The Nation Newspaper

Tag: entrepreneurship

  • Boosting women entrepreneurship

    The United States Consulate, Lagos has held a forum for the promotion of women entrepreneurship to reduce poverty. DANIEL ESSIET reports.

    The United States Consulate  believes that getting more women to embrace entrepreneurship will boost the economy.

    To this end, it organised a workshop on promoting women’s entrepreneurship.

    The event had as theme: “Starting a new business: Lessons from businesses that took the right steps.”

    The Public Diplomacy Officer, U.S. Consulate-General, Lagos, Ms Rhonda Watson, delivered the keynote address.

    The lead discussants were Lucy Kanu, executive director, Idea Builders Initiative and Chichi Okafor, coordinator, Inspiring Girls Now in Technology Evolution (IGNITE).

    The workshop started by showcasing a documentary on two businesses, which have grown since their inception.

    One  of the  documentaries at the event was on Sara Blakely, the youngest self-made woman on the Forbes’Billionaire List. She  started as a sales trainer by day and stand-up comedian at night.

    But, she failed  as  a stand-up comedian. One day, she  suffered from the heat of Florida, and  needed pantyhose to wear .

    She started researching on fabrics at night and eventually designed a product she liked. ”

    One thing that is outstanding when she first had the idea for butt-flattering pantyhose, was that  she didn’t quit her day job selling fax machines. For two years, she  hawked office products nine to five on weekdays and sold pantyhose on nights and weekends. She didn’t resign until she was fairly confident her entrepreneurial venture would take off.

    What gave her that confidence to  launch out was when Oprah Winfrey  picked up  and  announced  on  television  that  Spanx as one of her “favourite things.”Blakely said  that did the magic. From then on, demand skyrocketed and the  product became a nationwide  success.

    •Blakely
    •Blakely

    Blakely said her energy and inspiration comes from inventing and enhancing products that promote comfort and confidence for women.

    Speaking  after  the participants watched the documentary, Ms Watson said the story of Blakely  presents a lesson that Nigerian women entrepreneurs must  learn. Though  faced with multiple rejections trying to launch her products, she didn’t cave in. She pushed on.

    Ms Watson stressed that entrepreneurship is key to closing that gap as it gives women control and ownership, but they need greater support to tap into this economic driver.

    She observed, however, that  there were impediments to women’s participation in trade and SMEs’ growth, adding that these undermined job creation and economic growth.

    She  reiterated that  entrepreneurial women would be a critical part of an economy, adding that they   had  demonstrated their ability to generate substantial revenue, employ people in their communities, and be a tool of economic mobility for their families.

    Ms Watson called  on women and as well as entrepreneurs to look beyond the challenges and be persistent with their ideas.

    Mrs  Kanu, whose  achievements have been recognised several times, including her selection to join the Fortune/United States ‘State Department Global Women’s Mentoring Partnership, said while women entrepreneurs have great potential to make significant contributions to the economy,  a lot needs to be done to ensure  their   potential are nurtured  to promote growth and innovation.

    She urged women to take advantage of emerging opportunities to equip themselves  with the skills and capacities  needed to get to the next level in their entrepreneurial journey and  shared future.

    Stressing the need for constant development, Mrs Kanu urged entrepreneurs to research on better ways to improve their products and services.

    Okafor said many women entrepreneurs faced many gender-based barriers in starting and growing their businesses.

    She said women-owned small and medium-sized enterprises (SMEs) faced difficulties in getting access to finance and land, have poor managerial skills and limited opportunities for business development training and networking.

    •Ms Waton addressing participants at the event.
    •Ms Waton addressing participants at the event.

    The  restricted movement of women because of their  reproductive role, she  noted,  had kept most women poor.

    According to her, economic empowerment of women  will  play a pivotal role in ensuring their right to  an adequate standard of living.

    She  urged women  to take measures to address the situation by  establishing micro and small enterprises, which will benefit  them and create sustainable employment opportunities.

