Why empowering entrepreneurs is essential to Nigeria’s economy

Nigeria, known for its natural propensity for entrepreneurship, has a vast pool of passionate and energetic individuals ready to delve into the world of business. However, the missing component often lies in the lack of empowering entrepreneurial knowledge that could channel that passion and energy into creating successful and sustainable enterprises. The Chairman of First Bank's board of directors, Ibukun Awosika, emphasized in an interview with CNBC Africa that empowering entrepreneurs is essential to championing the growth of entrepreneurship and job creation in Nigeria. She highlighted the need for an enabling environment and the right skills to facilitate the conversion of ideas into economically viable institutions that not only cater to local problems but also generate employment opportunities for young Nigerians. Awosika pointed out that creating businesses is no longer a luxury but a national service imperative for addressing the high levels of unemployment, particularly among the well-educated youth of Nigeria. She stressed the importance of investing in the youth to instill the necessary entrepreneurial knowledge and skills required to build sustainable businesses. She acknowledged that while there are existing government policies to support entrepreneurship, the focus should be on translating these policies into tangible results that benefit budding entrepreneurs. Moreover, Awosika debunked the common misconception that there is a lack of financial resources for businesses in Nigeria. She emphasized the need for structuring business ideas in an investable format to attract the right kind of funding. By enhancing the entrepreneurial knowledge and skills of young Nigerians, businesses can become more bankable and appealing to financial institutions, angel investors, and venture capitalists. When discussing the global potential of Nigerian businesses, Awosika highlighted that many challenges faced in Nigeria have solutions that can be developed for the global market. With the country's large population and market size, Nigerian businesses have the opportunity to scale rapidly and attract investments from around the world by offering solutions to global problems. In terms of disseminating information about the opportunities available in Nigeria, Awosika acknowledged the abundance of information in the digital age. She mentioned various platforms such as organizations, institutions, and non-profits driving discussions and workshops on entrepreneurship. However, she emphasized that recognizing the right opportunity lies with the individual entrepreneur. By identifying a problem that aligns with their skills, talent, interests, and passion, entrepreneurs can nurture that opportunity into a successful business venture. Overall, empowering entrepreneurs with the necessary knowledge, skills, and resources is crucial for fostering a culture of entrepreneurship, job creation, and economic growth in Nigeria. Awosika's insights shed light on the importance of investing in the next generation of Nigerian entrepreneurs to drive sustainable development and innovation in the country's business landscape.