Entrepreneurship and employment generation: The formal and informal sector perspectives

Entrepreneurship and employment generation: the formal and informal sectors perspective is vital in the development of any economy, and it is a panacea for any country’s unemployment surge. The biting wind of unemployment indeed is a socio-economic problem, with its associated vices having gone beyond one’s imagination. Using the Chi-square statistical analysis, the correlation coefficient and the student “t” distribution, we extracted and assessed responses from130 entrepreneurs based on the three research questions relating to funding, training and efficient use of funds. The result revealed that significant relationships exist between effective entrepreneurship administrations in terms of adequate training and the funding of entrepreneurship programmes and the efficient use of funds. It becomes apparent that any one of them taken into consideration is a factor that affects entrepreneurship development in the Nigerian economy. In a bid to help in solving these problems it is recommended among others that entrepreneurship activities be thoroughly examined and appraised accordingly to ensure quality in terms of knowledge and techniques. Proper training exercises should be mapped out for all categories of entrepreneurs in the formal and informal sectors, that entrepreneurial education be planned and implemented by the various government and non- government institutions. Particularly the young graduates should be encouraged to take up entrepreneurship as a means for job and wealth creation.