    According to her, success is  possible and  that  it  was high   time the  women  took  the challenge  to build a future for themselves.

    During the  event,  women entrepreneurs told  stories of  their challenges and how to build  successful businesses.

    Among the challenges they recalled were lack of access to finance, work-family balance, glass ceilings, male-dominated industries and gender discrimination.

  • Undergraduate wins Global entrepreneurship award

    Undergraduate wins Global entrepreneurship award

    The Entrepreneurs’ Organisation (EO), a global network of over 10, 000 business owners acrosss 42 countries, with a combined US$565 billion in annual revenue, has honoured some Nigerian youths with the “Global Student Entrepreneurs Award” (GSEA).

    At the national final competition to round up its two-day seminar held in Lagos , the body declared Prince Joshua Oyeniyi, a student entrepreneur and radio producer/ presenter with the “Ambassador radio  show” on the Unilag FM, as the winner. Oyeniyi is a final year Mathematics student of the University of Lagos, Akoka, Yaba.

    Accordingly, the winner will represent Nigeria at the 2015 EO GSEA which comes up in Washington DC between 15-17, April, 2015.

    The EO Nigeria President Mr. Anthony Okoye said EO GSEA supports student entrepreneurs through mentorship, recognition and connections to take their businesses to the next level.

    He also revealed that one of the key goals of GSEA is to reward and encourage the enterprise spirit of undergraduate Entrepreneurs all over the world.

    EO Nigeria GSEA 2015 featured 50 candidates from across the nation.  15 contestants emerged and contested at the national finals where they presented their business models and plans to a 16-man panel of judges made up of global EO officials, Lagos and Abuja Chapters officials as well as respected entrepreneurs.

    Oyeniyi’s  “Ambassadors Radio Show” concept which currently run on Unilag FM emerged the most exciting of the 15 different presentations by some of the brilliant Nigerian student entrepreneurs.

    Speaking on the winning concept, Oyeniyi  explained that because of his disadvantaged background, he was inspired get stories that will inspire people to become whatever they want to be.

    Ambassador radio show has hosted successful business leaders and entrepreneurs like Pat Utomi and other top notch Nigerians and international figures. He hopes to syndicate the programme on not fewer than 10 topnotch radio stations and anticipates setting up the largest online radio station in the world.

  • Energizing women entrepreneurship

    Concerns on women’s empowerment are increasing. This was the focus at this year’s Women’s Day organised by the Association of Small Business Owners of Nigeria (ASBON) in Lagos. Daniel Essiet reports.

    The idea of women’s economic empowerment has become increasingly prominent in policy discourse. This followed the challenge of  increasing  family  income and   sustainable livelihoods.

    While the country has got  enough  male entrepreneurs, there are disproportionately fewer women  entrepreneurs. To  watchers, the   economy needs more entrepreneurs to create jobs and grow the economy.

    This has  instigated increasing  campaigns to get more women running businesses and  addressing specific factors, which discouraged women from starting or taking over small firms.

    Speaking  at this year’s women’s day  organised by Association of Small Business Owners of Nigeria(ASBON) in Lagos, Head of Private  Banking, Stanbic IBTC Bank, MrsOlufunkeIsichei, said  supporting women entrepreneurs is vital to strengthening the creativity, innovation, and potential of millions of individuals and   promoting  economic opportunity.

    Mrs Isichei stressed  that  with the situation  of the economy women should  start  getting   involved in entrepreneurship and anything to do with creating new business ideas.

    According  to her, the economy  is in need  of  women innovators and entrepreneurs, who bring ideas to life, drive economic growth and expand human welfare.

    She  advised  women  to  explore  opportunities to grow their businesses, emphasising the urgent need to develop entrepreneurial skills among women entrepreneurs.

    According to Isichei, there  is a huge gap in skills that needs to be bridged and structured interventions are critical, adding  that  it is not enough to have a good business idea, or funding, but  that women entrepreneurs need to have the capacity, knowledge and motivation to make their enterprise succeed.

