Social Entrepreneurship: A Panacea for Correcting Economic Growth and Development Paradoxes in Less Developing Countries – A Case of Nigerian Economy

Abstract

The purpose of the paper is to examine how development of social entrepreneurship can redress the abnormalities associated with economic growth and development paradox. This is because rapid economic growth and various experiments with activist government have not been sufficient to lift a huge portion of the world population, particularly those of less developed countries (LDCs) out of poverty. EX-post facto research was adopted for the study involving review of economic growth and development plans of the country from independence to date, and a comparative analysis of select oil producing countries and Asian countries socio-economic indices. These select countries were decades back rated at par with Nigeria, but today have left the country behind. Data were presented on tables and simple percentage (%) used for simplified comparison and inferences. Results shows poor social-economic indices for the country over the past decades compared to other select countries. It was therefore concluded that articulation of policies that can impact on the well-being of the populace should integrate social-entrepreneurship programmes and policies to promote self-reliance and productive activities at individual and community-levels so that their attendant chain-effects can revamp the economy and restore human dignity.

DOI: 10.5901/ajis.2014.v3n4p485