An appraisal of economic liberalization’s influence on local entrepreneurship in Nigeria: A study of Lagos State
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Background of the Study :
Economic liberalization involves reducing government intervention in the economy to encourage free-market practices, competition, and entrepreneurial innovation. In Lagos State, from 2000 to 2020, liberalization policies have led to deregulation, privatization, and reduced trade barriers that have fostered local entrepreneurship (Oluwaseun, 2023). These reforms have enabled local businesses to access new markets, secure financing, and innovate in product and service delivery. Empirical evidence shows that economic liberalization can significantly boost entrepreneurial activity and drive job creation by reducing entry barriers and promoting competitive markets (Chinwe, 2024). However, the transition has not been without challenges, as many entrepreneurs still face regulatory complexities and inadequate support structures. This study examines the impact of economic liberalization on local entrepreneurship in Lagos State, analyzing business performance data and gathering qualitative insights from entrepreneurs. The goal is to assess how liberalization policies have transformed the entrepreneurial landscape and to propose strategies to further empower local businesses and stimulate sustainable economic growth (Adeniyi, 2025).
Statement of the Problem
Despite the benefits of economic liberalization, local entrepreneurship in Lagos State faces challenges such as complex regulatory environments, inadequate access to capital, and insufficient business support. These issues hinder entrepreneurs from fully exploiting the opportunities created by liberalization policies (Oluwaseun, 2023). This study aims to investigate the obstacles that limit the growth of local businesses and to evaluate the extent to which economic liberalization has contributed to entrepreneurial success. The gap between policy expectations and real-world entrepreneurial outcomes necessitates an in-depth analysis of these constraints to propose effective measures for enhancing local entrepreneurship.
Objectives of the Study:
1. To assess the impact of economic liberalization on local entrepreneurship.
2. To identify challenges hindering entrepreneurial growth in Lagos State.
3. To recommend policy measures to support local business development.
Research Questions:
1. How has economic liberalization affected local entrepreneurship?
2. What are the primary obstacles faced by local entrepreneurs?
3. What policy interventions can enhance entrepreneurial performance?
Research Hypotheses:
1. Economic liberalization positively influences local entrepreneurship.
2. Regulatory complexities hinder entrepreneurial growth.
3. Improved policy support boosts local business performance.
Significance of the Study (100 words):
This study is significant as it appraises the influence of economic liberalization on local entrepreneurship in Lagos State. Its findings will provide essential insights for policymakers and business support organizations to develop more effective strategies that empower local entrepreneurs, stimulate job creation, and drive sustainable economic growth (Oluwaseun, 2023).
Scope and Limitations of the Study:
This study is limited to analyzing the impact of economic liberalization on local entrepreneurship in Lagos State between 2000 and 2020. It does not cover external factors or entrepreneurship in other regions.
Definitions of Terms:
1. Economic Liberalization: The process of reducing government control in economic activities.
2. Entrepreneurship: The creation and operation of new business ventures.
3. Local Business Development: The growth and expansion of businesses within a specific region.
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