    She  reiterated that her  bank   will continue to support ASBON  women as part of its ongoing support to expand opportunities for women to improve their  economic lives.

    Consultant Psychiatrist, Pinnacle Medical Services, Dr Maymunah Kadiri, echoed the same thought, stressing the importance of  women getting involved  in  entrepreneural ventures.

     

     

     

  • Foundation institutes $100m entrepreneurship scheme

    Foundation institutes $100m entrepreneurship scheme

    The Tony Elumelu Foundation Entrepreneurship Programme, an annual scheme for training, funding and mentoring, designed to empower the next generation of African entrepreneurs,  has instituted $100 million for African entrepreneurs.

    Beneficiaries are expected to, from today, submit entries through its application portal. Submission of entries ends  March  1.

    The $100 million programme, announced in Lagos will identify and support 1,000 entrepreneurs from across the continent each year over the next decade. The 10,000 start-ups and young businesses selected from across Africa will ultimately create one million new jobs and add $10 billion in annual revenues to Africa’s economy.

    The programme is open to citizens and legal residents of all 54 African countries. Applications can be made by any for-profit business based in Africa in existence for less than three years, including new business ideas.

    The foundation said entrepreneurs must complete the online application form with questions on their background, experience and business idea, plans for growth and proposed pan-African impact.

    “Since the Tony Elumelu Foundation Entrepreneurship Programme was announced, we have been enthused by the level of interest and excitement from entrepreneurs across Africa. We are looking forward to reviewing the entries and identifying the first cohort of the continent’s next generation of business leaders,” its Director of Entrepreneurship, ParminderVir OBE  said.

  • Promoting entrepreneurship through trade mission

    The Ogun State government, in partnership with ASUA International Business Network, United  States (US) and Ogun State Chamber of Commerce, Industry, Mines & Agriculture (OGUNCCIMA), embark on a visit to the US in furtherance of stronger trade relationship. DANIEL ESSIET looks at the impact of the visit on entrepreneurship.

    The industrial giants of the economy are largely small and medium businesses. Such companies will represent nearly 70 per cent of the nation’s enterprises. And there are good reasons to suspect that these companies will remain a more significant part of the economy.

    With the  state of the economy,  empowering them is fast becoming a crucial long-term priority—not only for job creation , but also for would-be investors that must ultimately decide whether and how to support this fast-growing segment of the economy.

    To  this  end, the  government, through the state Ministry of Commerce and Industry,  ASUA International  Business Network, United  States  (U.S) and  Ogun State Chamber of Commerce, Industry, Mines & Agriculture (OGUNCCIMA) took  some  business owners and entrepreneurs on trade mission to  the U.S  early  this  month.

    The  fact  that so many entrepreneurs  were involved demonstrated  the commitment  of the government to develop entrepreneurship by exposing Nigerians to the markets and manufacturing capabilities of the US and learn from leading global companies using the latest technology and business management tools. One  of the beneficiaries  is Alhaji Wasiu Olaleye, Treasurer, OGUNCCIMA.

    Speaking  with  The Nation, Olaleye said  the trip  exposed them as  business owners   to  skills on  how  to  manage their businesses more effectively through improved branding, technology and logistics.

    He said the mission demonstrated the   continued commitment of the  U.S  to help business become more competitive to achieve inclusive and resilient growth for the  economy.

    The  trip, he  explained,  afforded them  the  opportunity to seek  guidance  on  what  capacities  they need  to acquire  as   entrepreneurs as they seek new markets beyond their borders.

    As global competition intensifies, Olaleye said  the programme provided an avenue for  them  to learn  about  best practices and tips on how to maximise opportunities and address constraints as  business  persons.

    He  noted, for instance,  that  e-commerce or technology-enabled commerce, lowers the barriers to trade and levels the playing field for enterprises of all sizes, especially SMEs, who lamented  that  small  businesses  in Nigeria have not been able to leverage   on  such  platforms to reach consumers from global markets .

