Entrepreneurship Management: A Panacea for Social Economic Development in Nigeria

Anekwe Rita Ifeoma, Dr. Ndubusi –Okolo Purity and Dr. Nwanah Chizoba Patience
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Anekwe Rita Ifeoma: Nnamdi Azikiwe University, Anambra State, Nigeria
Dr. Ndubusi –Okolo Purity: Nnamdi Azikiwe University, Anambra State, Nigeria
Dr. Nwanah Chizoba Patience: University of Nigeria, Enugu Campus.

International Journal of Research and Innovation in Social Science, 2020, vol. 4, issue 9, 247-251

Abstract: The role of entrepreneurship in social-economic development has become an essential factor in employment, and innovations which enhanced market competition. They are the spark that ignites the flames of economic development in a country. Entrepreneurship is the focal point in the process of economic development. A nation’s economic growth depends on successful domestic entrepreneurship combined with the forces of an established corporation. Several socio-economic problems that bedeviled the country such as corruption, terrorism, poor infrastructure, poverty, illiteracy, unemployment, low standard of living, etc. can be addressed through entrepreneurship development and management. The study explores entrepreneurship management as a panacea for social-economic development in Nigeria. It highlights the role of entrepreneurship in social-economic development, social-economic challenges confronting Nigeria, and the solution to Social Economic Challenges in Nigeria was also discussed. It was concluded that entrepreneurship is the engine of growth and development that drives the socio-economic transformation of any country, especially in a developing country like Nigeria. The study, therefore, recommended that the government should encourage people to engage in entrepreneurial activities by providing financial institutions that will give loans to people who are interested in venturing into business without demanding collateral.

Date: 2020
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