Proceedings of The 8th International Conference on Business, Management and Economics
Year: 2023
DOI:
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Economic Effects of Igbo Apprenticeship System in Nigeria: Evidence from South East Nigeria
Stella Amechi Onuchukwu, Dr. Oguejiofor Ngozi D.C
ABSTRACT:
Many businesses have been established in Nigeria as a result of the Igbo apprenticeship system’s snowball effect. The study examined the economic effects of Igbo apprenticeship system in Nigeria. Descriptive survey and ex post facto research design was adopted for the study. Specific objectives of the study were to: determine the impact of seed capital on economic development in Nigeria; ascertain the impact of mentorship on economic development in Nigeria; ascertain the impact of apprenticeship training system, on economic development in Nigeria. Population of the study consists of 6213 entrepreneurs in the South East Nigeria that pass-through apprentice training. Sample size of 375 entrepreneurs were gotten through Taro Yamane formular. The study used both primary and secondary data sources. Primary data was derived using questionnaire, while secondary data which is Human development index (HDI) was derived from Central Bank of Nigeria (CBN) statistical bulletin. The instrument was subjected to content validity. In order to make provision for reliability of the questionnaire as a major instrument in this research study, the test-re-test reliability method was adopted. The reliability of the instruments was analysed using Cronbach Alpha which yields reliability coefficient of 0.75%, indicating that the instrument was reliable. Data collected was analysed using simple percentage, multiple regression analysis and Analysis of Variance (ANOVA). Analyses showed that: Seed capital has significant effect on economic development in Nigeria; Mentorship has significant effect on economic development in Nigeria. In view of the findings, the study recommended that there is need for adequate regulations on the seed capital for the Igbo apprenticeship system. With appropriate policies to ensure fair dealing to both entrepreneur and prospective nwaboi, Igbo apprenticeship system can be adopted as a model to build sustainable business environment in Nigeria.
Keywords: seed capital, mentoring, Igbo apprenticeship, economic development, sustainable development