THE CHALLENGES OF TRANSITION OF RESEARCH TO ENTERPRISE IN THE DEVELOPMENT OF THE ECONOMY

Ominigbo O. Edafe

Department of Earth Sciences (Geology), Federal University of Petroleum Resources,

Effurun-Delta State

E-mail: ominigboedafe@gmail.com

INTRODUCTION

The role of research in the growth and development of any society cannot be overemphasized. Widely seen as a systematic procedure of investigating societal problems, research has become almost synonymous with development the world over. Indeed, the world’s industrialized and rapidly developing economies are noted for their high commitments to research investment and development. As such, it has been argued that if Nigeria’s vision of becoming one of the world’s 20 largest economies the year 2020 is to realized, then, research must be given its pride of place (Asarhasa & Enukpere, 2010).  We live in a constantly evolving world (socially and scientifically). Thus, to adapt to the global warming and climate change, there is the urgent need for research into cleaner, renewable energy alternatives; the dreaded HI/AIDS pandemic and other life-threatening diseases plaguing mankind as well as the Boko Haram phenomenon all need urgent and quality research studies to effectively tackle them. However, there is a near-consensus that the quality of research and development in Nigeria is not only low but also, there is a big disconnect between our researches and the industry. This essay therefore seeks to examine the challenges of transmitting research into enterprise in Nigeria.

THE ROLE OF ENTREPRENEURSHIP EDUCATION USING CEFE METHODOLOGY TOWARDS ECONOMIC TRANSFORMATION OF AFRICAN COUNTRIES

(A PERSPECTIVE OF NIGERIA)

      Ibrahim Abubakar Mikugi; Usman Baba Umar and Hauwa Daniyan Bagudu

Department of Business Administration and Management, The Federal Polytechnic, Bida

Department of Banking and Finance, The Federal Polytechnic, Bida

E-mail: karison76@yahoo.com

 ABSTRACT

The economic development and transformation of any nation depends on quality of her human resources and competent entrepreneurs who possesses the innovative ability to start and manage businesses effectively. Entrepreneurship education dwells on developing understanding and capacity for pursuit of entrepreneurial behaviors, skills and attributes in widely different contexts. This competency can be achieved through practical entrepreneurship training. This paper examines the role of entrepreneurship education in economic transformation of African countries with particular emphasis on Nigeria; it review literature and two basic methods presently in used in Nigeria, the entrepreneurship education development called Entrepreneurship Education Development (EED) and the concept of CEFE methodology. The methodology used for collecting data was primary source through questionnaires, questionnaire was administered to 45 respondents who were participants during 2010 cefe entrepreneurship training in Federal polytechnic, Bida Niger State, Nigeria of which 41 questionnaires was dully completed and returned. Analysis of data was done based on returned questionnaires. Findings reveals that most respondents who were participants strongly agreed that the cefe methodology would offer better opportunity for entrepreneurship and business management than Entrepreneurship Education Development (EED) as thought in our tertiary institutions. It was reveal that business plan carried out during cefe training can impact positively on business than the one offered by Entrepreneurship Education Development (EED) curriculum as presently thought in our tertiary institutions. Conclusion was drown and recommendations given which include the need for Cefe methodology to be integrated into academic curriculum of tertiary institutions in Nigeria, without restriction to field of study or discipline, this will afford students opportunity to learn more about practical entrepreneurship and business management competencies during the period of their studies, thereby becomes job creators instead of job seekers which will eventually boost economic activities. It was also recommended that the method demands strong support from governments at all levels, federal government, state and local governments, financial institutions and industrial promotion agencies, the business and academic communities at large as most respondents reveals that the effort of government support at all levels is not satisfactory.

SMALL BUSINESS AND CORPORATE SOCIAL RESPONSIBILITY (CSR) IN NIGERIA: A PERSPECTIVE

Umeora Chinweobo Emmanuel*

Department of Banking and Finance

Anambra State University, Igbariam Campus.

