A Financial Expert, Mr Ahmed Abolaji, has advocated for massive investment in entrepreneurship development, skill acquisition and vocation to boost diversification of the nation’s economy.
Abolaji, the Chief Executive Officer, Grassroot Alliance Consult, said in Omu-Aran, Kwara, that such investment would help actualise the desired self sufficiency among the citizenry.
He said promotion of Small Scale Enterprises (SMEs) would also help to reduce unemployment, youth restiveness and the prevalent spate of insecurity in the country.
According to him, there is urgent need for stakeholders in the economy to explore other key sectors for solution to the nation’s socio-economic and security challenges.
He identified continuous training on entrepreneurship development, vocation and skills as very crucial to achieving a non-oil dependent economy.
“Such massive investment in entrepreneurship development would assist to fast track and promote the Federal Government’s policy aimed at diversifying from oil based economy to self-reliance.
“There is the need to tap into the opportunities and advantages in the SMEs to transform the economy.
“For emergence of new entrepreneurs, our youths need to be trained on how to access funds from the Central Bank of Nigeria (CBN), Bank of Industry (BOI) and other relevant financial institutions.
“Such training will not only help the youths in sourcing for funds for their businesses but also improve their income generating capacities.
“The framework offered through the training would also ensure the survival and sustenance of the numerous SMEs within the targeted areas,” he said.
Abolaji also undrtscored the need for Public Private Partnership (PPP) in alignment with the Federal Government policy thrust on poverty alleviation with major emphasis on SMEs development.
“The pursuit of economic development is an important goal of many developing economies and Nigeria cannot be an exception.
“Small and Medium Scale Enterprises have proven to be a major intervention in resolving the problems of poverty and unemployment in most developing economies.
“SMEs remain the catalyst for the economic growth and development of the people at the grassroots,’’ he said.
The financial expert listed some challenges hindering entrepreneurship and the development of SMEs as inadequate financial support, poor management, lack of training, insufficient profit and low demand for products and services.
He charged the three tiers of government to provide an enabling environment for SMEs, skills acquisition and vocation to thrive in the country.
