Minister of Trade, Industry and Investment, Dr Jumoke Oduwole, has identified lack of reliable and affordable power, access to finance, unreliable infrastructure, regulatory inefficiencies and limited inclusivity of women, youth and rural entrepreneurs as major challenges hindering the growth of entrepreneurship in Nigeria.

The minister spoke at the 10th Annual FATE Institute Policy Dialogue Series on Entrepreneurship, tagged: “Nigeria in the Next Decade: Building a thriving Entrepreneurship Ecosystem for the future,” in Lagos.

She acknowledged the transformative power of technology, which, she noted, had not only driven innovation, but had also brought financial services to millions and open new markets through e-Commerce.

“However, as we celebrate these achievements, we must acknowledge the persistent challenges that hinder our full potential.”

Access to finance, unreliable infrastructure, regulatory inefficiencies and limited inclusivity of women, youth and rural entrepreneurs continue to constrain growth,” she said.

The CEO, Greenport Impact Cluster, Edobong Akpabio, highlighted major challenges faced in the food sector, emphasising the threat posed by security and the lack of competence, among entrepreneurs in the field.

She spoke on the issue of human infrastructure and security, saying if the issues were not tackled on time, it would affect entrepreneurs and force them to shutdown their businesses.

In her remarks, the Senior Private Sector Specialist, World Bank, Bertine Kampuls, said it was necessary to understand some opportunities excluded for greater economic growth, explaining that if jobs were in equation with the population, it would go a long way to better the entrepreneurship sector of the country.

“Some of the poor macroeconomic situation that made business difficult in Nigeria were definitely part of explicit economic policy missteps that the current government is trying to correct. And correcting them now and late is causing a lot of pain to Nigerians as a whole, to businesses, to everybody here. Anybody who lives in Nigeria can feel this. So I do think it’s important to look back and understand what the opportunities we missed in terms of achieving higher economic growth in Nigeria.”

In another panel session, which delved into access to market trade and investment, moderated by the Executive Director of FATE Foundation, Adenike Adeyemi, the CGBP, World Trade Centre, Miami, Kemi Arosanyin, spoke about market readiness and market competitiveness as major challenges in business, noting the poor presentation of products and feasibility in the market space.

A key highlight of the event was the launch of report by FATE Foundation. The report with the title: “State of Entrepreneurship report in Nigeria, 2024,” gave indepth analysis into the position of entrepreneurship in Nigeria.