ENTREPRENEURSHIP AS A PANACEA TO ECONOMIC DEVELOPMENT: A CASE STUDY OF ETSAKO WEST. A RESEARCH PROJECT MATERIAL ON ENTREPRENEURSHIP
1.1 Background of the study
Nigeria as a country fully endowed with human and material resources have the right playing ground for business and investment purposes.
Prior to the 80s, unemployment and poverty were not as disturbing as what it is now. However, inconsistencies in the socio-economic policies of successive governments contributed to the increase in unemployment and poverty. During this period, many workers were laid off, and early retirement of employees due to some shaky government policies.
Nigeria as a developing country is improving in economic sectors such as science, technology, sports, entertainment, and agriculture. Innovative end- products are derived from each of this sectors-foodstuff from agriculture, in the area of technology we have phones/laptops repair, sales of recharge cards, in engineering we have cases of road construction, in tourism we have the preservation of our culture and the list continues. Notwithstanding all these human and material resources Nigeria is blessed with, it is still referred to as one of the poorest countries in sub-Sahara Africa (Salami,2011 p:10). It is obvious on the way some countries have encouraged the entrepreneur sector, thus reducing the level of unemployment to the barest minimum, but that cannot be said of Nigeria. As the government has done little or nothing to bring a lasting solution to this problem; thus leading to increase in crime and other vices just to meet ends needs.
The role of entrepreneurship in the curbing of unemployment, unstable economic growth and development cannot be emphasized. The current state of the global world brings entrepreneurship to a fore. Countries practicing capitalism makes the current state of the economy glaring that private ownership of business is a way forward. The youths are unemployed not because they don’t have the qualifications; but because politically, economically and even religiously the systems are paralyzed (Kuratko, 2009).