Entrepreneurship as a Tool for National Transformation: Insights from Industry Leaders
Written By Dedeigbo Samson Ayodeji
Posted By Town Crier News Nigeria
Published By Fitness Network Communications
Prominent industry leaders and experts gathered to deliberate on the importance of entrepreneurship in addressing Nigeria’s economic challenges and shaping its future. The event, organized by the Centre for Values in Leadership (CVL), underscored the need for leadership, innovation, and self-reliance in fostering economic growth and development.
Professor Pat Utomi, founder of the CVL, emphasized that leadership transcends authority, highlighting the essence of impactful lives. “A true leader is not necessarily the man of authority but the person of impact,” he remarked. The initiative aims to inspire young people by identifying individuals who have lived impactful lives, serving as role models for the next generation.
Utomi lamented the continent’s low productivity levels and the limited opportunities available for the youth. He criticized the unsustainable practices of some wealthy Nigerians, whose focus on comfort and luxury for their children diminishes their drive for hard work, ultimately leading to poverty in subsequent generations. According to him, the future demands a generation as capable, if not more, than the current one to sustain and expand the nation’s enterprises. He stressed the importance of entrepreneurship as an avenue for learning and creating balance in Nigeria’s resource-rich yet underperforming economy.
Mr. Folu Ayeni, who worked closely with Chief Fajemirokun for 14 years, described him as a pioneer in merging efficient management practices with intrapreneurship. Ayeni explained that while management ensures organizational efficiency, intrapreneurship fosters innovation within an organization. He credited Fajemirokun with empowering employees to grow into entrepreneurs, thereby contributing to national development. Ayeni advocated for the establishment of entrepreneurship centers in schools and workplaces to equip graduates with the skills to thrive independently in a challenging economy.
Dr. Onwuegbuzie Henrietta, an associate professor at Lagos Business School, underscored the need for a paradigm shift in education. She called for a system that empowers individuals to become job creators rather than job seekers. “Businesses are birthed from innovations,” she stated, emphasizing that problem-solving should be at the core of any entrepreneurial endeavor. Encouraging budding entrepreneurs, she advised, “Start small, think big, and grow gradually.” She also highlighted the importance of overcoming the fear of failure and embracing training and apprenticeship as crucial steps toward success.
Leonard Kange, a divisional head at the Bank of Industry, described an entrepreneur as someone who creatively disrupts the status quo by finding better ways to address societal needs. He emphasized the importance of identifying opportunities, studying market needs, and developing innovative solutions. Kange outlined the bank’s role in transforming business ideas into viable ventures by providing financial support and guidance. He stressed that while loans are not ideal for starting businesses, grants and family support can provide the necessary foundation for growth.
Dr. Akin Ogunbiyi, CEO of Mutual Benefits Assurance, highlighted discipline and self-belief as critical traits for successful leadership. Sharing his entrepreneurial journey, Ogunbiyi noted that starting and sustaining a business requires focus and a commitment to creating value for customers. He stressed the need for entrepreneurs to separate personal and business finances, leverage technology, and adopt structured approaches to operations.
The event also honored Chief Oladele Fajemirokun for his outstanding contributions to entrepreneurship and national development. Dr. Olufemi Okunade, representing Chief Fajemirokun, praised him as a creative genius, a staunch believer in people, and a visionary industrialist. He encouraged students to remain focused, disciplined, and perseverant in pursuing their goals despite distractions.
