ENTREPRENUERSHIP DEVELOPMENT AND ECONOMIC GROWTH OF CROSS RIVER STATE: A STUDYOF SELECTED BUSINESSES IN OGOJA

ABSTRACT The general objective of the study was to examine the relationship between entrepreneurship development and the economic growth of Cross River State with a focus on selected businesses in Ogoja. The specific objectives were to determine the relationship between entrepreneurial activities and poverty reduction in Ogoja, to ascertain the relationship between new venture formation and employment generation in Ogoja and to determine relationship between entrepreneurs’ access to finance and the standard of living of the people in Ogoja. In this study the descriptive design was adopted. The population of this study comprised top management, middle management and lower level management employees of the three selected entrepreneurial ventures namely: Gomara Farms Limited, All Star hotels and Gakuna Harbour hotels. This study adopted the stratified sampling technique. This study employed the Taro Yamane Formula to determine the sample size. The primary data were obtained from questionnaire administered. To investigate the relationship between the dependent and independent variables, the Pearson’s Product moment correlation (correlation coefficient) was used. The study found that there is a significant relationship between entrepreneurial activities and poverty reduction in Ogoja. It further showed that new venture formation has a positive relationship with employment generation in Ogoja. It also revealed that entrepreneurs’ access to finance significantly relates with the standard of living of the people in Ogoja. The researcher recommended that entrepreneurship facilitators in the Ogoja should endeavour to be more passionate and entrepreneurs at heart so as to be able to inculcate same in people.