CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Research on the menace of unemployment has created a huge gap in the mind of many researchers particularly in Nigeria and the world by extension. This is so because the rising rate of poverty and other social vices have aggravated the economic recession and political crises experienced in recent times in the country. World Bank (2004) in its report asserted that poverty in Sub-Saharan Africa is set to rise and by 2015 constitute more than 50% of the world poorest people. Thankfully, Nigeria is naturally endowed with both material, human and entrepreneurship skills but the realization of the full potential of these opportunities has been inhibited by the policy implementation of inappropriate and unsustainable industrialization at dierent periods (Thaddeus, 2012; Adebobola, 2014). Government at all levels have come up with several policies in other to stimulate entrepreneurship development via and small and medium scale enterprises based on technology transfer strategy, were unsuccessful in the achievement of the desired goals as it led to the most indigenous entrepreneurs turning to distribution agents of foreign products in contrast to building in-country entrepreneurial capacity for manufacturing, mechanized agriculture and expert services (Adebobola, 2014). According to Chu, Kara, Benzing (2010); Nwaka (2005); Oyelola Ajiboshin, Raimi, Raheem and Igwe (2013), between 45 and 60 percent of the urban labour force engage in small private enterprises which is believed to have contributed greatly to job creation in Nigeria. Entrepreneurship on the other hand has been beneficial because the Nigerian private sector comprising of mostly entrepreneurship centers and
small and medium enterprises provides diverse employment opportunities for over 50 percent of the country’s population and 50 percent of the industrial output (Ariyo, 2005; Oyelola et al, 2013). Many other countries have been able to strengthen and transform entrepreneurship sub-sector to such a vibrant and exciting industry such that they have been able to reduce significantly their unemployment and poverty level because of the huge and enormous contribution of the sub-sector to their economic growth and development (Onugu, 2005). Regrettably, this cannot be said about Nigeria as the case is different.
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