Embracing Technical Skills Circular Economy: Strategy for Entrepreneurship Development and Job Creation

Abstract

Abstract: This study explores the impact of technical skills within the circular economy framework on job creation and entrepreneurship development in Nigeria. Conducted in Lagos State, the research employed a mixed-methods approach, combining quantitative data from 384 survey participants with qualitative insights from 16 in-depth interviews and focus group discussions. The factor analysis revealed that three components explain 75.221% of the variance, demonstrating strong construct validity. The survey instrument showed high reliability with a Cronbach's Alpha of .730. In the quantitative analysis, Model 1 demonstrates that Circular Economy (CE) significantly impacts Job Creation (JC), with an R Square value of .656 and a coefficient B of .768 (p < .000), indicating that CE accounts for 65.6% of the variance in JC. Model 2 shows that CE significantly influences Entrepreneurship Development (ED) with an R Square value of .670 and a coefficient B of .783 (p < .000), explaining 67% of the variance in ED. Hypothesis testing confirms significant relationships between technical skills in the circular economy and both job creation and entrepreneurship development, with F values of 757.634 and 809.194 (p < .000), respectively. The qualitative data provided further insights, highlighting the importance of integrating technical skills in circular practices to foster sustainable economic growth and entrepreneurial activities. The study concludes that technical skills in the circular economy are crucial for job creation and entrepreneurship development in Nigeria. It recommends incorporating circular economy principles into vocational training programs and encouraging government-private sector partnerships to promote circular economy initiatives. By enhancing technical competencies, Nigeria can achieve significant improvements in job stability and entrepreneurial growth.