IIARD International Institute of Academic Research and Development

IIARD INTERNATIONAL JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 11 NO. 5 2025
DOI: 10.56201/ijebm.vol.11.no5.2025.pg120.133

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Skills to Scale: Unpacking the Link between Workforce Development and Entrepreneurial Success of selected Industrial Goods Firms in Nigeria

Chiamaka L Anaike, Gilbert Ogechukwu Nworie, Akwuobi Bridget Udekwesili

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Abstract

However, limited financial resources, inadequate training infrastructure, and a lack of strategic focus on human capital investment have resulted in widespread skills gaps and underprepared workforces. Many Nigerian firms struggle with workforce capabilities that lag behind industry requirements, negatively impacting their ability to innovate and engage in entrepreneurial activities. Hence, this research aims to examine the link between workforce development and entrepreneurial success within the context of industrial goods firms in Nigeria. Workforce development was measured using expenditure on employee development while firm entrepreneurial success was measured using earnings after tax. Ex-post facto research design was used in the study. The population of the study comprised 13 listed industrial goods firms from which a purposive sample of 7 was drawn. Secondary data were collected from the firms’ annual reports over a ten year period: 2015-2024. The analyses were done using descriptive analysis and panel estimated generalised squares. The study found that workforce development has a significant positive influence on the entrepreneurial success of industrial goods firms in Nigeria (? = 225.45, p = 0.0000). In conclusion, human capital development is not merely a cost but a value-creating activity that directly contributes to the firm’s bottom line and long-term sustainability. The study recommends that human resource managers in industrial goods firms should actively implement innovative employee growth strategies such as job swapping, cross-department rotations, and reverse mentoring programs to build versatile, entrepreneurial-minded teams who drive business growth from multiple angles.

keywords:

Workforce development, Entrepreneurial Success, Industrial Goods Firms

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