INTERNATIONAL COMPETITION AND ENTREPRENEUR DEVELOPMENT IN NIGERIA

This study examines the impact of international competition on entrepreneurship development in Nigeria, a critical area for economic growth and diversification. While entrepreneurship is vital for job creation and poverty reduction, Nigerian entrepreneurs face increasing challenges from global market integration and intensifying international competition. This research investigates how various facets of international competition, alongside other macroeconomic factors, influence the growth rate of entrepreneurship development in Nigeria. Using a time-series analysis with data from 1999 to 2023, the study employs a regression model to assess the influence of trade openness, foreign direct investment, per capita income, technology, foreign aid, market size growth rate, poverty alleviation, and employment generation growth rate on entrepreneurship growth rate. The regression results reveal significant findings. International competition, proxied by trade openness, exhibits a positive and statistically significant impact on entrepreneurship development growth rate (coefficient = 0.008111, p = 0.0000). Foreign direct investment also shows a positive and significant effect (coefficient = 0.004913, p = 0.0001). Technology and foreign aid are positively and significantly associated with entrepreneurship development growth rate (coefficient = 0.002626, p = 0.0003 and coefficient = 0.004047, p = 0.0003 respectively). Conversely, poverty alleviation demonstrates a negative and significant relationship with entrepreneurship development growth rate (coefficient = -0.099608, p = 0.0037), while employment generation growth rate has a positive and significant impact (coefficient = 0.090308, p = 0.0024). Per capita income and market size growth rate were found to be statistically insignificant. The model demonstrates a high explanatory power with an R-squared of 0.968435 and a significant F-statistic (p = 0.000000). The findings suggest that while international competition can stimulate entrepreneurship growth, a holistic approach addressing technology adoption, foreign investment attraction, and employment generation is crucial for fostering a thriving entrepreneurial ecosystem in Nigeria. Despite the negative impact of international competition, the positive relationship with factors like per capita income and market size suggests opportunities for entrepreneurial development through targeted policy interventions. The model indicates that promoting economic growth, creating a larger market, and potentially mitigating the negative effects of intense international competition through targeted support programs are crucial for advancing entrepreneurial activities in Nigeria.