Entrepreneurship Development as a Viable Option for Creating Sustainable Livelihood in Nigeria

Abstract

This study examines the role of entrepreneurship development as a viable option for sustainable livelihood in Nigeria. The notion of engendering greater entrepreneurial activity has become a prominent goal of the government. More globally, governments across the world are increasingly recognizing the positive impact that the creation of new businesses could have on employment generation as well as the competitive advantages that small firms can bring to the market place. It is now recognized that education and training opportunities play key role in cultivating future entrepreneurs to grow their businesses to greater levels of success. European Commission (2008) asserted that the aim of entrepreneurship education and training should be to develop the entrepreneurial capacities and mindsets that benefit the individuals by fostering creativity, innovation and self employment. This study emphasizes that understanding the need to creating and nurturing entrepreneurship development, that the government should take up strategic initiatives and implement plans aimed at impacting entrepreneurial skills and knowledge through education. Such a move no doubt provides the freedom and the trust to the entrepreneurs to achieve their dreams. The entrepreneurs interviewed had mixed emotions about entrepreneurship as viable options for sustainable livelihood in Nigeria. Some indicated that entrepreneurship development is essential for rapid and sustainable economic growth and that it creates the required manpower and skills necessary for accelerated growth, reduced unemployment and reducing poverty alleviation. Others emphasizes that it is strategic for the government to assign significant and increasing role to entrepreneurship in order to revamp the economy. The study recommends that the government should give loan to young entrepreneurs when needed with lower interest rate that is affordable to the entrepreneurs. Secondly, the government officials should discourage corruption, tribalism, religious bias and favouritism and ensure that every individual is treated with equal right and respect in terms of giving loan. Finally, that strong patent law should be provided by the government in order to protect local entrepreneurs from foreign producers.