Entrepreneur and Entrepreneurship: Bipartite Drivers of Economic Development Nigeria-Wide

Economic development has been recognized as the heartbeat of any nation. It is viewed as vital for any nation’s survival because it drives growth, creates jobs and improves the quality of life of citizens. Entrepreneurs and entrepreneurship are recognised as pivotal drivers of economic development. However, economic development have been vitiated as evidenced by poor governance, consistently inconsistent policies, security challenges, corruption, bureaucratic hurdles, inadequate funding and entrepreneurial skill gaps. These challenges have continued to attract the attention of scholars and policymakers. Existing literature indicates that entrepreneurs and entrepreneurship is suggestive of addressing these challenges. Therefore, this study examined the role of entrepreneurs and entrepreneurship in driving economic development in Nigeria. The research adopts a quantitative approach utilizing survey research design to gather data from entrepreneurs and small business owners across various sectors in Nigeria. A sample size of 384 was determined using the Yamane formula, considering a population of I million entrepreneurs and small businesses in Nigeria. Multi-stage sampling technique, combining purposive and random sampling methods was adopted in selecting the respondents from six geo-political zones in Nigeria. Structured questionnaire was administered for data collection. Findings revealed a significant positive relationship between entrepreneurs, entrepreneurship and economic development in Nigeria. The study concluded that entrepreneur and entrepreneurship affect economic development in Nigeria. The study recommended that government should provide access to affordable funding, offer regulatory support and tax incentives to entrepreneurs and entrepreneurship to drive sustainable economic development.