An investigation of social entrepreneurship’s impact on economic development in Nigeria: A case study of Lagos–based startups (2010–2020).
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Background of the Study:
Social entrepreneurship blends business innovation with social impact and has increasingly become a catalyst for economic development in Nigeria. In Lagos, a vibrant hub of entrepreneurial activity, startups focused on addressing social challenges—such as poverty, unemployment, and environmental degradation—have emerged as significant players in the economic landscape (Okafor, 2023). From 2010 to 2020, these ventures have harnessed innovative business models that prioritize social value alongside profit generation, supported by both governmental initiatives and private sector investments (Ibrahim, 2024). Such enterprises are redefining traditional economic paradigms by integrating social objectives into their core strategies. However, despite their potential to drive inclusive growth, Lagos–based social startups face challenges including limited access to capital, regulatory hurdles, and intense market competition (Adebayo, 2025). This study examines the multifaceted impact of social entrepreneurship on economic development in Lagos, exploring how these startups contribute to job creation, innovation, and social welfare while identifying critical success factors and obstacles that shape their effectiveness.
Statement of the Problem:
While social entrepreneurship offers promise for both economic and social transformation, Lagos–based startups encounter significant challenges that limit their impact. Key issues include restricted access to finance, stringent regulatory frameworks, and competitive market pressures that often favor traditional profit–oriented enterprises (Okafor, 2023). Moreover, the gap between social objectives and economic viability poses difficulties in scaling operations and achieving sustainability (Ibrahim, 2024). These barriers compromise the potential contributions of social startups to broader economic development. This study aims to examine the nature of these challenges and determine how they impede the overall impact of social entrepreneurship on economic progress in Nigeria (Adebayo, 2025).
Objectives of the Study:
• To assess the impact of social entrepreneurship on economic development in Lagos.
• To identify the challenges faced by Lagos–based social startups.
• To recommend strategies for enhancing the scalability and sustainability of social ventures.
Research Questions:
• How does social entrepreneurship contribute to economic development in Lagos?
• What are the primary challenges affecting the growth of social startups?
• How can policy and support mechanisms be improved to bolster social entrepreneurship?
Research Hypotheses:
• H1: Social entrepreneurship positively impacts economic development.
• H2: Regulatory and financial barriers significantly impede the growth of social startups.
• H3: Enhanced support networks and mentorship improve the sustainability of social ventures.
Significance of the Study:
This study is significant as it examines the transformative role of social entrepreneurship in driving economic development. The insights provided can guide stakeholders in creating supportive environments for social ventures, fostering inclusive growth and innovation in Lagos (Okafor, 2023; Ibrahim, 2024).
Scope and Limitations of the Study:
This study is limited to the analysis of social entrepreneurship within Lagos–based startups, focusing on their economic and social impacts. It does not extend to other regions or to ventures outside the social entrepreneurship domain.
Definitions of Terms:
• Social Entrepreneurship: The pursuit of innovative solutions to social problems through business methods.
• Economic Development: The sustained improvement in economic well–being and quality of life.
• Startup: A newly established business, particularly one focused on innovation and rapid growth.
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