Table of Contents
ABSTRACT.. 2
CHAPTER ONE.. 5
INTRODUCTION.. 5
1.1 Background to the Study.. 5
1.2 Statement of the Problem... 6
1.3 Objectives of the Study.. 7
1.4 Research Questions. 8
1.5 Research Hypothesis. 8
1.6 Significance of the Study.. 8
1.7 Scope of the Study.. 9
1.8 Limitations of the Study.. 9
1.9 Organization of the Study.. 9
CHAPTER TWO.. 11
REVIEW OF RELATED LITERATURE.. 11
2.1 Introduction.. 11
2.2 Theoretical Review.. 11
2.2.1 Regulatory Environment Theory. 11
2.2.2 Access to Finance Theory. 11
2.2.3 Education and Skill Development Theory. 12
2.2.4 Innovation and Technology Adoption Theory. 12
2.3 Conceptual Review.. 12
2.4 Empirical Review.. 15
2.5 Summary of Literature Review.. 16
Chapter Three.. 17
Research Methodology.. 17
Area of the Study.. 17
Population of the Study.. 17
Data Collection.. 18
Data Analysis. 18
Ethical Considerations. 19
Conclusion.. 19
Discussion of Findings. 32
CHAPTER FIVE.. 34
SUMMARY CONCLUSION AND RECOMMENDATIONS.. 34
5.1 Summary of Findings. 34
5.2 Conclusion.. 34
5.3 Recommendations. 35
REFERENCES.. 36
DETAILED RESEARCH QUESTIONNAIRE.. 38
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Entrepreneurship plays a pivotal role in fostering economic growth and development, particularly in emerging economies like Nigeria. The impact of government policies on entrepreneurship in Nigeria is a subject of considerable importance, as it directly influences the country's ability to harness the potential of its vibrant entrepreneurial ecosystem. This introduction seeks to explore the multifaceted relationship between government policies and entrepreneurship in Nigeria, shedding light on how regulatory frameworks, fiscal measures, and institutional support shape the entrepreneurial landscape.
Nigeria, as one of the most populous countries in Africa, has a burgeoning entrepreneurial spirit, with a significant number of individuals engaging in various business activities. However, the success and sustainability of these entrepreneurial endeavors are intricately linked to the policy environment in which they operate. Government policies, ranging from taxation and access to finance to regulatory compliance, can either stimulate or impede entrepreneurial activities. As such, understanding the dynamic interplay between government policies and entrepreneurship is essential for comprehending the broader economic trajectory of the nation. Acs, Z. J., & Szerb, L. (2009).
In examining the impact of government policies on entrepreneurship in Nigeria, it is crucial to consider both the opportunities and challenges that entrepreneurs face. Proactive policies that promote a conducive business environment, such as streamlined regulatory processes, financial incentives, and targeted support for small and medium enterprises (SMEs), can fuel entrepreneurial growth. Conversely, policies characterized by bureaucratic hurdles, inconsistent implementation, and a lack of support mechanisms may stifle entrepreneurial initiatives. The effectiveness of these policies depends not only on their design but also on the extent to which they align with the needs and aspirations of the diverse entrepreneurial community in Nigeria. Nwankwo, S., & Alamu, O. (2018).
To unravel the intricacies of this relationship, a comprehensive review of existing literature and empirical studies on government policies and entrepreneurship in Nigeria will be undertaken. By drawing upon insights from academic research, policy analyses, and case studies, this exploration aims to provide a nuanced understanding of the mechanisms through which government interventions shape the entrepreneurial landscape in Nigeria. Through an evidence-based approach, this study seeks to contribute to the ongoing discourse on fostering entrepreneurship in developing economies and provide valuable insights for policymakers, researchers, and entrepreneurs alike. World Bank. (2021).
1.2 Statement of the Problem
The impact of government policies on entrepreneurship in Nigeria remains a critical concern, as the business environment is intricately linked to the regulatory frameworks established by the government. Entrepreneurs in Nigeria face numerous challenges, ranging from bureaucratic hurdles and inconsistent policy implementation to a lack of targeted support for small and medium-sized enterprises (SMEs). The complexity and unpredictability of government policies have created an environment where entrepreneurs struggle to navigate legal and administrative processes, hindering their ability to start and grow businesses. Additionally, the impact of taxation policies, trade regulations, and access to finance significantly affect the success and sustainability of entrepreneurial ventures. As a result, the entrepreneurial landscape in Nigeria is characterized by a high rate of business closures and a general reluctance among potential entrepreneurs to venture into new enterprises, stifling economic growth and innovation.
