Economic Integration and Entrepreneurship Development in Nigeria

Abstract

Most sectors in today's market are facing opportunities and challenges due to integration of global economies, which are natural by-product of demand and has driven innovation, competition, and the retention of Favorable conditions in the global market. Larger markets arise naturally from economic integration due to higher productivity. As a result, everyone involved benefit from the growing market and market share. Business enterprises in less developed countries may not be highly competitive domestically, which lead to a decline in their market and product destination, in addition to being disadvantaged internationally. This study examines how the performance of small and medium-sized enterprises is affected by integration of economies otherwise known as trade openness. The performance of small and medium enterprises is studied in conjunction with economic integration. 360 samples were obtained using EPIinfo Statcalc software in three population clusters of 5,268 related SMEs in the study area. SPSS was used to analyze the data using multiple regression analysis. With an observed P value of (0.000), multi-regression analysis yielded a calculated F value of (96.268). This shows that, in the selected case study, economic integration has a favourable and notable impact on the market share performance of enterprises of the selected states in Nigeria.