Entrepreneurship and Strategic Management Processes: A Critical Components of Reengineering Nigeria’s National Development Outlook
Ignatius Nnaemeka Onwuatuegwu *
Department of Philosophy, Faculty of Arts, Nnamdi Azikiwe University, Awka, Nigeria.
Nkemjika Bernardine Nwagu
Department of Entrepreneurship, Faculty of Management Sciences University of Benin, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
This paper examined the issue of rising unemployment in Nigeria, which is closely tied to the decline in the country's gross domestic product. The root cause of this problem is the heavy reliance of the Nigerian economy on the oil industry. The study also aimed to explore potential solutions to unemployment through the application of entrepreneurship models. Mono economy is the perennial bane to Nigeria’s attempt to development as it has left all indices of sustainable growth in red. This is worse with the tumbling of oil (Nigeria’s main and only source of meaningful foreign revenue) at the global OPEC market. The situation is ironic and systematically institutionalized and emboldened by corruption. Year in and out all National Development Indices (NDIs) are red and below acceptable standard for a developing nation blessed with abundant natural and human resources. The index of gross-domestic product to inflation rates with astronomical capital flight vis-à-vis all-time-high unemployment call for a strategic repositioning. Obviously, there is an urgent need to create mindsets that are distanced from the usual paranoid dependency on white collar jobs. In pursuance, the study evaluated the components of Econo-psychological entrepreneurship model by Bird (1988) and Institutional ecology theory of entrepreneurial intentions emphasizing especially where their utility can be harnessed in application to the real threat of all-time-high unemployment situation in Nigeria. It is hoped that the framework will enable stakeholders in Nigeria explore strategic management alternatives to the deteriorating situation in order to rescue Nigeria from the jaws of economic collapse and from her inglorious oil based mindset. This strategic approach may most likely set her on the path of economic sustainability and an enduring future. Considering this awful and distasteful reality, this paper attempts to evaluate entrepreneurship and strategic management processes as critical components of reengineering Nigeria’s national development outlook.
Keywords: Entrepreneurship, strategic management, national development, Nigeria socio-economic situation, reengineering