Furthermore, the lack of a conducive policy environment has far-reaching implications for job creation and poverty alleviation. With a large youth population, Nigeria has the potential to harness the demographic dividend through entrepreneurship, but ineffective government policies pose a barrier to realizing this potential. The need for comprehensive research and analysis on the specific policies affecting entrepreneurship in Nigeria is paramount, as it can provide insights into areas requiring reform and guide policymakers in creating an enabling environment for sustainable entrepreneurial development. Addressing these issues is crucial for fostering economic growth, reducing unemployment, and enhancing the overall socio-economic well-being of the Nigerian population.
1.3 Objectives of the Study
The main objective of the study is to examine the impact of government policies on entrepreneurship in Nigeria. Specific objectives of the study are:
- 1. Analyze the impact of specific government policies, such as financial support programs, tax incentives, and regulatory frameworks, on the different stages of entrepreneurial development in Nigeria (ideation, start-up, growth).
- 2. Evaluate the effectiveness of government initiatives aimed at fostering entrepreneurial skills and knowledge among the Nigerian population, including access to training programs, mentorship opportunities, and business support services.
- Investigate the role of corruption and bureaucratic hurdles in hindering entrepreneurial activity in Nigeria, and assess the effectiveness of government measures to address these challenges.
1.4 Research Questions
To guide the study and achieve the objectives of the study, the following research questions were formulated:
- 1. To what extent have government financial support programs, such as loan schemes and grants, increased access to capital for Nigerian entrepreneurs, and how has this impacted their success rates at different stages of development?
- 2. How have specific tax incentives for small businesses affected entrepreneurial activities in Nigeria, and have they been effective in boosting sector-specific growth or job creation?
- Do regulatory frameworks implemented by the Nigerian government, such as licensing procedures and business permits, facilitate or hinder entrepreneurship, and how can they be made more conducive to new business formation?
1.5 Research Hypothesis
The following research hypothesis was developed and tested for the study:
Ho: There is no statistical significant relationship between government policies and entrepreneurship in Nigeria.
1.6 Significance of the Study
The study is important for many reasons. The following are the major stakeholders this paper through its practical and theoretical implications and findings will be of great significance:
Firstly, the paper will benefit major stakeholders and policy makers in the Entrepreneurship sector. The various analysis, findings and discussions outlined in this paper will serve as a guide in enabling major positive changes in the industry and sub-sectors.
Secondly, the paper is also beneficial to the organizations used for the research. Since first hand data was gotten and analysed from the organization, they stand a chance to benefit directly from the findings of the study in respect to their various organizations. These findings will fast track growth and enable productivity in the organisations used as a case study.
Finally, the paper will serve as a guide to other researchers willing to research further into the subject matter. Through the conclusions, limitations and gaps identified in the subject matter, other student and independent researchers can have a well laid foundation to conduct further studies.
1.7 Scope of the Study
The study is delimited to N-Power. Findings and recommendations from the study reflects the views and opinions of respondents sampled in the area. It may not reflect the entire picture in the population.
1.8 Limitations of the Study
The major limitations of the research study are time, financial constraints and delays from respondents. The researcher had difficulties combining lectures with field work. Financial constraints in form of getting adequate funds and sponsors to print questionnaires, hold Focus group discussions and logistics was recorded. Finally, respondents were a bit reluctant in filling questionnaires and submitting them on time. This delayed the project work a bit.
1.9 Organization of the Study
The study is made up of five (5) Chapters. Chapter one of the study gives a general introduction to the subject matter, background to the problem as well as a detailed problem statement of the research. This chapter also sets the objectives of the paper in motion detailing out the significance and scope of the paper.
Chapter Two of the paper entails the review of related literature with regards to corporate governance and integrated reporting. This chapter outlines the conceptual reviews, theoretical reviews and empirical reviews of the study.
Chapter Three centers on the methodologies applied in the study. A more detailed explanation of the research design, population of the study, sample size and technique, data collection method and analysis is discussed in this chapter.
Chapter Four highlights data analysis and interpretation giving the readers a thorough room for the discussion of the practical and theoretical implications of data analyzed in the study.
Chapter Five outlines the findings, conclusions and recommendations of the study. Based on objectives set out, the researcher concludes the paper by answering all research questions set out in the study.
