions are influenced by cultural and institutional factors, the business

environment and macro-economic conditions. Among the arguments for the choice of the

model is that: the model has been found suitable for explaining entrepreneurship and economic

development and captures the evolutionary perspective of entrepreneurship development and

economic growth in developing countries; and it highlights the essential variable and intricate

web of relationship amongst economic units of national economy.

Figure 1 The Wennekers and Thurik Model of Entrepreneurship

Source: Wennekers and Thurik(1999).

2.2. Review of Empirical Studies on Entrepreneurship

Adeoye, (2015) carried out a study on the effect of entrepreneurship on economic growth and

development in Nigeria. The methodology adopted was the narrative textual case study as a

result of the absence of sequential data related to entrepreneurship and sustainable economic

growth in Nigeria. The study found a strong link between entrepreneurship and economic

growth and development. In a related study undertaken by Agbionu, Ibenta and Egbunike

(2013) on entrepreneurship and economic development and poverty alleviation, the study found

a missing link between entrepreneurship theory and economic development. Riti, et al (2015)

conducted a study to ascertain the effect of entrepreneurship in employment generation. The

study, which adopted the co-integration and vector error correction mechanism methodology,

found that employment and capacity utilization can be generated thorough entrepreneurial

development. Ogundele, Akingbade and Akinlabi, 2012; Ojo, Abayomi and Odozi, 2014, have

established significant positive relationship between entrepreneurship training and education

and youth empowerment and social welfare services. Asogwa and Dim (2016) investigate the

relationship between entrepreneurial development and unemployment reduction in Anambra

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Dissecting the Socio-Economic Dynamics of Entrepreneurial Interventions in the South-South,

Nigeria

http://www.iaeme.com/IJM/index.asp 490 [email protected]

State. It was found that training has the potential of increasing the propensity for

entrepreneurship.

3. MATERIALS AND METHOD

The target population of this study totaled 43, 798 and comprises entrepreneurs registered with

Ministry of Commerce and industry located in the south-south Geo political zone of Nigeria.

The study adopts a cross-sectional survey research design. The units of analysis are the

founders/business owners of manufacturing enterprises. Taro Yamane formula was used to

determine the sample size obtained as 396. For fair representation and effective coverage, a

simple random sampling technique was used to choose respondents for the study and

questionnaire was favored as the instrument for data collection. The questionnaire was

structured along Linkert five-point scoring scale ranging from Strongly Agree, Agree, Disagree

to Strongly Disagree, undecided (see appendix A, table, A. 1). All scaled responses were

measured depending on the degree of agreement or its frequency based on the assumption that

a response on a scale is a quantitative measure of judgment of feeling (Gilbert, 1996). Collected

data were substantiated with publications by government agencies and other institutions that

have focused on entrepreneurial development, entrepreneurial programmes and policies in

Nigeria. Descriptive statistics and multiple regressions model were employed to analysis the

hypotheses at 5% significant level. The analysis was carried out using the Stata 13.0 version.

Three hundred (300) of distributed questionnaires were returned, representing 75% return rate

and used for analysis. The research instrument was tested for internal consistency using the

Cronbach coefficient alpha method. A pilot study was conducted using 10% of the sample size

and the result of reliability test showed an acceptable Cronbach alpha score above 0.9 for all

the constructs and a mean value of 0.9319 as indicated in Table 1.

Table 1 Reliability Test

3.1. Model Specification

Entrepreneurship = f (socio-economic well-being)

EMPR = f (SEWB) ……………………………….……Equation 1

SEWB = (EMPG, POVE, YORE, LITL) ………………………Equation 2

From Equation (1) and (2)

Model: EMPR = α0 + β1 EMPG + β2 POVE + β3 YORE + β4 LITL + t

Where:

EMPR = Entrepreneurship

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Eromafuru Edward Godbless, Akobundu Eleazar Goddey, Yahaya Garba Hassan and Uguru Godwin

Ewere

http://www.iaeme.com/IJM/index.asp 491 [email protected]

EMPG = Employment generation

POVE = Poverty reduction

YORE = Youth Restiveness

LITL = Illiteracy Level

α0, ß1 = Regression Coefficients

t = Error Term

4. RESULTS AND DISCUSSION

From the result of demographic profile of respondents in selected south-south states of Nigeria,

it was observed that the respondents were made up of 267 males, representing 89% of total

responses, while 33 respondents are female, representing 11% of total responses an indication

that the manufacturing sector quite unlike the service sector, requires more of able able-body

men with energy and strength to carry out the daily functioning of the enterprise. The age

distribution of respondents shows that 18 respondents representing 6% are below the ages of

30; 120 respondents representing 40% are within the ages bracket of 30-40 years; 150

respondents representing 50% are within the ages of 41-50 years; while 12 respondents

representing 4%, are above 50 years of age, implying the dominance of middle age workers in

the manufacturing sector; 241 respondents representing 80.3% are married; 53 representing

17.7% of the total respondents are not married. This is in alignment with the age distribution of

the employees, with 94% of the respondents above the age of 30 years.

