ENTREPRENEURSHIP IN RETIREMENT AND NEW VENTURE CREATION IN NIGERIA: A STUDY OF RETIRED WORKERS OF THE EDO STATE CIVIL SERVICE

Abstract

This study investigates entrepreneurship in retirement and new venture creation in Nigeria, focusing on retired workers of the Edo State Civil Service. The specific objectives were to examine: (i) the influence of prior work experience on new venture creation by retired civil servants; (ii) the impact of supplementary income to pension on new venture creation; (iii) the effect of pre-retirement training on post-retirement entrepreneurship; and (iv) the relationship between enterprise support availability and new firm formation among retired civil servants in Edo State. Primary data were utilized, and the Ordinary Least Squares (OLS) regression technique was employed to test the formulated hypotheses. The findings revealed that prior work experience, supplementary income, pre-retirement training, and enterprise support each exert a significant and positive influence on new venture creation among retired civil servants in Edo State. Based on these findings, the study recommends that government agencies and relevant institutions should integrate entrepreneurship training and education into pre-retirement programs for civil servants. Such initiatives should equip prospective retirees with the essential knowledge and skills required to plan, establish, and manage successful business ventures. By fostering entrepreneurial readiness, retired civil servants can effectively leverage their experience and expertise to achieve sustainable livelihoods after retirement.