Entrepreneurship Education Is Key To Sustainable Growth And Development Of The Economy-AMB. Dr.Albert Ndeze

Why Entrepreneurship Education Is Key To Sustainable Growth And Development Of The Economy-AMB. Dr.Albert Ndeze

………..63% of Nigerians are multi- dimensionally poor- NBS

L+R 3rd from right ,AMB.Dr.Albert Ndeze,5th Chief Obilo Ogbonna,CEO, Mercury Xpress,Chief Omenma IWegbuna FISEN,MD/CEO  U- ClIEF Agencies,Mr.Basil Opara, Immediate past Director, Recognition and Enforcement CRFFN,Registrar of the Institute,Me Elvis Osai,and Scientist Nwoke Uwaoma,at the Award Ceremony at the Institute of Strategic Entrepreneurs of Nigeria,on Saturday, 25 November,2023,in Lagos

By Frank Odinukaeze

Entrepreneurship education has been identified as a veritable tool for the sustainable growth and development of the national economy.
Delivering a lecture titled,” Entrepreneurship Education:An Imperative for Sustainable Economic Growth”, at the Award/ Investiture ceremony at the Institute of Strategic Entrepreneurs of Nigeria,on Saturday 25, November,2023,Dr Albert Ndeze,noted that in order to reduce poverty and unemployment to the barest minimum,there is need to embark on massive Entrepreneurial education.
According to him statistics from the National Bureau of Statistics,( NBS),in 2022 showed that about 133 million Nigerians ( 63%), are multi- dimensionally poor,while the National Board for Technical Edu action (NBTE), reported that about 90 million Nigeria youths are unemployed
” Currently, there are about 159 polytechnics and 221 universities in
Nigeria, which produce up to 500,000 graduates every year with no jobs in the labour market.
“However, entrepreneurship in Nigeria has proven to be effective in
the reduction of unemployment

AMB.Dr.Alber Ndeze

“Through Micro, Small and Medium Enterprises (MSMEs),
entrepreneurship in Nigeria has contributed immensely to the
economy.
“As at November 2022, SMEs contributed 48% of national GDP,
account for 96% of businesses and 84% of employment. This
sector contributes significantly to alleviating poverty and
increasing job creation.” Dr Albert said
He noted that the present economic state of the nation could only thrive through Entrepreneurial processes.
Although there is no universal consensus on definition of an entrepreneur. Enormous numbers of definitions have been forwarded by the
researchers in the recent academic studies on the subject. Despite the fact that defining an entrepreneur has occupied the
scholars for years, yet there is lack of consensus on its exact
meaning. This lack of consistent definition of the term has been a
challenge to the researches in recent times.
According to Dr Albert,an entrepreneur is one who is involved in the process of finding, leading, and
coaching a close-knit group of talented people committed to
pursuing an idea, as well as providing, marshaling, and
allocating the resources needed to take advantage of a limited opportunity.

“Someone who can define the business they want to create,
see where it is going, and do the work to get there,
someone who has a bias towards action. Someone who views the world through a
different lens. Someone who takes “no” for a challenge, not an answer
“someone who conceives an idea, creates a path to success, does whatever it takes to
succeed and tries to dominate their market!”
“The single most defining characteristic of an entrepreneur is passion. It helps to be
willing to fail . But great passion is what it really takes to build a successful business.”
an innovative, risk-taking individual who identifies a need in a market and finds a way
to fill it, whether by using his or her own expertise and passion, the knowledge of
others, or a combination of the three. More simply stated, an entrepreneur is someone
who sees an opportunity and invests in it in order to turn a profit or provide a solution
to some larger issue in the world.
“He is a person who solves problems for people, at a profit.

” Someone with the drive, persistence, and mindset to change the world by filling a need
in the marketplace”.
He affirmed that ,” Entrepreneurs are self-reliant , opportunity focused, willing
to take risks and thrive on competition”.
According to Dr.Albert, there are different types of entrepreneurs.Some these include : Small and medium Enterprises ,large scale entrepreneurs,social entrepreneurs ; innovative entrepreneurs,amongst others.
He averred that there are many reasons why people go into Entrepreneurial ventures.
Some of the reasons include the desire to “Be my own boss ” which is about 29%, according to him.
17% are dissatisfacion with corporate life
While 12% cash in on Opportunites, amongst others

” The reasons why people become entrepreneurs is significant
because it is a reflection of the state of the economy,and
may be a result of a shift in the preferable economic sectors,” Dr.Albert said.
.
He asserted that entrepreneurs are very strategic and important in the life of any economy
“Entrepreneurs create employment opportunities for
themselves as well as for others.
“”Entrepreneurship impacts a country’s economic growth by
bringing new products, techniques and processes to the market.

