Support for entrepreneurs is key to Nigeria’s future. This was one of the issues highlighted during the 31st reunion meeting of the pioneer 1988 Class of the Lagos State University (LASU) in Lagos. DANIEL ESSIET reports.
Unemployment is rising in Nigeria, especially among youths. Even those with a strong educational background struggle to find a job. But while they have viable business ideas, ambition, and drive, they soon realise they need additional skills to succeed.
To this end, the Lagos State Government has created the Lagos State Employment Trust Fund (LSETF), to tackle the scourge of unemployment by equipping youths with employable skills.
The government is training entrepreneurs to help make their businesses more dynamic and competitive.
Addresing the 31st anniversary reunion meeting of the Pioneer 1988 Class of the Lagos State University (LASU) in Lagos, the Head of Service (HOS) Hakeem Muri-Okunola said the government was creating an enabling environment for SMEs to grow by deploying expertise, technology, and financial resources.
Represented by the Permanent Secretary, Office of Establishments and Training, Mr. Abiodun Bamgboye, Muri-Okunola said the country needed business enterprises that would contribute to the growth of the economy, if it must meet the needs of the people.
He explained why the state government had been supporting Small and Medium Enterprises (SMEs) through the LSETF.
According to him, SMEs are the engine room for growth, vehicle for job creation, tools for poverty alleviation and wealth creation for any country’s economy.
The Director, Development Finance Department, Central Bank of Nigeria (CBN), Dr. Mudashiru Olaitan, represented by the Deputy Director, Development Finance, Adedeji Adebisi, Olaitan, said the rejection rate of SME application by commercial banks is very high.
He said there is a need to enlighten the bankers to grow the sector.
He said the bank understands that partnership is the bedrock of success and the driver of sustainable impact.
He said CBN is committed to ensuring interventions to address challenges.
Former Director-General, Federal Institute of Industrial Research, Oshodi (FIIRO), Dr. Gloria Elemo, reiterated the need for skill acquisition by youths to develop more entrepreneurs.
She advocated capacity building for SMEs to enhance their productive capabilities for jobs and wealth creation.
According to her, entrepreneurs who want to have an impact on the startup ecosystem not only need the right network and mentors but also need to develop an entrepreneurial mindset which comes from developing a risk-taking ability, leadership skills and an ability to connect the dots across disciplines.
A former Minister of State for Defence, Musiliu Obanikoro, said lack of adequate skills and entrepreneurial mindset among youths is a major hurdle for starts.
He urged higher institutions to go beyond churning out graduates to building ready-to-market professionals.
He said they should be equipped for functions of the future.
