Effects of Entrepreneurship and Entrepreneurial Mentorship in the Promotion of Economic Development in Nigeria

This study examines the effect of entrepreneurship and entrepreneurial mentorship on fostering economic development in Nigeria. The training provided to Nigerians by colonial powers primarily focused on reading, writing, and clerical skills, a mindset that has persisted for over fifty years. However, research and experience have shown that both formal and informal mentoring, along with entrepreneurship, offer significant advantages. These serve as essential and cost-effective means of continuous education, contributing to the repositioning and acceleration of efficient resource allocation and utilization. Various economic theories advocate for enhancing human capital through mentorship and entrepreneurship. A developing economy like Nigeria, striving to enhance living standards, must strengthen its focus on mentorship and entrepreneurship to refine human capital and improve its quality. Higher-quality human capital will facilitate a more effective approach to utilizing idle resources for economic development. Given the inherent benefits of mentorship and entrepreneurship, we propose several recommendations for improvement. These include encouraging successful individuals to mentor and develop others like themselves within a specific timeframe and integrating mentorship and entrepreneurship into all levels of education.