Are Nigerian University Students Naturally Entrepreneurial, or Limited by Personal and Economic Barriers?

Abstract

Entrepreneurship remains a significant driver of economic development and youth empowerment in Nigeria. However, there are issues surrounding why individuals scavenge and opt for the already scare employment over self-employment. Hence, this research examined the psychological, economic, and attitudinal factors influencing entrepreneurial aspirations in Nigeria. The study is relevant because of the surging unemployment rates in Nigeria, where entrepreneurship is a necessity for survival and growth. Thus, a quantitative approach was adopted, and final year students of six universities were selected (three private and three state-owned universities) across different faculties/departments. The sample size of 399 was determined using the Taro Yamane formular based on a population of 218,950. Data were gathered through closed-ended questionnaires, with statements based on the study variables. Thirty students piloted the test for validity and reliability measurements, and the instrument's reliability and clarity were confirmed with a Cronbach's Alpha of 0.877. Data were analysed with SPSS, using regression analysis at the 0.05 significance level. Upon analysis, the results indicated that psychological, economic, and attitudinal factors have an effect on entrepreneurial aspirations. Attitudinal dispositions (openness to risk and a sense of entrepreneurship), economic factors (access to finance and adequate infrastructures), and psychological factors (self-efficacy and motivation) all determine students' aspirations in entrepreneurial ventures. Hence, the study recommends the integration of practical and entrepreneurship courses, mentorship, and enforce students’ clubs that promote entrepreneurial mindset. Government and financial bodies should provide startup funding, and infrastructure for students upon graduation. It is also essential that students develop resilience to develop robust entrepreneurial spirits.