Submit your papersSubmit Now
For Enquiries: [email protected]
IIARD LogoIIARD

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

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 developmentEntrepreneurial SuccessIndustrial Goods Firms

References

Agbai, E. P., & Okechukwu, N. U. (2024). Tackling Talent Acquisition Challenges in Nigerian IT Sector: Problems and Prospects. Universal Library of Multidisciplinary, 1(1). Alstete, J. W. (2008). Aspects of entrepreneurial success. Journal of small business and enterprise development, 15(3), 584-594. Angel, P., Jenkins, A., & Stephens, A. (2018). Understanding entrepreneurial success: A phenomenographic approach. International Small Business Journal, 36(6), 611-636. Anosa, I. (2021). Human capital development and organizational productivity in selected manufacturing firms South-East. International Journal of Business & Law Research, 9(1), 39-51. Chigozie, M. P., Aga, C. C., & Onyia, E. (2018). Effect of human capital development in organizational performance in manufacturing industries in South-East Nigeria. International Journal of Academic Research in Economics and Management Sciences, 7(3), 60-78. Chukwu, O., Osirim, M., & Ahiakwo, U. S. (2025). Leveraging human capital investments intensity in improving the returns on equity of insurance firms in Nigeria. International Journal of Social Sciences and Management Research, 11(1), 235–254. https://doi.org/10.56201/ijssmr.vol.11no1.2025.pg.235.254 Dej, D. (2010). Defining and measuring entrepreneurial success. Entrepreneurship: A psychological approach, 89-102. Egbunike, F. C., Ogbodo, O. C., & Ojimadu, J. O. (2019). The effect of financial distress on corporate profitability: a panel estimated generalized least squares (egls) approach. Journal of Global Accounting, 6(1), 24-44. Fadare, O. A. (2023). Impact of Government Expenditure on Human Capital Development in Nigeria (Master's thesis, Kwara State University (Nigeria)). Igudia, P. O. (2022). Employee training and development, and organisational performance: A study of small-scale manufacturing firms in Nigeria. American Journal of Economics and Business Management, 5(5), 38-54. Indarti, S. (2021). The effects of education and training, management supervision on development of entrepreneurship attitude and growth of small and micro enterprise. International Journal of Organizational Analysis, 29(1), 16-34. Jafarov, S. (2025). Education and Skill Development: A Pathway to Sustainable Growth. International Journal of Scientific Research and Management, 13(2), 3963-3969. Joanes, O. I., Helen, C. U., & Christian, N. K. (2024). Human capital development and employee performance in tertiary institutions in Enugu state. Journal of Advanced Education and Sciences, 4(4), 01-10. Kvirchishvili, L. (2023, November). The Evolving Workforce: Technological Advancements and Their Impact on Employee Skills and Characteristics. In International Scientific- Practical Conference (pp. 81-96). Cham: Springer Nature Switzerland. Nworie, G. O. & Onwuka, E. M. (2023). Influence of Training and Personnel Development on Organizational Productivity of Manufacturing Firms: Perspective Study of Business Management Academics. International Journal of Academic Management Science Research, 7(4), 18-28. http://ijeais.org/wp- content/uploads/2023/4/IJAMSR230403.pdf Nworie, G. O., & Orji-Okafor, T. G. (2024). Quadruple bottom line disclosure among listed manufacturing firms in Nigeria: A paradigm for cost savings. International Journal of Management, Accounting and Economics, 11(10), 1416-1437. https://doi.org/10.5281/zenodo.13910231 Nworie, G.O., Okafor, T.G. & John-Akamelu, C.R. (2022). Firm-level traits and the adoption of computerised accounting information system among listed manufacturing firms in Nigeria. Journal of Global Accounting, 8(3), 128-148. Retrieved from https://journals.unizik.edu.ng/index.php/joga/article/view/1858 Ogiriki, T., & Owota, P. (2022). Human resource cost and profitability of Nigerian consumer goods firms. FUO Journal of Management Sciences, 6(1), 82-92. Okaredje, C. J. (2025). Relationship between career development and organizational commitment in the manufacturing sector in Delta State, Nigeria. World Journal of Entrepreneurial Development Studies, 10(2), 57–86. https://doi.org/10.56201/wjeds.v10.no2.2025.pg57.86 Onyebuchi, O. M. (2024). Influence of training and development cost on return of financial performance of listed industrial goods manufacturing firms in Nigeria. BW Academic Journal. Philip, O. O., & Ikechukwu, D. (2018). Impact of human capital development on employee performance: A study of selected oil service firms in Rivers State, Nigeria. Saini, M. K., & Goel, N. (2019). How smart are smart classrooms? A review of smart classroom technologies. ACM Computing Surveys (CSUR), 52(6), 1-28. Wang, X., Li, M., & Li, C. (2019). Smart classroom: Optimize and innovative-based on compared with traditional classroom. International Journal of Information and Education Technology, 9(10), 741-745. Zhang, M., & Li, X. (2021). Design of smart classroom system based on internet of things technology and smart classroom. Mobile Information Systems, 2021(1), 5438878.

More Articles from IIARD INTERNATIONAL JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT