Assessing the Role of Innovation and Entrepreneurship in Driving Economic Performance: A Focus on Nigeria

Enterprise innovations are said to have significant influences on the growth and performance of economies. It is the basic endogenous driver of technological advancement in the course of growth and development of the economy. Variables of entrepreneurship in enterprises arouse economic activities that are disruptively innovative. This gives rise to new businesses that generates product brands, which are the main drivers of economic activity that stimulate and raise production. Schumpeter (1934) explained that for an economy to get out of recession, profit-motivated entrepreneurs should generate and create new product brands that disrupt existing ones to promote production and job creation.