Analysis of the Effect of Entrepreneurship towards a Sustained Growth and Development in Fct-Abuja, Nigeria

Abstract

Despite the fact that unemployment rate in Nigeria is quiet high, Covid-19 incident has currently made it alarming which is growing in geometric progression. The economy is also increasingly finding it difficult to cope as Nigerian economy is declining. A lot of experts have called for the creation of an enabling environment for small and medium scale business to thrive. Nigeria is naturally endowed with entrepreneurship opportunities; however the realization of the full potential of these opportunities has been dampened by the adoption of inappropriate industrialization policies at different times. This study seeks to identify the effect of entrepreneurship towards a sustained growth and development in Nigeria: a case study of Abuja, FCT. The study area for this research work is Federal Capital Territory. Sixty (60) entrepreneurs were randomly selected from each of the five geopolitical zones in the Federal Capital Territory, Abuja. The questionnaires were designed to obtain sufficient and relevant information from the respondents. The findings of the study shows that the role of entrepreneurship in sustaining economic growth and development of FCT-Abuja is evident while findings also shows that sustained economic growth and development is dependent on basic entrepreneurial principles. The study recommends that policy makers should recognize the essence of entrepreneurship to economic development.