EFFECT OF GOVERNMENT POLICY ON ENTREPRENEURSHIP DEVELOPMENT
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ABSTRACT
The study sought to investigate the effect of government policy on entrepreneurship development in Ifako-Ijaye, Local Government Area, Lagos State. The specific objectives that guided the study are to; ascertain if government policies has significantly impacted on entrepreneurship development in Nigeria; evaluate the relationship between government policies and economic growth in Nigeria; and also ascertain the long-run relationship that exists between government policy and entrepreneurship development in Nigeria The study adopted a descriptive research design using a well structured questionnaire to gather the data.
Thirty (30) questionnaires were administered, the data was analyzed with the aid of statistical package for social sciences version 23. Furthermore, the formulated hypotheses are: government policies have no significance effect on entrepreneurship development in Nigeria, there is no significant relationship between government policies and economic growth in Nigeria, and there is no long-run relationship between government policies and entrepreneurship development.
The first hypothesis, government policies have no significance effect on entrepreneurship development in Nigeria was tested with Chi-square test statistics , while the other two hypotheses were tested with Karl Pearson’s Product Correlation Analysis. The result of the first hypothesis showed that there is convincing evidence that government policies have significant effect on entrepreneurship development in Nigeria (P value < 0.05. Since 0.000<0.05).
The result of the second hypothesis also revealed a strong positive association between government policies and economic growth as the correlation r (63) = .856) with p(0.000)< .001. Lastly, the result of the third hypothesis also revealed that, correlation between government policies and entrepreneurship development was significant, as correlation r (63) = .831, which is interpreted as a very strong positive association between government policies and entrepreneurship development with p(0.000)< .001. Therefore, it is established that entrepreneurship development is dependent upon government policy as the study revealed that; creation of skill acquisition centers, promulgation of suitable policies, fair tax imposition, were the reason for the reduction in poverty level, increased standard of living as well as reduction in over dependence on paid employment.
The study therefore recommends that government policies should increase the creation of skill acquisition centers; encourage fair tax imposition; encourage local technologies, innovations and creativity; and more importantly government should set up monitoring committee/teams to oversee and evaluate the practical implementation of policies and programmes on entrepreneurship development as all these were the reasons for the increase in economic welfare in Ifako-Ijaye local government area of Lagos state.
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