Rural Entrepreneurship Development as A Catalyst to Employment Generation and Poverty Alleviation in Oyo State, Nigeria

Abstract

The study examined the effect of rural entrepreneurship development on poverty alleviation and employment generation in Oyo State, Nigeria.  The assortment of ten LGA was purposive due to their ruralness. In each of the purposively selected LGAs, fifty (50) entrepreneurs were selected through simple random sampling technique from their co-operative societies, totaling five hundred (500) respondents. Data were sourced via a structured questionnaire and personal interview, while data analysis was performed with aid of simple percentage, frequency, weighted mean score, and ordinary least square. Result demonstrated that chance to create own fortune,   determines the degree of their impact on rural business opportunities, profit attraction, more competitiveness in the region, self/dependent lifestyle, and continue the family tradition are important factors motivating them to build their business in rural areas. Result also showed that accessibility to, and unavailability of proper information is important challenges facing entrepreneurship development. Also the absence of government policies, hardships in availing government strategies, technological center, and lack of access to resources, transportation center are important challenges facing entrepreneurship development in the research area. Results also demonstrated that entrepreneurship development has a significant impact on poverty alleviation and employment generation. Subsequently, a study recommended that financial institution should be established in all rural areas throughout the Nation to dish free loans to rural areas and Ministry of Rural Development and Land Reform should be in increasing credit finance as well as borrowing via informal networking

Keywords: Rural Entrepreneurship, Poverty Alleviation, Employment Generation, Financial Institution, LGAs.

DOI: 10.7176/JESD/11-10-06

Publication date:May 31^st 2020