Importance Of Entrepreneurship In Nigeria

INTRODUCTION

Entrepreneurship is an innovative process of vision, change and creation;it needs energy and passion towards the creation and implementation of new ideas and creative solutions (David, 2013). It includes willingness to take risk in terms of career, time and the ability to have an effective team force, having a business plan and the vision to recognize opportunity where others see confusion and chaos (David, 2013).Dollinger (2003) defines entrepreneurship in agriculture as the creation of innovative economic organization for the purpose of growth or gain under conditions of risk and uncertainty in agriculture. Entrepreneurship in agriculture is seen as one of the most important solutions to poverty, unemployment and low economic

The peculiarities of the country’s agriculture sector shows there is a need for Agripreneurship. Agriculture was the bane of Nigerian economy before the discovery of oil and it supports high share of employment generation to the rural populace and its raw materials for urban industrialization; it employs about two third of Nigeria’s labour force and contributing about 40.2% of the Gross Domestic Product (GDP) in 2011. Agripreneurship is needed for the socio – economic lifting of the populace through creation of agribusinesses, improvement in standard of living and economic growth and development. It helps in the productivity of various businesses;Agricultural productivity is the index of the ratio of the value of total output to total input used in farm production process (Olayide and Heady, 1982). Productivity efficiency means the attainment of production goal without wastage. Hence, enterprise inefficiency involves the disproportionate and excessive usage of all inputs (Ajibefun 1999). Agripreneurship is greatly influenced mainly by the economic situation, education and culture (Singh,

The author also stated that in year 2000 income inequality was higher in peri-urban areas than urban areas. Adebayo (2002) found out that in the rural areas of Ibadan metropolis, agricultural income contributes most to the overall income inequality accounting for 91% while rental income makes the least contributing to overall rural income inequality accounting for just 0.17%. In the urban areas, non-farm income makes the largest contribution to overall income inequality accounting for 80% while transfer income reduces urban overall income inequality by 0.13%. Elberset al. (2003) estimated income inequality for Ecuador, Mozambique and Madagascar. Based on a statistical procedure that combines households’ survey data with population census data, the analyses showed that the share of within-community inequality in overall inequality is high. Specifically, Gini-coefficients computed were between 0.320 – 0.518 and 0.320 – 0.440 in Madagascar and Mozambique respectively.

Hypothetical Concentration Curve of Income Distribution: The main feature of the Lorenz curve includes the curve and the line of perfect equality. This curve is widely used to show income inequality. Figure 1 shows the horizontal axis, which measures the proportion of the population while the vertical axis shows the proportion of the