” It helps in taking advantage and utility of opportunities. • It extensively increases productivity and competition amongst
producers of goods and services.
” Many Nigerians for instance now possess at least one
entrepreneurial skill with which they are more likely to be able
to sponsor the lifestyle they wish to live.” he said.

He noted that there is presently a rise in start up activites
” In recent years, Nigeria has witnessed a significant rise in startup activity. According to recent data, there has been a steady increase in the
number of new startups, with Lagos, Abuja, and other major cities
serving as hubs for innovation and entrepreneurship. The ecosystem has
become more conducive to startups, with increased access to funding,
mentorship, and support from incubators and accelerators. ” The number of new startups in Nigeria has increased by 35% in the past
two years. Lagos, the commercial hub, witnessed a 45% growth in
startup registrations in 2022.” Dr Albert stated.

He affirmed that technology has been a driving force behind Nigeria’s entrepreneurial
landscape,”The country has experienced a surge in tech-driven
startups, particularly in sectors such as fintech, e-commerce, agritech, healthtech, and edtech. The rise of mobile technology and internet
penetration has created opportunities for digital innovation, leading
to the emergence of successful startups like Flutterwave, Paystack,
Jumia, and Andela. .The fintech sector in Nigeria attracted over $400 million in
investments in 2022. E-commerce startups experienced a 55% growth
in revenue compared to the previous year” he said

He noted that Access to funding has historically been a challenge for entrepreneurs
in Nigeria. ” However, in recent years, there has been a positive shift. Venture capital firms, angel investors, and impact investors have
shown increasing interest in supporting Nigerian startups. ” The government has also launched initiatives like the Nigerian Youth

Investment Fund and various grants and loans to promote
entrepreneurship and provide financial support..Venture capital investment in Nigerian startups reached a record high
of $200 million in 2022. The Nigerian Youth Investment Fund
provided grants and loans worth $10 million to over 2,000 young
entrepreneurs” h said.
Dr.Albert added that the” Nigerian entrepreneurial ecosystem has witnessed significant
growth, thanks to the efforts of various organizations, government
bodies, and industry stakeholders. Incubators, accelerators, and co- working spaces have proliferated, providing startups with the necessary
infrastructure, mentorship, and networking opportunities” he noted.

He However stated unequivocally, that the relationship between entrepreneurship and economic
growth is complicated and can vary from one country to
another based on their level of economic development.
” In highly developed economies, entrepreneurs can accelerate
growth, while in less-developed ones they may have less of a
positive effect” he submitted
In an interview with Premium News Daily, Registrar of the Institute,Mr.Elvis Osai noted

that entrepreneurship is the way forward if Nigeria must succeed in terms of job creation and other economic ventures.

“In line with that, entrepreneurship is the lifeblood, the lifeblood of every nation. Entrepreneurship is the hope of every country if they must get it right. Just like the case of China, I remember in the early 80s, China was overpopulated with a high level of poverty. But they embraced entrepreneurship. And today, you cannot count three countries in the world without mentioning China. And that is the same direction I encourage this country to go in.
“Nigeria, you see, has been consuming without producing. ” So I want to encourage this country to embrace entrepreneurship and be creative enough, be productive enough to ensure that the entrepreneurs create more jobs instead of waiting for government to create employment for the masses” the registrar argued.
He said the second leg of today’s event will take place in Abuja,early December,2023.

” Well , it’s going to be one of our major programs for the year. And the like minds of the people from the Senate, we have three senators that are coming that are already informed. They have given us their address. They are coming for the event. They’ll have four ministers and six House of Rep members that are already nominated for the program. “They are coming not just because they don’t have activities for that day, but they need to learn and relearn how to empower their constituencies. They need to learn the integrity of entrepreneurship and how it can better the lives of people. “That is why they are coming. “So it’s going to be a very big program for all of us. It’s going to be a point of discussion where everybody will now know its stake in entrepreneurship. ” he said.
High point of the occasion was the distinguished Fellowship Award to Chief Omenma IWegbuna,MD/ CEO,U- CLIEF Agencies ,and Chief Obilo Ogbonna,CEO of Mercury Xpress,an energy engineering logistics company.
In their acceptance speeches,both awardees pledged to be good ambassadors of the Institute,and stated that the award will spur them to do more for the betterment of humanity.