Evaluation of Factors Influencing Entrepreneurial Development in Nigerian Medium-Scale Foods and Beverages.

The prevailing economic situations in Nigeria and other developing countries are enough to make the citizens see the benefits of looking inward in terms of setting up businesses that will generate jobs and increase revenue generation. Studies in this regard focusing on factors affecting entrepreneurial development in Nigeria are few and require further empirical investigation. The study assessed the factors influencing entrepreneurial development from the perspective of medium-scale food and beverage entrepreneurs in Lagos State, Nigeria. Survey design was employed. The collected data were analysed using descriptive statistics like table, frequency, and inferential statistics. Ordinary least squares regression was used to determine the extent to which the availability of capital affects entrepreneurial development. Pearson Chi-Square was also used to assess the relationship between government macro-economic factors and entrepreneurial development. The study was tested at a 95% confidence level. The result showed that availability of capital and entrepreneurial development are positively related (R2 = 0.0653; adjusted R2 = 0.0675). Results of correlation analysis revealed that use of generators for power supply by entrepreneurs (UGPS) and lack of infrastructure (LINF) are negatively related to entrepreneurial development, while exposure to modern technology (EMT) has a positive and significant relationship with entrepreneurial development. (r = -0.08172; -0.06471; 0.0641). Based on the results of the study, it was concluded that the availability of capital for entrepreneurs and government macroeconomic policies significantly influence entrepreneurial development. The study recommended that there is a need to revitalise the institutions supporting the development of entrepreneurship in order to provide quick funds on favourable terms to entrepreneurs in Nigeria.