CBN, Dangote, others seek entrepreneurship revolution

Alhaji Aliko Dangote

The Central Bank of Nigeria (CBN); Chairman,
Dangote Group, Alhaji Aliko Dangote; Chairman,
Honeywell Group, Oba Ayoola Otudeko; Mazi Sam

Ohuabunwa and other eminent Nigerians have
called for ways to pursue revolutionalising
entrepreneurship in Nigeria.
They argued that entrepreneurial development in
Nigeria remains a far cry when compared to other
developing countries in the world noting that for
the economy to grow, there should be more focus
on the private sector and less reliance on big
corporations.
They said this in Lagos during the African Centre
for Business Development, ACBD, summit titled
‘National Summit on Entrepreneurship and
Innovation.’
In his address, CBN Governor, Mr. Godwin
Emefiele, said that without entrepreneurship skills
being developed for the youths, it will be difficult
to develop the economy.
Emefiele, who was represented by the CBN
Deputy Governor, Corporate Services, Mr. Adebayo
Adelakun, said, “We are over 170 million in
population, if we add it together, all the
employees of big corporates that we have is less
than half a million but if you go to a place like
China, on a particular street, you can see over 500
small companies employing 20 to 100 and if you
add all these together, it is a large number.”
He, however, said “SME businesses anywhere in
the world serve as potent force for job creation,
poverty alleviation and healthy economic growth.
A key example is the Chinese economy where
SMEs actually led their industrial revolution. For
an economy to grow, sole reliance should not be
placed on big corporations alone. It is the cluster
of small businesses that can provide the level of
employment required in our kind of economy. If
government is able to provide the kind of
atmosphere that is required for establishment and
growth of this kind of small companies, I believe
the rate of unemployment will be reduced in
Nigeria.”
In addition, he said “in most developed economies
of the world and even emerging economies, the
major drivers of job creation, employment is the
private sector through the efforts of individuals
and corporate. The role of government is limited
to creation of social infrastructure and conducive
environment that will facilitate entrepreneurship
and corporate in establishing industries,” he said.
On his part, Dangote, who was chairman of the
summit argued that despite Nigeria’s economic
status, “the level of unemployment in the country
is high.”
According to him, Nigeria has an attractive
market but barriers to entry are high,
posingcausing challenges for investors.
“He said “MSMEs drive job creation and
innovation, however, access to finance for growth
have hindered their growth over the years. Over
80 percent of MSMEs in the country are funded
from personal savings and this is not helping for
the growth of our economy. There is urgent need
to address the constraints on SMEs to ensure
they flourish.
Advising entrepreneurs to build competences , he
said “beyond every challenge is a great
opportunity waiting to be received.”

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