December 2025 Edition

Assessment of Knowledge Economy on Entrepreneurship Development in Nigeria: The Moderating Role of Institutional Marketing

Eke, O. Patrick1 Bello, T. Babatunde, Onafalujo, K. Akinwumi

Abstract

This study examined the roll of institutional marketing (IQT) in the
nexus between knowledge economy (KE) and entrepreneurial
development. KE is proxied by human capital development (HCD) and
entrepreneurial development by numbers of new business registered
(NBR) in Nigeria, obtained from the World Bank data base. The study
adopted eclectic research techniques comprising Generalized least
square (GLS), Fully modified ordinary least square (FMOLS), Robust
least square (RLS), and Autoregressive distributive lag (ARDL) from
1970 to 2021. The outcomes reveal that IQT drives HCD towards
increased entrepreneurship, which implies that innovations and
discoveries may be transformed into entrepreneurial products by
employing institutional mechanics that could connect the real sector
end-user to research institutions. Cost-of-starting business (CSB)
adversely linked numbers of new business registered (NBR), that is, high
cost of transaction frustrates entrepreneurship. Energy consumption per
capita (ENC) produced missed result, while Research and development
(R&D) expenditure does not drive entrepreneurship development. The
energy factor testifies that energy insecurity mitigates entrepreneurial
growth. The finding supports the underlying endogenous and institution
theories. The study suggests policies that could fast-track research
outputs to industry engagement, among others.

Keywords

Knowledge economy, Entrepreneurship, Institutional Marketing, Nigeria

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