Agripreneurship Curriculum Development in Nigerian Higher Institutions (Published)
Sustainable agriculture has remained a subject of debate in Nigeria for decades without tangible results. Between 2001 and 2007, agricultural sector accounted for 40 percent of Nigeria’s Gross Domestic Products (GDP) and 51 percent of job creation. However, in 2015 agriculture accounted for only 17.77% of Nigeria’s GDP (National Bureau of Statistics, 2015). These figures are indications that agriculture has not met the need of the country, and reveal the dwindling nature of the sector. The declining nature of agriculture calls for a new strategy that will support agricultural development in Nigeria. This paper aims to advance agripreneurship education in Nigerian Universities by attempting to develop a curriculum that will trigger agriprenuership taught classes in Universities in Nigeria in attempt to increase youth and farmers participation in agripreneurship and improve the agricultural sector in general.
Keywords: Agripreneurship, Development, Entrepreneurship, Nigeria, University
Small and Medium Scale Enterprises and Industrial Growth in Nigeria (Published)
Infrastructural constraints in Nigeria militate against efficient performance of Small and Medium Scale Enterprises (SMEs) and adversely affect industrial growth in the country. The objective of the study was to determine the relationship that exists between manufacturing SMEs production and industrial growth in Nigeria. Secondary data were sourced from the Central Bank of Nigeria statistical bulletin and National Bureau of Statistics publications for the period 2002-2016, and regression analysis was used in analysing the data. Findings of the study revealed that manufacturing SMEs production has a statistical significant relationship with industrial growth in Nigeria. This implies that manufacturing SMEs are capable of accelerating industrial growth through their contributions to the economy. The study, however, advocates more government intervention of facilitating access to concessional funds to SMEs to trigger SMEs sustainable growth and industrial growth in Nigeria.
Keywords: Industrial Growth, Nigeria, Small and Medium Scale Enterprises (SMEs)
An Appraisal of Nigeria’s Micro, Small and Medium Enterprises (MSMES): Growth, Challenges and Prospects (Published)
This paper took a critical appraisal of the Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The major focus of this work was to expatiate on the growth, challenges and prospects of the MSMEs in the country. While attempting to give an appropriate definition for Micro, Small and Medium Enterprises using employment strength and asset base criteria, the work revealed that SMEs contribute significantly to economic development in the provision of goods and services, creation of employment and contribute to a high standard of living. There are some setbacks facing the over 17,284,671 Micro, Small and Medium Enterprises in Nigeria. These setbacks include; limited financing, lack of action plan to deal with eventualities, lack of managerial and marketing skill, and lack of research appreciation and technical expertise. The study concluded that entrepreneurship is regarded as the catalyst in most developing economies and that it is very crucial to the economic growth and development of Nigeria. As such, it was recommended that government policies should support the establishment, nurturing and growth of SMEs by curtailing or banning importation of certain products, training of young entrepreneurs, establishment of Centers for Entrepreneurial Development and promoting entrepreneurial spirit through the provision of conducive entrepreneurial environment, funding and empowerment programmes. This will facilitate the training and retraining of entrepreneurs and also help Nigerian youths to develop interest in entrepreneurship.
Keywords: Economic Development, Micro, Nigeria, Small and Medium Enterprises, Technical Expertise
An Appraisal of Nigeria’s Micro, Small and Medium Enterprises (MSMES): Growth, Challenges and Prospects. (Published)
This paper took a critical appraisal of the Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The major focus of this work was to expatiate on the growth, challenges and prospects of the MSMEs in the country. While attempting to give an appropriate definition for Micro, Small and Medium Enterprises using employment strength and asset base criteria, the work revealed that SMEs contribute significantly to economic development in the provision of goods and services, creation of employment and contribute to a high standard of living. There are some setbacks facing the over 17,284,671 Micro, Small and Medium Enterprises in Nigeria. These setbacks include; limited financing, lack of action plan to deal with eventualities, lack of managerial and marketing skill, and lack of research appreciation and technical expertise. The study concluded that entrepreneurship is regarded as the catalyst in most developing economies and that it is very crucial to the economic growth and development of Nigeria. As such, it was recommended that government policies should support the establishment, nurturing and growth of SMEs by curtailing or banning importation of certain products, training of young entrepreneurs, establishment of Centers for Entrepreneurial Development and promoting entrepreneurial spirit through the provision of conducive entrepreneurial environment, funding and empowerment programmes. This will facilitate the training and retraining of entrepreneurs and also help Nigerian youths to develop interest in entrepreneurship.
