Entrepreneurship, Public Policy and Economic Development in Nigeria

Abstract

This study investigates the impact of public policy measures in entrepreneurship and economic development in Nigeria. Time series data covering the period from 1981 – 2021 was used. Data sourced from the World Development Indicators (WDI) provided by the World Bank 2021 and Central Bank of Nigeria Statistical Bulletin 2021 was use. The variables employed are Income per capita (IPC), Institutional (IQ) Quality, Research and Development (RD) and Capacity of SMEs (COS). Results showed that there is a positive relationship IPC and COS. IQ and RD are statistically insignificant, and IQ indicated a negative relationship. It was also observed that there is a positive relationship between the intercept and COS. This implies that the problem in Nigeria is not policy formulation but that of implementation. Thus, creating a gap or missing-link in the structure of public policy formulation and implementation in Nigeria. We recommend among others that all hands must be on deck at every level of government and amongst all social groups to achieve the goals of policy as it affects all. In addition, the government should create enabling environment for the local entrepreneurs to compete globally and create a level playing ground for entrepreneurship at the domestic level to thrive healthily. Additionally, entrepreneurs need to take advantage of the role of technology to improve their overall productivity