Building a Link between Retirement Planning in the Civil Service and Entrepreneurship Development in Nigeria

Abstract

Retiree involvement in entrepreneurship is known to address their wellbeing challenges hence the interest to ascertain the determinants and level of their contribution among retirees of the Civil Service of Akwa Ibom State of Nigeria. Data were obtained through the use of structured Questionnaire which was administered during the annual verifi cation exercise of retirees. Multi regression analysis using four functional forms of linear, double log, semi log and exponential; Pearson Product Moment Correlation, chi square and T-test methods were used to test the hypotheses. The basis for the selection of the bestfit model and lead equation was the one with relatively highest R value, lowest number of significant, lower error of estimation and appropriateness of a prior signs. Double log provided the best option. The result showed that all the independent variables were signifi cant at 0.05 level of probability. These relative effects suggest that these factors if given adequate corresponding attention would lead to a healthy and increased post retirement involvement in entrepreneurship. It is recommended that measures be taken to invigorate pre-retirement training, hitherto ignored as an essential and integral part of the retirement planning process of the Civil Service of the State. Key words: Retirement planning; Civil service; Entrepreneurship development; Nigeria