1Oforbuike Francis NWACHUKWU, 2Inibong Friday AKPAN, 3Nancy U. CHIDIEBERE & 4Emmanuel Ojonugwa OKOLIKO
1Department of Entrepreneurial Studies,National Open University of Nigeria, Abuja, Nigeria
2Department of Entrepreneurial Studies, National Open University of Nigeria,Uyo Study Centre, Akwa-Ibom State.
3&4Department of Business Administration, National Open University of Nigeria, Abuja, Nigeria
Correspondence Email Address: [email protected]
Absrtact
The study examined how entrepreneurial opportunities within the renewable energy sector influence the growth of Small and Medium Enterprises (SMEs) in the manufacturing sector in Uyo, Akwa Ibom State, Nigeria. Drawing on data from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN, 2024), which reported 11,990 registered SMEs in the entire Akwa Ibom State. Out of the numbers 712 are based in Uyo. The study focused on assessing awareness, adoption, challenges, and strategic interventions related to renewable energy entrepreneurship. Adopting a mixed-methods approach, quantitative data were collected from a stratified sample of 256 SME owners and managers using structured questionnaires, while qualitative insights were obtained through in-depth interviews with key stakeholders. The findings revealed a strong, statistically significant relationship between awareness of renewable energy opportunities and entrepreneurial engagement (β = 0.91, p = 0.000). Adoption of renewable energy solutions, particularly solar energy, was also found to significantly enhance operational performance among manufacturing SMEs (β = 0.89, p = 0.000). However, barriers such as high installation costs, inadequate technical expertise, inconsistent policy frameworks, and limited access to finance were identified as major constraints to its adoption. On the other hand, strategic intervention such as financial incentives, supportive government policies, capacity-building initiatives, and partnerships with energy firms—demonstrated significant positive impacts on both SME growth and renewable energy entrepreneurship (p = 0.000). The study concludes that creating an enabling environment through improved awareness, investment support, regulatory reforms, and collaborative networks is essential to foster renewable energy adoption and sustainable manufacturing growth. These insights hold valuable implications for policy formulation and the advancement of green entrepreneurship in Nigeria’s SME sector.
Keywords: Business Expansion, Energy Adoption, Entrepreneurial Opportunities, Operational Efficiency, Renewable Energy, SMEs, Sustainability, Uyo