Development of entrepreneurship in Nigeria and circular economy

Okoye Jonathan Chukwuebuka *

Department of Economics, University of Calabar, Cross River state, Nigeria.
 
Research Article
International Journal of Science and Research Archive, 2023, 10(02), 360–366.
Article DOI: 10.30574/ijsra.2023.10.2.0908
Publication history: 
Received on 26 September 2023; revised on 14 November 2023; accepted on 16 November 2023
 
Abstract: 
Nigeria's adoption of the shift from a linear to a circular economy and the corresponding prospects for entrepreneurial growth and employment generation have been insufficient. Insufficient research has been conducted on the notion of the circular economy, resulting in a lack of proper exploration of the possible employment opportunities within the industry. This study aimed to investigate the level of technical proficiency in the circular economy to foster entrepreneurial growth and generate employment opportunities in Nigeria. The survey research design was selected to accomplish the stated objectives. This study used a purposive strategy to pick 300 respondents from three distinct sectors within the recycling business in Lagos State, Nigeria. The selection process involved employing a proportionate random sample technique. These sectors include the informal sector, formal sector, and government agencies. The data collection process utilized a questionnaire labeled (Circular Skill and Job Creation). The psychometric properties of the tools, namely validity and reliability, were assessed using factor analysis and Cronbach's alpha, respectively. The acquired data were subjected to regression analysis at a significance level of 5%. The study's findings indicate a statistically significant and robust positive association between technical capabilities in recycling operations and the generation of employment opportunities for young individuals in Nigeria. This relationship is supported by a correlation coefficient 0.97, which suggests a high degree of linear dependence.
Furthermore, the p-value of 0.00, which is less than the predetermined significance level of 0.05, provides strong evidence to reject the null hypothesis and support a meaningful relationship between these variables. Hence, possessing technical competencies in circular industrial practices will enhance the capacity of young individuals to foster employment opportunities and ensure long-term economic stability. The report proposed that a collaborative effort between the government, non-governmental organizations (NGOs), and corporate entities be established to facilitate the promotion of initiatives within the recycling industry.
 
Keywords: 
Circular economy; Job creation; Entrepreneurship development; Technical skill; Recycling industry
 
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