Vol. 12(3), pp. 148-155. , 2024.

ISSN: 2384-6151

https://doi.org/10.14662/ijebm2024300

 

 

Full Length Research

 

Exploration and development of entrepreneurship skills’ potentials for wealth creation utilizing local materials and technology in Rural Nigeria: A case study of Entrepreneurship venture with high quality coconut oil production in Isoko South Local Government Area in Delta State

 

1Idama Supreme, 2Akpobire Oghenekome and 3Akporhonor Kevwe

 

1,3Department: School of General studies, Delta State Polytechnic, Otefe-Oghara; Delta State Polytechnic, Otefe-Oghara 2Department of Science Laboratory Technology, School of Sciences and Applied Technology, Delta State Polytechnic, Otefe-Oghara  

 

 

 

Accepted 13 May 2024

Abstract

 

Coconut oil production in Nigeria presents significant opportunities for economic growth, especially in rural areas where local materials and technology can be effectively utilized. This study aimed to investigate the physicochemical properties, nutritional composition, socio-economic impacts, and toxicity levels of coconut oil produced in Isoko South Local Government Area, Delta State. The findings indicated that enhancing coconut oil production could lead to substantial wealth creation and improved living standards within local communities. The physicochemical analysis revealed that all coconut oil samples met the quality standards established by the Association of Official Analytical Chemists (AOAC). Specifically, the melting points ranged from 24.8°C to 25.2°C, and the acid values were below the maximum limit of 0.6 mg KOH/g, indicating high-quality oil suitable for consumption. Additionally, the vitamin E content exceeded 4.0 mg/100g, underscoring the oil's nutritional benefits. In terms of socio-economic impact, a pre- and post-training assessment demonstrated remarkable improvements among participants engaged in coconut oil production. Monthly income increased from an average of ₦15,000 to ₦45,000, representing a 200% increase. Entrepreneurial confidence also rose significantly from 3.2 to 8.5 out of 10, reflecting enhanced self-efficacy among producers. Furthermore, the employment rate increased from 25% to 65%, showcasing the potential for job creation within this sector. The toxicity assessment indicated a favorable safety profile for coconut oil. Acute oral toxicity tests showed no adverse effects at dosages up to 2000 mg/kg, with an LD50 greater than this threshold. Chronic exposure also yielded no toxicity at a safe dosage of 1000 mg/kg. Skin irritation tests at a 5% concentration revealed no irritation, supporting the oil's suitability for both dietary and topical applications. The socio-economic impacts of coconut oil production were profound. Approximately 80% of participants reported an improved standard of living due to increased income from oil production, with a positive change of 75%. Additionally, 70% indicated an enhanced ability to save money (+60%), and 85% noted improved nutrition (+80%) as a result of incorporating coconut oil into their diets. Job creation was particularly noteworthy, with 90% reporting new employment opportunities (+85%).These findings underscore the importance of investing in coconut oil production as a viable entrepreneurial venture that can stimulate economic growth in rural Nigeria. By providing training and resources to local producers, stakeholders can enhance productivity and market access while fostering sustainable development. The study recommends the adoption of policies that support coconut farmers through improved financing options and access to modern milling technologies. In conclusion, this research highlights the multifaceted benefits of coconut oil production in Nigeria. The combination of favorable physicochemical properties, significant socio-economic improvements, and a safe toxicity profile positions coconut oil as a key driver for rural entrepreneurship and economic development. Future efforts should focus on scaling these initiatives and integrating them into broader agricultural policies to maximize their impact on poverty reduction and community empowerment.

 

Keywords: Coconut Oil; Physicochemical Properties; Socio-Economic Impact; Entrepreneurship; Toxicity Assessment; Nutritional Composition; Rural Development

 

Cite This Article As: Idama, S., Akpobire, O., Akporhonor, K. (2024).Exploration and development of entrepreneurship skills’ potentials for wealth creation utilizing local materials and technology in Rural Nigeria: A case study of Entrepreneurship venture with high quality coconut oil production in Isoko South Local Government Area in Delta State. Inter. J. Econ. Bus. Manage. Vol. 12(3), pp. 156-163.