On the 20th of April this year, she made history at the Universityof Abuja (UNIABUJA) when she became the first woman to deliver an inaugural lecture at the University. She is none other than Professor Sarah OlanrewajuAnyanwu of the Department of Economics. Her inaugural delivery is the 13th since the establishment of UNIABUJA with Professor Anyanwu’s presentation being the second from the Department of Economics and the third from the Faculty of Social Sciences. I must confess that when a friend,at my requisite, sent me a copy of the lecture, I was initially unexcited about the title: ‘Entrepreneurship as a Tool for Fostering Economic Development in Nigeria”. I used to belong to the school of thought that studies like Entrepreneurial studies or home economics are largely pragmatic disciplines more concerned with the nuts and bolts of practical matters and with no room for the theoretical and philosophical bases of academic subjects properly so called.
Yet, when in recent weeks, I have been reading the inaugural culture and I must admit that my earlier sentiments were completely misbegotten and erroneous. From my reading of the lecture, Professor Anyawu, has an incomparable passion for entrepreneurial studies. Her first major paper after obtaining her Ph.Din 1992 was titled ‘Women Entrepreneurs in Jimata and Yola of Adamawa state: A profile of Features, Problems and Precepts”. This was an early indication that Professor Anyanwu was not going to be your typical denizen of the scholarly ensconced in an the Ivory Tower blissfully proffering theories far removed from existential realities. She also gained further academic and practical experience when she served as Director of Entreprenursip of UNIABUJA in 2010.
The central theme of Professor Sarah Anyanwu’s inaugural is lecture that a passion for entrepreneurial studies is an indispensable vehicle for national recovery and sustainable development. She has been particularly influenced by the great economist, Schumpeter’s ‘theory of entrenpreneurship’ with its emphasis on creativity, innovation and venture development. Professor Anyawu underscores the critical and indispensable role of entrepreneurship in achiving national economic growth and development. In her words “Entreprenurship includes identification of individual of resources, allocation of resouces to create value through the identification of unmet needs. It involves the courage to take investment risks, the creativity to conceptualise and actualise marketable venture to meet identical needs’. Thus, the psychological prerequisites of successful entreprenuiral ventures include capacity, attitude, a talent for innovation, high moral integrity as well leadership capabilities”.
Citing several scholars – Schumpeter, Weber, Thomas and Mueller etc, Professor Anyanwu argues that there is a positive correlation between entrepreneurial activities “and the stimulation of economic growth, employment generation and the disadvantaged sections of the population, which include women and the poor”. But how does entrpreneurship promote national development? This she contends is through its role as a generator of employment and increased productivity through innovation, the facilitation of transfer or adaptation of technology as well as the dynamic generation and utilisation of resources.
The link between the individual – creative, innovative, industrious, daring and courageous enrteprenurship and achieving his potentials in my reading of Professor Anyanwu’s lecture is a functional, effective, transparent and accountable state, which provides the necessary environment for business and enrepreneurship to thrive”. The professor thus exhaustively explores appropriate economic, social, psychological legal and technological contents that limit the potentials of entrepreneurial enterprise in Nigeria.
One fascinating insight, which I glean from Professor Anayanwu’slecture is that unemployment, while being a key indicator of our economic performance and development, can also be a catalyst for enhanced entrepreneurial activity and national development. Describing this as the ‘Schmpeterian’ effect; Professor Anyanwu explains that high unemployment in a country is closely associated with a low degree of entreprenuial activities, that where the propensity to set up enterprises is very low, the rate of employment is very high. A low entreprenuiral culture and lack of skills in any society may be a consequence of low economic growth, and higher level of unemployment.
Professor Ananwu expatiates on this fascination thesis that an ordinarily negative phenomenon like unemployment can have positive factor ‘fast tracking entrepreneuship through ‘a refgee effect’. In her words “this remarkable view dates back to Oxenfelt (1943) who pointed out individuals confronted with unemployment and low prospects for wage employment often turn to self-employment as a viable alternative.
According to Professor Anyawu, this observation was an extension of an earlier view by Knight that individuals make a decision among threestates – unemployment self-employment and employment. This simple theory of income choice, according to Professor Anyanwu, lends credence to the refugee effect by suggesting that increased unemployment will lead to an increase in start- up buisnesses. This implies and assumes the existence of effective government that implements viable national economics, which facilitate easy access to credit at affordable rates, enhancing the ease of starting and sustaining business as well as efficient of the vital physical and social infrastrucre for buinseess to thrive”.
Other critical issues, which attract Professor Ayanwu’s lecture include youth enrepreneruship, Women entrepreneurial developmetas well as offering a clinical dissection of extant government fiscal and socio-economic policies at all levels and their implications for poverty alleviation and rapid economic development. Professor Anyanwu’s passion for entreprenrshipbrings to my mind Chief Awolowo’s thesis that man is the sole dynamic in nature. He is the- be all and all of creation. Investment in affordable but qualitative education, health care and the provision of modern social and physical infrastructure are therefore, etc indispensable for the liberation of the entrepreneurial potentials of millions of Nigerians and making them catalysts of development.
