Exploring entrepreneurial initiatives to exit recession

While economic recession is a global phenomenon, the solutions aimed fashioned out to exit are undoubtedly not exclusively located within the international arena.

Experiences from various countries of the world afflicted by economic recession have shown that each country maximizes its comparative advantage to overturn the decline in Gross Domestic Product (GDP) for two or more consecutive quarters.

Experts have consistently called for states to develop areas of comparative advantage to boost produce exports such as cassava, cocoa, cotton, rice and vegetables.

To underscore this new thinking, the South West geo-political zone of the country seems ready to seize the opportunity of boosting farm produce in the region.

Indeed, the regional showcase is intended to go well beyond agriculture, but fashion construction and technology sectors.Indeed, the event tagged, ‘South-West Economic summit’ would focus on how to explore massive employment opportunities inherent in the sectors.

Unveiling the focus of the summit, Chairman and President of Impact Business Radio, Mr. Owolabi Oladejo, said sustained synergy among firms in the region is needed to tackle unemployment in the South West states.

He stressed that networking among firms coupled with education, training and vast marketing opportunities will reposition firms operating in the region and in the process generate more job opportunities.

Specifically, Oladejo identified Fashion, Agriculture, Construction and Technology (FACT), as avenues through which unemployment can be successfully tackled in the region.

Making reference to the forthcoming South-West Economic summit slated for November 18 to 25, 2016, in Ibadan, Oyo State, Oladejo said it would be an opportunity to seek ways out of the economic challenges confronting the region.

Explaining further, he said: “ Impact South-West Economic Development (ISEDE 2016) which will span over eight days will afford participants the opportunity for networking with prospective partners and vast marketing opportunities and hopefully re-establish South West’s role as trendsetters in wealth creation and economic development by promoting existing businesses in the region, encouraging new entrants and assisting in linking other businesses”.

Tagged ‘ISEDE 2016 – F.A.C.T For Economic Development’, the programme is designed to cover strategic industries “with high potential for economic development and empowerment stimulation across West Region and indeed Nigeria.”Oladejo, who spoke on sundry issues explained that ISEDE 2016 would focus on Fashion, Agriculture, Construction and Technology (FACT), using four strategies; “Show Them, Tell Them, Link Them and Reward Them”.

Accompanied by President of the Ibadan Chamber of Commerce and Industry, Abosede Amusan-Ogunnaike, Project Director, Broadcasting Corporation of Oyo State (BCOS), Mr. Yanju Adegbite and representative from the Development Agenda for Western Nigeria (DAWN), Mr. Seye Oyeleye, he said all valuable players in the economy of South West and indeed Nigeria would be part of the summit

He added: “Exhibitors and Sponsors of ISEDE 2016 have the opportunity to connect with potential clients, build brand recognition with their target market, showcase their company, introduce new products/services and increase their exposure.

“The audience includes; decision-makers like Federal, State and Local Governments, Corporate bodies, Competitors, buyers and members of the public.

“We will be extremely excited to have such an esteemed gathering of highly experienced and accomplished ladies and gentlemen gathered in Ibadan to discuss and seek ways out of the economic and social doldrums that the South West region and indeed Nigeria has found herself.

“Most of our invitees are known to be nostalgic about the South West of old, their experience as entrepreneurs, successful managers of men and material is invaluable and we hope that the exchange with leaders will help reinvent the South West economically and socially.

“ISEDE 2016 shall connect people from within our region and across other regions to promote maximum utilization of our natural resources, promote mass employment, reduce poverty, strengthen business growth, generate innovative, sustainable solution and enhance regional economic development”

Another development aimed at empowering local initiatives where Nigeria has comparative advantage is the move by Quintessential Business Women Association (QBWA) to support women and youths in cooperative in the agricultural and solid minerals sector across the country.The Director-General of QBWA, Mrs. Judith Tanko, disclosed this on the sidelines of a Cooperative Career Conference and Exhibition held in Abuja.

Tanko said the aim of the conference was to bring all stakeholders in the sectors as well as the QBWA coordinators from the 36 states and Abuja to discuss the role of international development partners, ministries, departments and agencies (MDAs) as well as financial institutions in the development of financial and enterprise amongst women and youths in the sectors.

“Today’s event is about bringing our women cooperatives together to learn what they need to do to get updates, sit with our partners like the banking institutions, international development partners and the ministries to understand what they need to do at a particular time.

“We invited three women representatives from the 36 states and FCT so that they will learn, go back and teach others at the grassroots.
“So, that the woman in the village would be knowledgeable about what Quintessential is all about and what they need to do as cooperatives and that why we call it ‘Cooperative Career Conference’,” she said.

She noted that the conference was an annual event, adding that it has added a lot of value especially to the women at the grassroots. “We are bringing our women to global market. This is not just about learning and running cooperatives the way we have been used to doing it.

“That is why we refer to ourselves as ‘game changers’. We are going international; we want that woman in the village to be able to produce and package her goods very well in accordance with international best practice.

“She must also learn how to save her money as well as being knowledgeable in banking history.“Since we started Quintessential in 2013, we have achieved a lot. Today, we have women at the grassroots who are registered in various financial institutions and know how to ask for interest, including understanding the type of loan, which can be beneficial to them as cooperatives.

“They also now know how to keep their records of minutes so as to meet up with international standard and become viable cooperatives,” Tanko said.Also, Femi Oyelade, the Marketing and Promotion Director explained that part of their duty was the identification of members who were into different agricultural products.

“We identify these members and try to get details about their planting and harvesting period so that we can forecast to our prospective buyers; both local and international, when these products will be ready for export.

“In other words, we create the market for their products because sometimes the rural woman is faced with the challenge of producing without no available market to sell her produce.“Basically this is what Quintessential is all about and there are a lot of testimonies out there from our members,” he said.

Miss Keke Bongos, a Consultant in the Ministry of Agriculture who represented the Minister, Chief Audu Ogbeh noted that it was a laudable programme for the women and youths at the grassroots.

“It would add value by helping establish cottage industries within the communities whereby they would have full and proper ownership of these industries,” he said.