On highest educational qualification of respondents, none had WAEC/GCE/NECO as their

highest qualification; 33 respondents representing 11% had OND/NCE; 85 respondents

representing 28.3 had HND/BSC; 175 respondents representing 58.4% had MBA/M.Sc. as their

highest qualifications; and only 3 respondents representing 1% had Ph.D; while 4 respondents

representing 1.3% had other qualifications aside the ones mentioned. This indicates that the

highest number of respondents sampled has MBA/M.Sc. qualifications.

With respect to the years of experience, 20 of the respondents representing 6.7% have been

in business below 11 years; 101 of the respondents representing 33.7% have been in business

between 11-15 years; 112 representing 17.3% have been in business between 16-20 years; 61

respondents representing 20.3% have been in business between 21-25 years; and 6 respondents

representing 2% have been in business for more than 26 years. It could be inferred from above

that the respondents sampled are experienced entrepreneurs. The distribution of respondents

based on sex distribution, the result shows (67.4%) for male and (32.7%) for female. On marital

status, 70.6% were married, 22.5% were single and 5.9% were divorced and others were 1.1%.

By implication, among the entrepreneurs, male and married participants in south-south zone

were more than the other categories of person. Based on their educational qualification, the

result shows that 32.6% of the respondents had HND/B.Sc., 44.1% had OND/NCE, and 18.2%

had SSCE. Only 3.2% had M.Sc./MBA/MA/Med qualifications. By implication, most

entrepreneurs had high level of education depicting they have adequate knowledge about

entrepreneurial businesses. Table 2 shows the mean and standard deviation scores on the

influence of entrepreneurship on employment generation in selected States. The level of

agreement of respondents was judged by the average mean above 4.0

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Dissecting the Socio-Economic Dynamics of Entrepreneurial Interventions in the South-South,

Nigeria

http://www.iaeme.com/IJM/index.asp 492 [email protected]

4.1. Descriptive Analysis of Variables

Table 2 Mean and Standard Deviation scores on for employment generation

Source: Researcher’s computation (using stata version 13.0)

The result in Table 3 reveals that there is positive correlation among the dimensions of the

studied variables

Table 3 Correlation among variables

Source: Researcher’s computation (using Stata version 13.0)

4.2. Test of Hypotheses

4.2.1. Hypothesis One

H01: There is no significant relationship between entrepreneurship and employment generation.

From Table B. 1 (Appendix B), giving the Beta value (β = .1501, p = 0.000) indicates that

there exists a significant relationship between entrepreneurship activities and employment

generation. In view of this, the null hypothesis (Ho) was rejected and the alternate hypothesis

(Ha) accepted, implying that entrepreneurship activities have a direct influence on employment

generation.

4.2.2. Hypothesis Two

H02: There is no significant relationship between entrepreneurship and poverty reduction.

From Table B. 1 (Appendix B), giving the Beta value (β = .2369, p = 0.000) indicates that

there exists a significant relationship between entrepreneurship activities and poverty reduction.

In view of this, the null hypothesis (Ho) was rejected and the alternate hypothesis (Ha) accepted,

implying that entrepreneurship activities have a direct influence on poverty reduction.

4.2.3. Hypothesis Three

H03: Entrepreneurial activity has no significant relationship with literacy level.

Table B. 1 (Appendix B), giving the Beta value (β = .2145, p = 0.000) indicates that there

exists a significant relationship between entrepreneurship activities and literacy level. In view

of this, the null hypothesis (Ho) was rejected and the alternate hypothesis (Ha) accepted,

implying that entrepreneurship activities have a direct influence on employment generation.

Page 9: DISSECTING THE SOCIO-ECONOMIC DYNAMICS OF ......decadence, juvenile delinquencies, poverty, disruption of oil operations by hoodlums, hostage taking, forced relocation, and intimidations,

Eromafuru Edward Godbless, Akobundu Eleazar Goddey, Yahaya Garba Hassan and Uguru Godwin

Ewere

http://www.iaeme.com/IJM/index.asp 493 [email protected]

4.2.4. Hypothesis Four

H04: Entrepreneurship does not significantly lead to reduction in youth restiveness in the south-

south Nigeria.

