Scientific Innovations in Entrepreneurship for Sustainable Growth and Development of Nigerian Economy

Abstract

Nigeria is still not economically developed because it lacks scientific innovation in entrepreneurial activities. This study examined scientific innovation in entrepreneurship for sustainable growth and development of the Nigerian Economy. It explained concept of scientific innovation, entrepreneurship and sustainable growth and development. This paper was anchored on the theory of Psychological Theory of Achievement Motivation by McCelland, Sociological Theory of Capitalism by Max Weber, Innovation Theory of Joseph Schumpeter and Economic Theory of Richard Cantilon. The paper revealed the effect of scientific innovation on entrepreneurship for sustainable growth and development which include to spur economic growth, add to national income create social change and community development. Also the challenges to scientific innovation in entrepreneurship were highlighted. It was concluded that the inclusion of scientific innovation in entrepreneurship is the key component of economic success, underpinning the ability to create new products and jobs that keep us competitive on the world stage. Finally it was recommended that there is an urgent need for the Nigerian government to provide an enabling environment in the forms of efficient and available basic infrastructural facilities, especially electricity and carrying out of complete feasibility study report to identify the viability, strength and weakness of a new venture should be properly done by entrepreneurs amongst others.