Entrepreneurial Revolution: The Solution to Nigeria’s Economic Quagmire
The United State of America is no doubt a great nation but the history of America wouldn’t be complete without the mention of great men like Vanderbilt, Carnegie, Ford, Morgan, and Rockefeller whose entrepreneurial exploits and footprints are still visible to date, many decades after. But as a young boy growing up in the 80s, on the streets of Lagos I never heard those names, I heard names like the Abiolas, Ojoras, Okoyas, Dantatas, Nwanyanwus, and the rest.
Nigeria is indeed blessed with great minds and entrepreneurs but unfortunately, most Nigerian businesses do not transcend generations. Most of the brands we grew up with are today nowhere to be found, brands like Adebowale Electronics, Concord group, Okada air, Eleganza coolers, Leventis and Bhojson stores, Bata and Lernards shoes, etc.
In my young career spanning over one and half decades, I have had the privilege of working for the government and as an entrepreneur, I have delivered service to both government and private institutions. I have seen all sorts; corruption, incompetence, and ineptitude in the public sector. And I have consistently held the belief that for Nigeria to move to where it ought to be, amongst the committee of nations, there must be a revolution. How? What type of revolution? I couldn’t answer but I knew something drastic must happen.
I have heard and read about several revolutions, political and industrial revolutions. Just in our most recent history, we witnessed the Arab Spring revolution. The world could not and cannot afford a bloody revolution or a disintegration of the most populous black nation, but miraculously, against the predictions of a possible break up by 2015, Change came. There was a “common sense revolution” many thanks to permanent voter’ card (PVC).
The Nigerian business environment has no doubt witnessed several revolutions. The banking revolution brought about by the likes of Hakeem Bello-Osagie, Jim Ovia, Tony Elumelu and the rest. The Telecom revolution happened about 15 years ago and Nigeria has not been the same, millions of jobs created, businesses and lives improved. So now that we have change what next?
It is no longer news, the country is broke, oil prices have gone down to an all-time low of $30 per barrel. We didn’t save when we had excess, we didn’t build infrastructures. Not enough power to drive the industries. These are tough times but provides the opportunity to learn and build. For Nigeria to be great again we need to take tough decisions. Entrepreneurship needs to take the front burner.
With about 70% youth population (approximately 80 million) there is an abundance of human resources. We need to create jobs for the growing population of youths. Governments must recognize that it is not a job creator but has the responsibility to create the right environment for entrepreneurial development. However, there are numerous challenges hindering the growth of entrepreneurship in Nigeria, such as:
- Difficulty in doing business
- Lack of access to fund
- Lack of critical infrastructures
- Insufficient power
- Insecurity
- Disconnect between education and marketplaces
- Corruption
Recommendations: beyond the rhetorics, there are practical ways government can create the right environment for businesses to thrive, which includes:
- Increase the ease of doing business
- Eliminate multiple taxations of SMEs
- Encourage public-private partnership
- Engage the entrepreneurs in policy formulation
- Reduce size and cost of governance
- Increase capital expenditure ratio in annual budgets
- Encourage state and local governments to be viable and generate IGR
- Develop infrastructures
- Eliminate corruption and block leakages
In conclusion, the change that we all desire is not going to come from the government, but from the start-ups, SMEs, entrepreneurs, investors, market men, and women. Entrepreneurs have to start thinking leadership, and Leaders have to adopt the entrepreneurial mindset and Nigeria will be great again. #LeadPreneur
God Bless Nigeria!
TAOPHEEK BABAYEJU
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