Entrepreneurship and Small Business: Strategic Approach to Alleviating Poverty and Corruption in Nigeria

Abstract

Entrepreneurship and small business
development, poverty alleviation, wealth creation and
corruption are some of the major concerns facing
developing economies. This has become a subject of
debate among the academics and interest groups at
national and global levels. Therefore, the objective of
this paper is to make a theoretical assessment of the
progress the Nigerian government and the organized
private sector have made so far to reduce poverty,
increase employment opportunities and create wealth
for the citizens through strategic approaches to small
business and entrepreneurship development. The paper
is descriptive and reviews literature on poverty, small
business, entrepreneurship, corruption and the
programs initiated by government to stimulate Small
and Medium Scale Enterprises (SMSEs). The activities
of Small and Medium Enterprises Development Agency
of Nigeria (SMEDAN), for example, were assessed.
Literature findings indicate that in spite of the huge
investment, corruption, ineffective policies, insecurity
and so on militate against the growth and development
of SMSEs in Nigeria. The paper recommends among
others, the judicious use of borrowed funds, intensifying
war against corruption by government and
international communities, tackling the insecurity
challenges, improving the poor state of infrastructure in
the country and so on. The paper adds value to
knowledge in the sense that it draws a theoretical link
between entrepreneurship and small business
development and poverty, unemployment and
corruption in the Nigerian context.