ENTPRENEURSHIP DEVELOPMENT AND PLANNING FOR RETIREMENT: A PANACEA FOR NIGERIAN EMPLOYEES

Abstract

Every employee in Nigeria must witness a retirement end in his/her career life and majority of employees retires from active service without adequate planning for a better future, considering delay in getting their retirement benefits in Nigeria is worrisome. Hence, the need to embrace the culture of entrepreneurial practices becomes very
pertinent for employees in Nigeria as a saving grace after retirement, because acquiring entrepreneurial skills will serves as a better alternative to get a sustainable job instead of waiting for monthly pension which has become very difficult for government to pay regularly owing to economic challenges confronting the country. This paper adopts a
documentary approach on entrepreneurship, its development programmes in Nigeria, retirements, factors to be considered in retirement planning, challenges of retirement, attributes of retirement planning, employees plan for retirement, entrepreneurship development strategies with a view of ensuring improved standard of living and thus
reducing poverty and hardship faced by retirees. The psychological theory of entrepreneurship on work for achievement motivation was used to make clarification on people who make things happen and get desire result. The findings revealed that entrepreneurial development strategies have direct influence in reducing hardship been
face by retirees in order to ensure sustainable development after retirement. The paper concludes and recommends among others that government should create a conducive business environment that would encourage active participation of employees before retirement by organizing capacity building and training programmes to learn the rudiments of entrepreneurial skills, venture into agro-business activities which is one of
the key agenda of Buhari administration and other small scale businesses in order to earn sustainable development.