Volume 5 ISSUE 3

ENTREPRENEURSIIIP AND SOCIOECONOMIC DEVELOPMENT OF NIGERIA: A CASE FOR TECHNOPRENEURSHIP INTERVENTION

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Abstract
Much has been written and discussed entrepreneurship development in Nigeria with the expectation that it will engender the emergence of a new generation of competitive and efficient business outfits. Its that will accelerate the socio-economic growth and development of the nation and reduce the level of poverty of its citizens. Decades after the popularization of this new business philosophy not much has been achieved as the pattern of investment remained tainted towards Commercial Entrepreneurship and Investment on Low-Income Goods with little or no value-added. The consequences of this trend are great. There is low capacity utilization, low productivity, poverty and squalor, unemployment and underemployment, underutilization of natural resources and very high exit rate of firms from competitive businesses. This paper attempts to present an alternative to commercial entrepreneurial operations in Nigeria as a panacea for poverty alleviation, wealth creation and higher capacity utilization. Technopreneurship or investment in innovative technological processes, it is argued, will bring about the much-desired socio-economic growth and development of Nigeria. The paper concluded that unless there is a shift from low- income goods, that are very close to nature to high-income goads with value-added, poverty will remain the bane of the Nigerian society. To be able to achieve this, it stressed, Nigerian authorities must consider a transition from a resource-based economy to the knowledge-based economy which will mean investment in hi-tech and industrialization. It recommends a successful interaction between technological entrepreneurship and commercial entrepreneurship for the time being; the full activation of technology incubation centres across the country; and the direct intervention of the Federal and State Governments in funding Research and Development (R&D) activities as a way of promoting technopreneurship in Nigeria.

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