Sustainable Entrepreneurship and National Development in Nigeria (2000-2017)

The study examined the impact of sustainable entrepreneurship over the period from 2000 to 2017 on national development in Nigeria. The model stated that the dependent variable was determined by the Human Development Index, while Sustainable Entrepreneurship was measured by Small and Medium Growth (SMSG), Small and Medium Scale Funding by Commercial Banks (SMEFCs), Small and Medium Scale Enterprises by Micro-Financing Banks (SMEFMs), while inflation was used as a control variable. Using secondary data from various versions of the CBN statistical bulletin and United National Development Programme studies, the analysis used an estimation technique. It was discovered that a long-term relationship existed between the variables used. Additional results showed that SMEGR and SMEFC had a marginal positive effect on national growth, while SMEFM and INF had a substantial negative impact on national development during the year under examination. Entrepreneurship has been concluded to be a true instrument for achieving national growth. The study recommends that the government aid to strengthen the required minimum allocation of credit by banks to small and medium-sized enterprises, i.e. 10% of the annual profit in the Annual Monetary Policy Circular and Guidelines and policies that enable commercial and, more importantly, micro-financing banks to provide more credit facilities to small and medium-sized enterprises, should be formulated in order to boost national development in Nigeria.

Author(s) Details

Dr. Akinwunmi, Adeboye
Department of Banking and Finance, Achiever’s University, Owo, Ondo State, Nigeria.

Ajala, Rosemary Bukola
Department of Banking and Finance, The Federal Polytechnic, Ado Ekiti, Nigeria.

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