SOCIAL ENTREPRENEURSHIP AND ECONOMIC DEVELOPMENT OF YEWA SOUTH LOCAL GOVERNMENT, OGUN STATE: A REVIEW OF LITERATURE

Abstract

Social entrepreneurship has emerged as a powerful force in addressing global socio-economic challenges by integrating business strategies with social impact. Unlike traditional enterprises, which primarily focus on profit generation, social enterprises aim to create sustainable solutions to pressing societal problems. This study examined the effect of social entrepreneurship on economic development, with specific reference to Yewa South Local Government Area of Ogun State, Nigeria. Specifically, the study investigated how social enterprises contribute to community empowerment, poverty reduction, and job creation. The study adopted a literature review approach, drawing on existing scholarly articles, reports, and case studies on social entrepreneurship and economic development, with particular emphasis on rural and semi-urban communities such as Yewa South. The reviewed literature revealed that social entrepreneurship has a significant positive impact on community empowerment, poverty alleviation, and employment generation. It also promotes the development of social capital and stimulates local economic activities, thereby contributing to sustainable economic development. However, the review identified several challenges that constrain the effectiveness of social enterprises in the area, including inadequate policy support, limited access to funding, and poor infrastructure. The study concludes that social entrepreneurship has considerable potential to drive sustainable economic development in Yewa South Local Government Area. It therefore recommends that the government should establish a supportive policy environment, strengthen capacity-building initiatives, improve access to finance, and invest in enabling infrastructure to maximize the contributions of social enterprises to local economic development.