Effect of Corruption on Entrepreneurial Development in Nigeria

Abstract

Corruption is one of the fundamental challenges
undermining developmental efforts made by countries
across the globe especially in Africa. Arising from this
understanding, this study broadly aimed to examine
the effect of corruption on entrepreneurial
development in Nigeria. The population of the study
was three hundred youth across the six geopolitical
zones of Nigeria. The data for this work was gathered
through personal interview, observation and the use of
questionnaire. The work asked questions to include,
why there is still large numbers of youths without
entrepreneurial skills and why money earmarked for
entrepreneurial development goes into wrong hands.
Findings of the study revealed that lack of credit
facilities arising from embezzlement of public funds
has significant impact on entrepreneurial
development in Nigeria. Also, I was discovered that
there is a relationship between bribery driven
government policy inconsistency and entrepreneurial
development in Nigeria, and that there is a correlation
between kickbacks driven high interest rates on loans
and entrepreneurial development in Nigeria. The work
recommended that government at all levels in Nigeria
should make good policies to reduce youth
unemployment through entrepreneurial development;
government should also block loopholes to allow for
efficient use of finance for entrepreneurial
development in Nigeria. The government of Nigeria
should make entrepreneurial skills for the youth
compulsory because of the continuous increase in the
population of the youth.