Technopreneurship and Enterprise Growth in Nigeria: An Exploration into the Latent Role of Microfinance Banks

Abstract

Blend of technology prowess and entrepreneurial skills are known to be the important drivers of enterprise growth in many nations. In Nigeria new policies, structures and strategies are being explored and formulated to help technology-based small and medium-sized enterprises grow and to offer a promising future for the country's businesses within the global market place. In the same vein, Central Bank of Nigeria recently intensified effort to further promote the development and expansion of Microfinance banking activities in the country with a view to availing Nigeria's entrepreneurs the opportunity to exploit economic benefits of such banks. This article explores the role microfinance banks can play in promoting technoprenuership derive and growth among micro, small and medium scale enterprises in Nigeria by employing Pearson Correlation to establish relationship between the variables and Multivariate Analysis of Variance to show causal effects. The coefficients results show strong positive association between the variables as well as significant causal effect between the predictor variable and the two criterion variables. Hence it is recommended that creating favourable financial conditions for entrepreneurs will hasten the development of technopreneural drive and subsequent enterprises growth in Nigeria