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

Abstract

With surging unemployment and underemployment rates in Nigeria, entrepreneurship is encouraged as a means for job creation, economic independence and youth empowerment. However, the factors that influence (encourage or hinder) students' aspiration to become entrepreneurs are yet far from being understood in Nigeria. In this study, the effects of attitudinal, economic and psychological factors on entrepreneurial aspiration among university students in Nigeria were investigated, anchored on the Entrepreneurial Event Model and Social Cognitive Career Theory. The study employed a quantitative approach and cross-sectional survey design. The population included 218,950 final years students from six universities, three of which were private universities and three state owned. The sample size was determined as 399 students by using Taro Yamane formula. A structured questionnaire was used to gather data with the aid of an online survey form, and analysis was done with multiple regression statistics at 0.05 significance level, via SPSS. The study results revealed that attitudinal, economic and psychological factors all positively and significantly influenced entrepreneurial aspirations. Notably, economic factors had the largest relative contribution. Accordingly, the study recommends policies to tackling these factors, such as providing enabling infrastructure, alongside experiential entrepreneurship education, mentorship and incubation programmes, and start-up finance.