FROM POVERTY CAPITAL TO PROSPERITY CAPITAL: ENTREPRENEURSHIP AND INNOVATION AS KEY DRIVERS OF ECONOMIC TRANSFORMATION, EXPERTS’ OPINION POLL
By Oki Samson and Oyelami Abayomi
It is no longer news that Nigeria made the news! This time, the giant of Africa was declared as the poverty capital of the world overtaking the over 1.3 billion population India with the largest number of people living in extreme poverty. The survey conducted by the Brookings Institution reported that 86.9 million Nigerians (nearly 50% of the population) now live below the extreme poverty benchmark of US$1.9 per day. As at February 2019, the World Poverty Clock states that the number has increased to 91.16 million Nigerians.
This is in spite of the tremendous boost that the Nigerian economy has enjoyed having returned to positive growth in the last quarter of 2017 out of economic recession due to increased earnings in the oil industry and the advancement that is taking place in the non-oil sector like agriculture and mining and social investment programmes of the government.
These are staggering fact before our eyes but what do we do about it? Shall we ‘siddon look’ as we say in local parlance. What factors have contributed to the pervading poverty in the land? What must be done to ensure that the toga of poverty capital is removed from the country? What aspects of the economy need more attention? What role(s) should banking play to lift micro, small, medium-scale enterprises (MSMEs)? What is the place of Innovation, ICT, Real Estate and Agriculture? What can government do to mitigate the immense infrastructural deficit?
Trek Africa Newspapers gathered business leaders’ opinion on this all-important subject.
FRANCIS OGBORO, PRESIDENT, NIGERIA POLO CLUB FEDERATION
Alhaji Francis Ogboro
Nigerian youths must embrace entrepreneurship and jettison get rich quick syndrome. They have to be honest and hardworking in their endeavour. Those two factors contribute a lot in bringing about success in business. It has also become necessary to introduce entrepreneurship education in the universities, polytechnics and colleges, as many people that are in business today do not have the proper studies in business. It will greatly help youths to understand how to run thriving businesses.
ABBEY ONAS, GMD, ZGM INVESTMENT
Dr. Abbey Onas, GMD, ZGM Investment Group
Nigeria is a developing country. I believe that the government is making impact and we are getting there. The employment opportunities that have been created by the government in terms of the Free Trade Zones that are sprouting around in various parts of the country, the railway, road construction and other laudable programmes will eventually have great impact on the economic situation.
CHRIS AGBEDE, CEO SMITHCROWN NIG. LTD
Mr. Chris Agbede, CEO Smithcrown Nigeria Ltd
Manufacturing is key to helping Nigeria arise out of the toga of poverty capital. Large-scale manufacturing that will engage Nigerian youths and reduce dependence on expatriates is urgently needed. Agriculture is also major money spinner that can transform the economic condition of the country. Government should encourage the entrepreneurial spirit of youths by giving soft loans that can make them start businesses on their own.
BAMIDELE ONALAJA, CEO REVOLUTION PLUS PROPERTY
Mr. Bamidele Onalaja, CEO RevolutionPlus Property Ltd
The property development sector depend largely on the willpower of the government. Most of the documentation involved in real estate, for example, Certificate of Occupancy, Deed of Assignment, Governor’s consent all have a lot to do with the government. The Land Use Act 1978 that states that all land belong to the government is still subsisting. Thus, the private sector requires the government to make enabling policies that will improve the economic landscape. Legislation and policy formulation is key to making Nigeria the prosperity centre of the world.
OLORUNYOMI MAKUN, FASHION DESIGNER
Yomi Casual
The fashion industry is big business all around the world. When you travel to fashion capitals of the world like Paris and London, folks will ask you to bring clothes for them because it is cheap. But it is not so in Nigeria. The fashion industry should be government-enabled, it is a large enough industry that can benefit the country. Mass production factories should be opened. This can make designers billionaires because everybody wear clothes. Another area that must be focused on is the aspect of copyrights.
The task of bringing the nation out of the economic doldrums is a task that must be shared by the entire citizenry. In no time, Nigeria should move from the famed poverty capital to the revered prosperity centre of the world.
OLUSEYE OLOFIN, POLITICIAN
Massive investment in basic infrastructure and agriculture will foster economic growth of the country. Robust investment in other social amenities such as education, healthcare, and human capacity development are also main catalyst to the socio-political and economic development of any country. If Nigeria supports her citizenry with these amenities, the nation will rise again.
