ENTREPRENEURSHIP EDUCATION AND PROBLEM SOLVING SKILLS OF SELECTED STUDENTS IN FIRST ENTREPRENEURIAL UNIVERSITY IN NIGERIA
Abstract
This study aims to examine the impact of human capital development on the performance of small and medium-sized enterprises (SMEs) in Nigeria over the period from 2003 to 2023. The study adopts an ex-post facto research design, utilizing secondary data sourced from the Central Bank of Nigeria Statistical Bulletin, Bureau of Statistics, and SMEDAN reports. Autoregressive Distributed Lag (ARDL) methodology is employed for data analysis, allowing for the examination of short and long-term effects of human capital variables—such as formal education, training, and participation in seminars, conferences, and workshops—on SME performance indicators. The findings reveal a consistently positive and significant relationship between human capital development and SME performance across the study period. Specifically, higher levels of formal education, training initiatives, and participation in knowledge-sharing events are associated with enhanced business outcomes in terms of profitability, productivity, and market competitiveness for Nigerian SMEs. This study concludes that investments in human capital development play a crucial role in bolstering SME performance in Nigeria. The results underscore the importance of continuous skill enhancement and knowledge acquisition among SME operators, suggesting that such initiatives contribute not only to immediate operational improvements but also to sustained growth over time. Based on the findings, it is recommended that policymakers and business support agencies in Nigeria prioritize initiatives that promote access to formal education, vocational training programs, and participation in professional development activities like seminars and exhibitions. Facilitating easier access to these resources and enhancing their quality can empower SMEs to navigate challenges, capitalize on emerging opportunities, and contribute more robustly to Nigeria's economic development goals.
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