IMPACT OF GLOBALISATION ON THE GROWTH OF ENTREPRENEURSHIP IN DEVELOPING ECONOMY

Abstract

The study aims to investigate the impact of globalization on the growth of entrepreneurship in Nigeria. The embracement of globalization according to scholars in the emerging economies is to enable them to compete with the advanced nations in the global market.  The major goal of this study was to determine the extent that globalization has affected entrepreneurship positively and negatively. The researcher was able to evaluate the opinions of scholars in the literature on how the growth of entrepreneurship in Nigeria has been affected over the years due to market competitions in the global environment, particularly the threat posed by the multinational organizations. The study adopted qualitative method for conducting the research by identifying applicable publications such as books, journals, and objectively reviewing them. The study concluded by suggesting that if Nigeria wants to maximize the opportunities associated with globalization, the economic policies posing restrictions on commerce should be reviewed to enable the country to enjoy the dividends of globalization as a new economic paradigm. It was observed that the existence of high interest rate, inadequate utilization of modern technologies, declining exchange rate, lack of sufficient funding affected the performance of the Nigeria’s Small-Medium Enterprises (SMSs) in the global market.