SUSTAINABILITY ENTREPRENEURSHIP AND ECONOMIC DEVELOPMENT IN NIGERIA

Abstract

The need to promote economic development in Nigeria cannot be overemphasized. Economic development is the process whereby a simple and low-income national economy is transformed into modern,industrial and prosperous economy (Myint, 2019). It involves a structural transformation which comes with industrial upgrading, technological innovation, increase in per capita income, higher life expectancy, increase in Gross Domestic Product (GDP), greater provision of basic amenities and infrastructural facilities, employment generation, reduced poverty level and institutional improvements (Youssef, Boubaker & Omir, 2019).Every responsible government makes economic development her major priority. It occupies a distinct place in their developmental agenda and constitutes a major campaign promise. In a democratic society like Nigeria, economic development is used as a keyfactor in measuring the performance of government. Consequently, governments in developing countries including Nigeria are pursuing economic development from the angle of entrepreneurship since entrepreneurship is globally recognized as the cornerstone for achieving economic development.Lin (2017) argued that a country with high entrepreneurial spirit can achieve rapid economic development since entrepreneurship creates employment opportunities, reduce poverty level, increase per capita income, boost Gross Domestic Product (GDP) and achieve economic growth.