Keywords: Economic Development, Micro, Nigeria, Small and Medium Enterprises, Technical Expertise
Implications Of Financial Intermediation Cost On Economic Growth In Nigeria (Published)
There is a growing concern as to whether the cost of financial intermediation is having commensurate beneficial implication on economic growth in Nigeria. The main objective of this study is to determine the implications of cost of financial intermediation on economic growth in Nigeria. The study made use of ordinary least square regression analysis. Results for ADF unit root tests show that all variables under consideration are I(1). The co-integration test also indicates long run relationship between cost of financial intermediation and economic growth in Nigeria. The study shows that total loan (TL) has significantly impacted on economic growth in Nigeria, that interest rate has significantly impacted positive on the growth of Nigerian economy and that the level of total deposit over the years has impacted negatively on economic growth in Nigeria. The policy implication is that improper management of financial intermediation cost may have caused several macroeconomic consequences in Nigerian economy and the framework for demonstrating its consequence in the real sector of economy. Hence, the issue of how total loan, interest rate and total deposit linked to the level of economic growth is of a great concern in Nigerian economic performance. We therefore recommend that Nigerian government should ensure that proper control and regulation should be guided the activities of the financial intermediations cost in order to achieve a sound financial system
Keywords: Cost, Economic, Financial, Growth, Intermediation, Nigeria
NIGERIAN: AN ENTREPRENEURIAL REALITY AND FOUNDATION FOR NATIONAL ECONOMIC DEVELOPMENT (Published)
Nigeria, as an innovation or creative response, was the criterion of British entrepreneurship. Its objective was to obtain essential raw materials and slave labour urgently required for the resuscitation and survival of the British industrial system and farm plantations in Europe. These British entrepreneurs on national assignment came in contact with numerous desolate, isolated and marginal settlements locked up in wild forests or desert. Creative response was applied to this hopeless situation that had at least two essentials: (1) The said settlements could practically never be understood ‘ex ante’ as Nigeria, and (2) This creative response shaped the whole course of the said subsequent settlements and their long-run outcome as the nation-state of Nigeria. Nigeria offered Nigerians a strong base in large population, increased landmass, abundant natural resources etc and enviable opportunity to improve themselves through servicing and understudy. The colonial officers. Secondly, a fundamental national unity was rooted in the Nigeria’s Independence of 1960. This empowered Nigerians to cluster and face common challenges and opportunities and to network and jointly attain national objective. Instead, our tribal focus defined Nigeria as a warfront with constitutional protection rackets, institutionalizing corruption and incompetence. Unemployment and poverty became the twin faces of the economy. Our intangible wealth constitutes a negative 71 percent for Nigeria unlike Ghana with positive 80percent. The low literacy level is responsible for the low national human capital in Nigeria. This paper strongly recommends free compulsory and universal education at all levels including adult literacy programme for all Nigerians. This worked in all developed nations. The country’s manufacturing sector was compelled to depend on the importation of minerals that Nigeria has in abundance consequently, infrastructure at mine sites deteriorated due to neglect. Today it is empowering China with a literacy rate of 87.3 percent.
Keywords: Entrepreneurial Reality, National Economic Development, Nigeria
Effect Of 2004 Banking Reforms on Loan Financing Of Small and Medium Scale Industries in Nigeria (Published)
The paper assesses effect of 2004 banking reforms on loan financing of the SMEs in Nigeria. A sample size of 500 was randomly chosen and Chi square test provided analysis on the survey data, and Cronbach’s alpha, Split-half test and Guttman’s lambda provided the analysis for testing the reliability. The paper concludes that there is no significant effect of 2004 banking reform on loan financing of SME in Nigeria. This signifies that there are some constraints which restricted access to loans from the banks for SMEs in Nigeria. The paper recommends that Central Bank of Nigeria, CBN, and Nigerian government should provide general procedures for accessing the loans so as to remove unnecessary constraints from banks.
Keywords: Bank Reforms, Loan Financing, Nigeria, SME
Effect of 2004 Banking Reforms On Loan Financing Of Small and Medium Scale Industries in Nigeria (Published)
The paper assesses effect of 2004 banking reforms on loan financing of the SMEs in Nigeria. A sample size of 500 was randomly chosen and Chi square test provided analysis on the survey data, and Cronbach’s alpha, Split-half test and Guttman’s lambda provided the analysis for testing the reliability. The paper concludes that there is no significant effect of 2004 banking reform on loan financing of SME in Nigeria. This signifies that there are some constraints which restricted access to loans from the banks for SMEs in Nigeria. The paper recommends that Central Bank of Nigeria, CBN, and Nigerian government should provide general procedures for accessing the loans so as to remove unnecessary constraints from banks.
Keywords: Bank Reforms, Loan Financing, Nigeria, SME