Entrepreneurship Development and Employment Generation in Nigeria (a study of Tuyil pharmaceuticals industry LTD., Ilorin)

Abstract

High rate of unemployment in Nigeria has made it somewhat difficult for people to live above board. Poverty, income inequality, and high dependency propensity have necessitated the study on entrepreneurship development. In spite of the strategic usefulness of medium and large enterprises to nations’ economic viability and job creation, some still contend with meeting
performance targets. This advances the need to comprehend the basic entrepreneurship dimensions that directly result in success. This study examined the influence of entrepreneurship development on employment generation taking Tuyil Pharmaceuticals Industry Ltd. As a case. The precise objectives were to: examine the impact of innovativeness on skill acquisition and investigate the influence of risk taking on economic empowerment. An aggregate of 279 copies of questions were sent out of which 263 were adequately responded to, and duly returned which made the response rate to be 94%. The hypotheses formulated
were tested using regression method of analysis with the help of SPSS (Version 23). The findings abundantly showed; innovativeness has a significant effect on skill acquisition with R2 value of 0.748 whereas risk taking influences wealth creation with R2 value of 0.755. The studymalso revealed that a unit increase in process innovation and anticipation of future demand
when other factors are held constant will affect the business positively. Hence, it was concluded that entrepreneurship development has significant effect on job creation/poverty alleviation since the variables under study are statistically significant with one another. Therefore it was recommended that entrepreneurs should be willing and able to innovate and take risks so as to
allow for effective employees’ remuneration and skill acquisition.