NIGERIA'S BUSINESS SECTORS AND CRUCIAL RESOURCES FOR ENTREPRENEURIAL ACTIVITIES

Finance has often been featured as one of the most crucial resources needed to promote entrepreneurial activities, but the question is whether this assertion holds true in every business sector. This paper, therefore, examines some resources that promote entrepreneurial activities across designated business sectors in Nigeria. Specifically, it identified the most crucial resources in every sector of the economy. It is anticipated that by examining some resource factors across business sectors, resources that enhance entrepreneurial activities will be industry-specific and different. Stratified random sampling was used to ensure adequate representation in each sector, and 650 questionnaires were administered in Lagos, one of Nigeria’s metropolitan cities and economic hubs. Descriptive and Inferential Statistics were used to analyze the obtained data. The descriptive statistics show the frequency of resources enhancing entrepreneurial activities in each sector, while Principal Component Analysis (PCA) is used to pinpoint the most crucial resource factor in each sector. The research findings confirmed variations in the level of importance across the selected business sectors. Some resources are more crucial than others, and finance was not the most crucial resource factor in the selected business sectors in Nigeria. The authors therefore propose several extension of this study