17/05/2024
*The Urgent Need for Entrepreneurs in Nigeria*
There is an urgent need for setting up entrepreneurship department in all institutions in Nigeria, Africa and around the world so as to raise entrepreneurs. Organisations and agencies ranging from educational, religious, governmental and non govenmental institutions should come up with an entrepreneurship departments that will be saddled with the sole responsibility of raising successful entrepreneurs who will set up sustainable businesses that will create trans-generational wealth for the common good.
There are *five key reasons* why am proposing setting up entrepreneurship departments in all our Institutions (Churches, Mosques, Govt agencies). However, before I take us through these lofty reasons, I would like to introduce us to some thought provoking data on poverty in Nigeria, Africa and around the world as follows:
√ As at 2022, approximately 88.4million(about 45% of the total population) people in Nigeria live in extreme poverty (businessday.com)
√ In 2023, nearly 12% of the world population in extreme poverty live in Nigeria
√ 63% of persons living in Nigeria (133million people) are multi-dimentionally poor.(NBS)
√ As at 2022, 460million people live extreme poverty in Africa(our of a population of 1.4 billion)(www.statista.com)
√ About 9.2% (719million people) of the world population live in extreme poverty.( Out of a total world population of 8 billion)
√ In every minute, 6people fall into extreme poverty in Nigeria (Bloomberg Oct, 2022).
√ According to world poverty clock, 8people in every minute join the extreme poverty league in Nigeria.
If we mean business as a people this data call for a serious response as it post a serious threat to our collective existence as Nigerians, Africans and global citizens.
Are you still with me? Alright, basically there are five notable reasons why I think we should have entrepreneurship department in all our institutions as follows:
*1. High Rate of Unemployment:*
It's not only that we have high rate of unemployment but also that it's in an increasing mode. Even the very few people that are employed are largely underemployed. This of course is responsible for the growing level of abject and extreme poverty in the land. A situation where larger section of the population are not engaged in any economically productive venture, extreme poverty will be the order of the day.
*2. High Rate of Business Failure:*
According to businessday.ng 80% of businesses in Africa fail within five years of establishment. In fact, according Robert Kiyosaki over 90% of all businesses fail/close down in less than 10years of their existence. This therefore means there's a need for so much practical knowledge and skills on business. Although many reasons account for the failure, but it's largely as result of lack of the technical know-how on how to run businesses. Entrepreneurship department in our religious, educational, governmental and non givenmental institutions will do the magic by raising powerful entrepreneurs with the dexterity to excel if entrepreneurship departments are created
*3. Growing Population:*
The world population soar from 1.6 billion in 1900 to 6 billion in 2000. It soar again from 6 billion in 2000 to 8 billion in 2022 and still soaring.(www.ieltsbuddy.com) This is shocking. Its therefore raises concern as to how this large population can be catered for with the basic necessities like food, shelter and clothing. A rigorous approach to dishing out practical entrepreneurship skills and knowledge in all our institutions will be the answer.
*4. Government Failures:*
It is only natural that people look up to government all over the world for solution to their socio-economic and political challenges, Nigeria inclusive. However, although the catering for welfare of it's citizen is the primary purpose of government as enshrined in most constitutions, governments around the world have failed woefully in this regard. Our Pastors, Bishops, GOs, Sheikhs, Imams, Directors, CEOs etc most begin to set up departments in their institutions that will concentrate on raising entrepreneurs. The more successful businesses we have, the lesser level of unemployment we have and the better for the government and its people. Government must however steer this proposal by setting up enabling environment for businesses to thrive and by providing seed capital for young trained entrepreneurs. Tithes and offerings, profits and taxes collected by these institutions can be channelled for providing the start up capital to the well-trained entrepreneurs.
*5. The Growing Danger of Insecurity:*
I wouldn't need to bother you with so much data about insecurity as it's palpable everywhere particularly in Nigeria. Banditry, kidnapping for ransom, terrorism, political instability, gun violence and all other forms of criminal activities are becoming a norm in our country Nigeria, Africa and around the world. Largely this insecurity is carried out by youth who are unemployed or underemployed- youth who are finding it difficult to meeting up with their basic needs of food, clothing and shelter. The cumulative effect of growing population, unemployment, business failures, and government failures is what's resulting to the high rate of insecurity which is posting a serious threat to our collective existence. If we set up this ENTREPRENEURSHIP DEPARTMENTS all across our institutions, many bandits/terrorists/kidnappers will be off their hideouts as there will be better ways they can be engaged into production. Large army of unemployed graduates/youth will be off the streets as they will be gainfully employed by the companies/businesses that will come from the products of these ENTREPRENEURSHIP DEPARTMENTS.
If you're a leader over a family, Church Mosque, NGO, government agency, President of a country or ministry, Governor, Mayor, local government Chairman among others please listen to this proposition and ACT on it as soon as possible. Many people loaded with great potentials are dying of hunger and starvation simply because they're wrongly schooled.
These ENTREPRENEURSHIP DEPARTMENTS should not be manned only by 'mere' intellectuals who are only theoretically schooled in business and finance but with little or no life experience. No! People with proven track record on business and financial intelligence should be the teachers, resource persons and Lecturers as the case may be. At some point they may not even need to have college/university degrees. Let them be carved out from those who are into business with long lasting experience and the willingness to impact on others. If an institution do not have successful business persons from within, they can outsource from different quarters. Resource persons of US School of Business for instance can help out on this.
At this juncture I must commend the effort of NUC(National University Commission) for beginning entrepreneurship courses and making them compulsory in Nigerian Universities. I must also commend the effort of the Lecturer who lectured me on entrepreneurship in 200 level of my undergraduate; he was such as intelligent person with practical experience. His impact is still palpable in my life today.
I want to also invite you to join US School of Business (USB). It's a 100% virtual institution that solely focuses on raising successful entrepreneurs. Lectures are virtual and Saturdays only(first and third Saturdays of every month) and it's runs for the period of 3months only. Our Resource Persons cut across CEOs from around the world (UK, Maldives and Nigeria) with proven practical knowledge. The tuition fee is #50,000(fifty thousand naira only. It's not a religious base institution hence everyone irrespective of your religious, political an ethnic leaning can get enrolled. Religious institutions and other institutions can also sponsor their members to get equip so as to equip others.
If we begin to pay close attention to raising people with the right entrepreneurship knowledge and skills, we will then be on our way to solving many of our socio-economic and political challenges. I strongly believe that it takes a person with the right knowledge of business and financial management to lead any kind of organization be it religious, political, profit and non profit base.
*UMAR, Philip*
Director, US School of Business (USB)
CEO, US Grains LTD
[email protected]
08093345175
09029190216(WhatsApp only)
https://usgrainsltd.com/us-business-school/
Lagos Business School
LAGOS BUSINESS NETWORK GROUP
Lagos Business School(LBS)
Umar Philip