Table B. 1 (Appendix B), giving the Beta value (β = .1114, p = 0.011) indicates that there

is a significant relationship between entrepreneurship activities and reduction in youth

restiveness. In view of this, the null hypothesis (Ho) was rejected and the alternate hypothesis

(Ha) accepted, implying that entrepreneurship activities have a direct influence on youth

restiveness. It is observed from the OLS multiple regressions that the adjusted R-squared value

of 0.4238 shows that about 42.4% of the systematic variations in the dependent variable

(entrepreneurship) was jointly explained by the independent variables (improved socio-

economic lives). The F-statistic value of 55.98 and the associated P-value of 0.000 shows that

the OLS multiple regression model on the overall is statistically significant at 1% level, this

means that the regression model is valid and can be used for statistical inference.

5. DISCUSSION OF FINDINGS

1. Unemployment is predominant in an environment where business start-up has low

propensity to survive due to lack of enabling infrastructures to promote innovation and

creativity. Findings indicate a strong relationship between entrepreneurship and

employment generation in Nigeria.

2. There is also strong evidence that entrepreneurship correlates significantly with poverty

reduction in the south-south Nigeria. The finding aligns with the studies of Onodugo,

and Onodugo (2015), and Eriobunah and Nosakhare (2013) who collectively asserted

that societal level of poverty can be reduced through entrepreneurial orientation and

education in Nigeria. However, it is observed from the findings that not much have

accomplished in this area as most of the government’s initiatives have not been backed

up with clearly articulated plans and programmes.

3. This study further revealed that the presence of entrepreneurship has helped to curtail

youth restiveness thereby improving the economy standard. Youths in the south-south

zone to a certain degree acquired skills through entrepreneurial training and

programmes by government to prepare them for self-employment. These findings are in

tandem with the work of Oghojafor, Okonji, Olayemi and Okolie, (2011) which states

that, the essence of entrepreneurship was to create avenue for skills development among

youths currently not able to get job.

4. The training and developmental programmes by governmental institutions and other

bodies are designed to enhance literacy level among the youths, thus helping to improve

their individual business skills. These finding corroborate the work of Ford (2014) and

Adewumi (2009) that entrepreneurship can enhance learning and knowledge

acquisition. The study observed that most of the resources and facilities for transferring

learning are either non-existent or inadequate.

6. CONCLUSION

This study reveals that entrepreneurship entails identifying and exploiting profitable business

opportunities with the aid of human financial and material resources with the mindset of profit

making. This in turn fosters economic growth and development of a society or a nation. Small

scale businesses which are the vehicles through which entrepreneurs channel their

entrepreneurial ambitions serve as engine for employment generation, wealth creation,

industrial development and economic growth. Before Nigeria slipped into recession in 2016, it

has been witnessing remarkable and consistent economic growth; but this has not been

translated into significant decline in unemployment and poverty. This means that economic

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Dissecting the Socio-Economic Dynamics of Entrepreneurial Interventions in the South-South,

Nigeria

http://www.iaeme.com/IJM/index.asp 494 [email protected]

development has not been achieved. Entrepreneurship development in Nigeria could not be

measured because of lack of data which has made the empirical investigation impossible.

However, the descriptive, narrative, and empirical study which was done in this research can

provide confidence for drawing conclusion. Until sufficient jobs and wealth are created to

reduce poverty through entrepreneurial investment, the social-economic lifestyles of the people

in the south-south Nigeria will deteriorate. It has become self-evident that entrepreneurship

practices through training, skill acquisition, youth empowerment will significantly influence

government’s policy towards employment generation, poverty reduction, youth empowerment

and increasing the level of awareness literacy in the south-south Nigeria.

