Appraisal of Public Policy on Entrepreneurship Development and Economic Growth in Nigeria

AYODELE O.C., OZIMEDE, ELIZABETH .I. AND SALIHU, M.A.

Department of Business Administration and Management

Federal Polytechnic, Bida, Niger State, Nigeria.

E-mail: churchill20002000@yahoo.com

ABSTRACT

Entrepreneurial activity and new firm formation are vehicles of economic growth and innovation especially at periods of serious economic challenges. Generally, it is also believed that private sector participation in economic development can be increased through the use of public policy. This study appraised the impact of public policies on the development of entrepreneurship in Nigeria. It also examined the relationship between entrepreneurship and economic growth and development. This paper establishes that public policy in Nigeria has negative impact on entrepreneurship development and economic growth. It was discovered that team enterprises had more resources, more competence, more experience and better planning than the sole enterprises. Also established, is the fact that teams performed better than soles on performance and growth indicators such as employment, turnover, and profitability. It concludes that, team enterprises contribute more to employment generation, income earning and economic empowerment as well as overall economic growth than sole enterprises. It is therefore recommended that entrepreneurship development and entrepreneurial orientation should be more vigorously pursued by government in order to accelerate economic growth and development in Nigeria.