E-mail: ceumeora@yahoo.com

ABSTRACT

The Small Business sector is now in most economies of the world regarded as the engine of growth. This belief is hinged on the fact that in all economies, a large segment of the population is self-employed. In the US, it is said that some 65% of business are small scale. In Nigeria a greater percent belongs to this sector. For this reason since the exit of Military rule, subsequent civilian governments want to give up active participation in business. The policy is now to allow the private sector, small business sectors to drive the economy. The Government wants to limit its role to provision of infrastructure and enabling environment for the private sector to thrive. The concept of Corporate Social Responsibility (CSR) surfaced in the past few decades following the development of Business Ethics. It is the belief that businesses most contribute to the welfare of the society where they operate. CRS has attracted the attention of Large Organizations. Few studies carried out in the performance of small businesses in the area of CSR have shown that they have not sufficient capital to engage in CSR. This paper has been based mainly on collection and commentary on secondary information Literature search points to the fact that studies in this area have remained subjective and non-parametric. This study points to the fact that CSR is not limited to philanthropy. Small businesses have a lot to contribute apart from philanthropy which they lack financial resources to engage in. but they can take a wider view of stakeholders. They can provide employment to people around them. They can also avoid negative behaviour and do not produce or import substandard goods. They can also try to avoid tax evasion and pay appropriate taxes as part of their CSR.

Keywords: Small business, Corporate Social Responsibility (CSR), economic growth/development, philanthropy, stakeholders.

CAUSES OF THE JANUARY 2012 REMOVAL OF OIL SUBSIDY IN NIGERIA: PANACEA FOR SUSTAINABLE DEVELOPMENT OF NIGERIA

Odoh Patrick Abutu

Department of Public Administration

The Federal Polytechnic, Kaura Namoda, Zamfara State, Nigeria

Email: odohpatrick@ymail.com

ABSTRACT

Successive governments in the past particularly the administrations from the period of oil glut have been subsidizing petroleum products. As a result of the above, government have been paying for every litre of oil that is consumed by any individual in Nigeria whether a foreigner or a citizen alike. This development has led to increase in government expenditure resulting in deficit budgeting over the years. The government became worried over the situation and eventually came out with the concept of oil subsidy removal so as to reduce cost of running the government and use the accruing funds to provide essential and social amenities to the larger citizenry. Attempts by other administrations to remove the subsidy fully failed until 1^st January 2012 when President Goodluck Jonathan totally removed the subsidy on petrol. However, due to protracted strike action of the organized labour coupled with the suffering being encountered by the masses as a result of the strike action, the Government slightly reduced the full removal of the subsidy. In the light of the above, this paper examine the causes of the removal of subsidy in January 2012 and recommends that the government should fully remove the subsidy because even without the total removal, the consumers are purchasing the products even more than the N142 which was the official price for the full removal of the petrol and also that the advantages of total removal outweighed the demerits of continuous subsidizing of the oil. 

COUNTERPART FUNDING AND SUSTAINABLE RURAL DEVELOPMENT IN NIGERIA

Stephen, Makoji Robert

Department of Public Administration

Federal Polytechnic Idah, Kogi State

E-mail: orokpogbole@yahoo.com 

ABSTRACT

The magnitude and the complexity of the challenge of reducing poverty in the world have shaped the need to identify new ways to attack the problem. An important element of current thinking about how to reduce poverty is the involvement of primary stakeholders in the activities of development interventions. One major means of ensuring the participation of primary stakeholders is through the demand for the payment of counterpart funding towards the cost of implementing poverty reduction project. The counterpart funding policy has been identified as a means of ensuring participatory and sustainable development. Findings indicate that there has been a significant level of community participation in development intervention. The paper reveals among others that the counterpart funding policy has increased the sense of ownership of beneficiaries in the projects they have been directly involved in and could be a precursor for sustainable rural development.

IMPACT OF INSURANCE PRACTICES ON ECONOMIC GROWTH IN NIGERIA

Chude, Nkiru Patricia¹, Chude and Daniel Izuchukwu²

¹Department of Banking and Finance, Anambra State University, Igbariam Campus

²Department of Accountancy, Anambra State University, Igbariam Campus

ABSTRACT

The study examines the impact of insurance practice on the growth of Nigerian economy. Insurance premium income, total insurance investment and income of insurance development was used as determinants of insurance practice. We employ unit root tests, Johansen co-integration test and error correction model in data analysis and to determine the short and long run effect of the model. The study observed that the insurance premium capital has significantly impacted on economic growth in Nigeria; that the level of total insurance investment has significantly effected on economic growth in Nigeria; and that there is causal relationship between insurance sector development and economic growth in Nigeria. The implication of these findings is that insurance industry would contribute meaningful to the growth of Nigeria economy in long run. The study concludes that there is a significant positive effect of insurance practice on the growth of Nigerian economy. We therefore recommend that having seen that there is long-run relationship between insurance industry practice and economic growth in Nigeria. There is need that more efforts should be made to increase transparency and efficiency in insurance industry through adequate legislation and policy formulation targeted at providing institutional improvement, especially in risk management and product innovations in insurance industry.

Keyword: Insurance, Premium, Economic Growth, Practices, ECM.