7. RECOMMENDATIONS

It is germane for policy makers to recognize and understand the importance of entrepreneurship

in improving the well-being and quality of lives of people in Nigeria. Government at all levels

should adopt integrative strategic plan to engaging and empowering the youths in order to

encourage them to imbibe the spirit and mindset of entrepreneurship. The Nigerian government

is further urged to develop the infrastructures that will underpin a world class economy

including electricity, health care, and good road networks. Vocational skill acquisition centers

should be positioned in each local government area and should be well equipped and functional

as this will help to infuse entrepreneurial attitude into them. There is the need to build vocational

skill acquisition center in every university or tertiary institution to enable them implement

practical entrepreneurial education which is not supposed to be taught in the class room. The

Nigerian government should partner with TERTFUND in the area of provision of starter packs

and venture capital to prepare Nigerian graduates for self-employment after graduation. The

federal government and private stakeholders should help to create research and Development

(R&D) information centers for innovation and creativity and spreading the information about

new methods of doing business. It is imperative for government at all levels to assume the roles

of providing social amenities to the rural areas to enable youths stay in the village and avoids

influx into the cities which has been overpopulated. Of corresponding importance is

government’s active disposition to extend soft loans to the youths that are newly going into the

business. Monetary empowerment meant for entrepreneurs should go through the right channel

to the entrepreneurs and not to be diverted. National directorate of employment should be

strengthened and make them to continue with their training programmes. Furthermore,

identifying those with entrepreneurial potential in the tertiary institutions and encouraging them

to go into private businesses is crucial. Finally, the federal government and other stakeholders

should address the nation’s security challenges to stimulate entrepreneurship practices among

deserving unemployed university graduates and attracting foreign investment to the country.

REFERENCES

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Ewere

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[27] World Bank (1996). Nigeria property in midst of plenty. The challenges of growth with inclusion,

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doingbusiness.org/documents/full Report/2008/DB 10-Full-Repo rt.pdf.

APPENDIX A

Demographic Data of Respondents

1. Type of Vocation or trade ______________________________

2. Sex: Male ( ) Female ( )

3. Marital Status: Single ( ) Married ( ) Divorced ( ) Others ( )

4. Educational Qualification: SSCE ( ) OND/NCE ( ) HND/BSC ( ) MSC,

MBA, MA, MED ( ) Others ( )

5. Age: 18 – 25 ( ) 26 – 33 ( ) 34 – 41 ( ) 42 – 49 ( )

50 – 57 ( )

SECTION B QUESTION/STATEMENT

Kindly tick (√ ) in the column that represent you opinion

SA = Strongly Agreed A = Agreed, D = Disagreed

SD = Strongly Disagreed U = Undecided

Table A 1 Research Questionnaire

Unemployment Dimensions

SA A D SD U

1. Low propensity to start-up business could lead

unemployment

2. Training programmes can help to address the

problems of unemployment

3. High cost of start-up will increase rate of

unemployment.

4. Youth empowerment can lead to reduction in

unemployment

5. Many youths have benefited from the skill

acquisition centers in the zone.

6 Graduate training/empowerment scheme will

reduce unemployment among graduates

7 Unemployment can lead to social vices in south-

south Nigeria

Poverty Dimensions

SA A D SD U

1. Government programme has contributed to

poverty reduction.

2. Poor people are prone to ill health resulting to

reduction in working capacity.

3. Government have adopted several measures to

reduce the problem of poverty

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Ewere

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Poverty Dimensions

SA A D SD U

4. Encouraging people to be self- employed is one

of the best ways to reduce poverty.

5. Poverty means lacking in material resources,

power and choice.

6 Women empowerment scheme can reduce

poverty level among women

Youth Restiveness Dimensions

SA A D SD U

1. Youth restiveness can result in economic

stagnation.

2. Acquired skills can reduce youth restiveness.

3.

Government programmes and schemes can help

to solve to solve the problems of youth

restiveness.

4. Self-employment has reduced the problem of

youth restiveness.

5. Be unemployed can lead to the sad result of

youth gang-asterism

Illiteracy Dimensions

SA A D SD U

1. Governments in the south zone designed training

programmes that benefit the youths

2. Individual skill improves after each training

programme.

3. Competency and other skills acquired can

prepare youth for self-employment.

4. Vocational training centers in the zone are

functional.

5. Skill acquisition helps individuals to create jobs.

Entrepreneurship (Aggregate Dimensions)

SA A D SD U

1. Entrepreneurship through business creation can

be a source of employment generation.

2. Entrepreneurship can help to create wealth in the

South-south zone.

3. Entrepreneurship can reduce the rate of criminal

activities in the Niger-delta region.

4. Entrepreneurship training can help to impact

skills.

5. Entrepreneurs are major contributors to

economic growth

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Dissecting the Socio-Economic Dynamics of Entrepreneurial Interventions in the South-South,

Nigeria

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APPENDIX B

Table B 1 Regression Results

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Ewere

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Source: Fieldwork, 2018