Since the mid-1980s, unemployment has been a big concern in the Nigerian economy. As a result, in order to tackle the unemployment crisis in Nigeria, the federal government implemented a number of strategies and policies aimed at promoting entrepreneurial development. Entrepreneurship has been determined to have the ability to generate employment all around the world. Entrepreneurship has been connected to the formation of self-employment, according to existing literature. Despite this, literature shows that just a few studies on entrepreneurship in developing economies, particularly Nigeria, have been undertaken, indicating the need for more research. As a result, this research looked into entrepreneurship and job creation in Oyo State, Nigeria. The study’s goal was to determine how well small and medium-sized businesses (SMEs) in Oyo State could produce jobs.

There was a strong association between self-employment and the acquisition of occupational skills (R2 =0.763; p=0.000), according to the findings. There was also a strong link between the formation of a business partnership and the development of managerial skills (R2=0.754; p=0.001). Similarly, there was a strong link between the development of a family firm and the acquisition of technical abilities through inheritance (R2=0.713; p=0.002). Furthermore, the government employment training program and self-employment had a strong association (R2=0.693; p=0.000). Furthermore, among the SMEs in Oyo State, bakery (125), business center (76), petty dealing (63) and barbing (61) created more jobs than the others.

The study revealed that SMEs in Oyo State, Nigeria, created employment possibilities through vocational skills and government training. In addition, the establishment of corporate groups facilitated the acquisition of managerial and technical skills.

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