Entrepreneurship for Inclusive Growth in Nigeria

Research has shown that Nigeria's economic growth has not been inclusive and it does not provide equitable opportunities to the majority. Many researchers have investigated this problem by placing emphasis on the role of SMEs in driving inclusive growth. Attention has been drawn mainly on a quantitative measure of SMEs vis-à-vis its link with economic growth and development. These studies have not been able to satisfactorily explain the role of SMEs in fostering inclusive growth because they failed to account for the role of innovation in determining entrepreneurial success for inclusive growth. Therefore, this study fills this knowledge gap and utilizes the Johansen co-integration technique to investigate this problem using data obtained from WDI (World Development Indicators) spanning from 1986 to 2015. Empirical findings reveal that innovation significantly promotes entrepreneurship and inclusive growth in Nigeria thus suggesting the need for appropriate policies that stimulates innovative ideas.

Autorentext

Damilola Bukola Afolabi is an economist who has keen interest in development economics, entrepreneurship and inclusive growth. She completed her undergraduate degree in Economics Education at the University of Lagos and her Master's degree from Covenant University. She represented Nigeria at the Model United Nations Conference in India.

Klappentext

Research has shown that Nigeria's economic growth has not been inclusive and it does not provide equitable opportunities to the majority. Many researchers have investigated this problem by placing emphasis on the role of SMEs in driving inclusive growth. Attention has been drawn mainly on a quantitative measure of SMEs vis-à-vis its link with economic growth and development. These studies have not been able to satisfactorily explain the role of SMEs in fostering inclusive growth because they failed to account for the role of innovation in determining entrepreneurial success for inclusive growth. Therefore, this study fills this knowledge gap and utilizes the Johansen co-integration technique to investigate this problem using data obtained from WDI (World Development Indicators) spanning from 1986 to 2015. Empirical findings reveal that innovation significantly promotes entrepreneurship and inclusive growth in Nigeria thus suggesting the need for appropriate policies that stimulates innovative ideas.