Entrepreneurial education is a critical issue in the Nigerian economy, and this research study aims to investigate the impact of formal entrepreneurial education on the development of micro, small and medium-sized businesses in the North Central and South-Western regions of Nigeria.
The study employed a survey method as the primary means of data collection, using probability sampling method to gather the opinions of 320 respondents from both the North Central and south-western parts of Nigeria. The validity of the data collected was tested using Cronbach’s alpha, and descriptive and inferential statistical approaches were used to analyze the data, including frequency tables, descriptive statistics, Pearson’s coefficient of correlation, and analysis of variance. It was observed that formal entrepreneurial education significantly influenced graduate participation in micro and small-medium enterprises in local Nigerian regions, and the growth of such businesses in these regions.
The study’s key findings include the importance of formal entrepreneurial education in promoting job creation and economic growth, as well as the need for continued support for such training within educational institutions. The study emphasizes the importance of educating the public on the value of hard work and business skills, creating job opportunities for the community, and contributing to the growth of the Nigerian economy by establishing micro, small and medium-enterprises. The study situates itself within the literature on the subject and highlights the need for formal entrepreneurial education.
The study’s implications suggest that the Nigerian government must prioritize the promotion of formal entrepreneurial training within the educational system, as well as providing support for micro, small and medium-sized businesses through education and community empowerment. The study’s contribution lies in its emphasis on the importance of formal entrepreneurial education in promoting job creation and economic growth in Nigeria. Further research is needed to investigate the impact of formal entrepreneurial education on other regions of Nigeria and the broader African continent.