In a passionate address at Ajayi Crowther University in Oyo, Dr. Akin Ogunbiyi, Group Chairman of Mutual Benefits Assurance Plc, urged young Nigerians to engage in entrepreneurship programs, stating that such initiatives could “unleash the sparks of genius” within them.
Speaking on the theme, “Entrepreneurship for Economic Sustainability: An Agenda for Nigeria’s Development,” Ogunbiyi emphasized the critical role of innovation and adaptability in fostering a robust national economy.
Ogunbiyi highlighted the alarming statistic that only seven percent of Nigerians pursue higher education focused on essential skills. He warned, “If our country must lead with innovation and entrepreneurship, we need to pay attention to this very expensive deficit.” He stressed that enhancing growth through skill upgrades is vital for achieving dynamic and rapid economic performance.
Calling for a collaborative effort, Ogunbiyi urged the Federal Government and private sector to address the current decline in Nigeria’s entrepreneurial capacity, noting that a thriving entrepreneurial culture could differentiate and elevate the nation’s value proposition. “We, however, have cheering news. The African Development Bank (AFDB) is establishing a $100 million Youth Investment Bank in Nigeria to support the businesses of entrepreneurial Nigerian youths,” he revealed. This initiative aims to provide technical assistance, business incubation grants, and guarantee lending through local banks.
Ogunbiyi also discussed the potential of Nigeria’s natural resources and talent pool, envisioning a future where the nation becomes a powerhouse of agro-related finished products rather than merely a demand center. He acknowledged the growing success of Nigerian fintech and creative industries but expressed concern over the “JAPA” syndrome—the mass exodus of young talent to Western countries—which he believes hampers the country’s entrepreneurial growth.
Furthermore, Ogunbiyi highlighted Nollywood’s impact on employment, noting that it is the second-largest employer in Nigeria after agriculture. “This is a remarkable feat, considering the country’s struggle with unemployment,” he stated, showcasing the film industry’s role in creating diverse job opportunities.
Vice Chancellor Timothy Adebayo reinforced the university’s commitment to fostering entrepreneurship as a pathway out of poverty and a strategy for national economic sustainability. He emphasized the importance of practical knowledge and collaboration with accomplished professionals to empower students in their entrepreneurial pursuits.
As Nigeria grapples with economic challenges, Ogunbiyi’s call to action serves as a reminder of the untapped potential of its youth and the necessity for strategic investment in entrepreneurship to secure a sustainable future.
