Technology Innovation and Sustainable Entrepreneurship Development in Nigeria: Stakeholders’ Impact Assessment in Central Nigeria

Abstract

This study seeks to find out the impact of technology innovation on sustainable entrepreneurship development in Nigeria. Technology innovation seems to impact on entrepreneurship, and one cannot deny the fact that entrepreneurship development can also impact on technology innovation. Nigeria’s indigenous technology seems to have disappeared. The country has imported foreign technology worth billions of dollars, most of which have become obsolete in all sectors of the economy. It shows that technology absorption and mastery in Nigeria require more than importation. There has been the absence of remarkable indigenous efforts to evolve an indigenous technology. This study uses survey method and interview with sampled stakeholders in Central Nigeria. Evaluation of findings was done using simple percentages statistical technique. The level of technology innovation in Nigeria is low, as such, entrepreneurship is weak. This is caused by economic, political, socio-cultural and environmental factors. This study focuses on economic factors though with interlink with other factors. Supplementary multiple regression analysis is carried out using secondary data. The diffusion of indigenous technology will have widespread, albeit differentiated impact on Nigeria’s entrepreneurship through the agricultural, industrial, service sectors, including telecommunications. The educational and private sectors in Nigeria should play a leading role in indigenous technology incubation, innovation, adoption and transfer. Innovation and entrepreneurship will increase employment for Nigeria. However, the institutional environment and capacities to encourage innovation are weak. Nigeria needs to evolve a comprehensive public policy for science, technology and innovation through technical education and training.