Entrepreneurship will unleash sparks of genius in you, Ogunbiyi tells students

The Group Chairman of Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, has urged young Nigerians to engage in entrepreneurship programmes, saying it will unleash the sparks of genius in them in the future.

Ogunbiyi also said the pull and connectivity of entrepreneurship, innovation, creativity, and adaptability will deliver a sustainable, globally competitive, and thriving, strong, resilient national economy.

Speaking on the theme, ‘Entrepreneurship for Economic Sustainability: An agenda for Nigeria’s Development,’ on Wednesday at Ajayi Crowther University, Oyo, Ogunbiyi urged the Federal Government to encourage support the entrepreneurial culture, which he says, fosters the confluence of skills that differentiate values.

He noted that seven percent of Nigerians go to our higher institutions for specialisation in much-needed higher skills, saying: “If our country must lead with innovation and entrepreneurship, we need to pay attention to this costly deficit.

“Growth enhancement by way of higher skills upgrade will push forward our determination for dynamic and rapid performance.”

Ogunbiyi, the former gubernatorial candidate, said that to succeed as an entrepreneur, one must stimulate thinking and clarify directions to determine priorities, survive, and flourish with less.

He said the government at all levels and the private sector must urgently check this adverse blow on Nigeria’s talent skills and entrepreneurship capacity.

“We, however, have cheering news. African Development Bank (AFDB) is establishing a $100 million Youth Investment Bank in Nigeria to support the businesses of entrepreneurial Nigerian youths with technical assistance business incubation grants and guarantee lending instruments by local banks.

“Entrepreneurship will ensure dynamic and rapid performance. The fruit will be valued diversification and enhanced utilization of the nation’s natural resources and talent pool.

“Value chains will complement each other and there will be accelerated value-adding specialization based on comparative advantage. Our nation will no longer be a demand centre that is importing everything, but a powerhouse of agro-related finished products. There will be skill upgrades and human capacity development. We will satisfy local needs and also earn foreign exchange.

“We have the entrepreneurial capacity in Nigeria. Today, we are doing extremely well in fintech and other technological, digital, and creative enterprises. But the ‘japa’ syndrome or massive exodus of young Nigerians to Europe, the USA, and other places is dealing a debilitating blow on our entrepreneurial talents, especially the tech professionals.

“We, however, have cheering news. African Development Bank (AFDB) is establishing a $100 million Youth Investment Bank in Nigeria to support the businesses of entrepreneurial Nigerian youths with technical assistance business incubation grants and guarantee lending instruments by local banks.”

He also revealed that Nollywood is the second-largest employer of labor in Nigeria after agriculture saying “This is a remarkable feat, considering the country’s struggle with unemployment.”

He said the industry’s significant impact on unemployment can be seen in various ways. Include job creation where Nollywood provides opportunities for actors, producers, directors, and other crew members to showcase their talents and earn a living.

In his remarks, the Vice Chancellor of the University, Timothy Adebayo said It is their practice as a University that keeps established traditions to host special public lectures which is a means of creating practical knowledge from the vantage viewpoint of an accomplished and knowledgeable achiever.