The relationship between entrepreneurship and the economy of Nigeria, 2003-2021.

Abstract

The study presented the relationship between entrepreneurship and the Nigerian economy from 2003 to 2021. The parameters used in measuring the economy of Nigeria were the GDP and the FDI while SMEs were used in measuring the entrepreneurship in Nigeria. Two simple linear regressions were applied, one is called model 1, which was entrepreneurship versus GDP and model 2 considered entrepreneurship versus FDI. The coefficient of determination and analysis of variance were used to judge the two models. It was observed that entrepreneurship and GDP had a positive relationship while entrepreneurship and FDI had a negative relationship. It was further observed that entrepreneurship contributes to enhancing Nigeria's economy. Based on these, it was recommended among others that government at all levels make and implement policies that will enhance entrepreneurship in Nigeria as this will help in stabilizing the country's economy.