    Deputy  Treasurer, Mrs  Cynthia Sake  noted  that  the prosperity of SMEs is so critical to job creation, praising the bold reforms carried  out  by  the Ogun State  government  to  improve  the business environment. She said the reforms are a great step in the right direction, adding  that  the  major breakthrough is simplifying procedures for micro- and small business owners, who do   register their businesses within the state. Such reforms, she noted,  is crucial in an  economy where a growing number  of  young  people  are  joining  the ranks of the unemployed, adding  that  there  is  a  need to support the establishment of new businesses to create jobs.

    Comparing the country  to the  U.S, she  observed   that  Nigeria  has some of the biggest barriers and constraints to private business  and  changes to business laws may help pave the way for a more entrepreneurial future. According  to her, Ogun State is  naturally fit for new businesses, with the  government ready to listen and  promote  a thriving economy and  a very successful high-tech sector.

    Concerning the  trip, Mrs  Saka  said  it  afforded  them  the  opportunity to see  the  concentration of innovation and entrepreneurship.   According to her, the influx of intelligence, cultivated by public-private entrepreneurial incubators, has spawned a dynamic environment that changed the business culture of the country.   According  to her, the trade mission could   result  in a memorandum of understanding (MoU), which included incentives for technology collaboration, resulting in business partnerships. As business people, she said,  they were able  to  learn  21st Century negotiation skills and business development solutions that would help  them maximise revenue, generate growth and develop a sustainable competitive edge domestically and internationally.

    According to  her, the  Ogun State  government, OGUNCCIMA, the Africa-U.S.A International Business Network in association with the Warwick International Business Institute facilitated  the  trip.

    A member of the group, Mr Aderemi Ogunyemi said the group participated  in business discussions and meetings with U.S entrepreneurs, adding  that  they  are enthusiastic to do business with their Nigerians  counterparts. According to him, the insights gained from the trip will have a major impact on industrial success.

    The  spread of digital technologies, he noted,  has  raised the productivity of business and agriculture, redefine how services are delivered in the U.S. He added  that  the  government  need to address barriers such as infrastructure to create an environment where entrepreneurship can flourish.

  • Reward for entrepreneurs

    Reward for entrepreneurs

    It was all joy and celebration at the recent monthly appraisal of Medpro Global Resources.

    Medpro is a network marketing firm that partners Golden Neo-Life Diamite (GNLD) in selling information about relevant food supplements that can help the human system fight anti-bodies.

    The event provided a platform for young CEOs to express their joy not for what they now earn but because they have grown enough to become employers of labour, thus helping to reduce the number of Nigeria’s teeming unemployed youths.

    Speaking at the monthly appraisal/award and end of the year party, Akeem Ojora, Chief Executive Office, Medpro Global Resources charged Nigerians to stir up the potentials that they carry stressing, “Everybody has qualification but one thing that is not the same to everybody is the potentials we carry.

    “I am not saying it is wrong to have that qualification, but it is wrong if you don’t have a personal business you do along with your paid job.”

    Ojora further express beliefs that to amalgamate education and entrepreneurship for the advancement of Nigeria, Nigerians must realise that education is good, “because if people do not go to school the knowledge would not be there and the potential may not be developed.

    “But the truth is, no matter how educated you are, entrepreneurship is number one. Personal development of what you have that other people do not have is what would keep you going. If you want to be a key player in life, you don’t depend on what everybody has in common. If you look the world economy today the downward slope is not affecting some people why.”

    According to him, the difference between July 2011 when he started network marketing and now is that he has great joy when he remembers the number of people he has been able to empower because he believes that success without a successor is failure.

    Ojora has built his business so much so that the staff strength has exceeded about a 100 individuals who are practically independent in their lines of business.

    “If there is an economic meltdown, it would affect the people who go to work to earn salaries because by the time the employer observes the heat is drawing near to him what he does is lay some staff off so the point remains that people who chose to be staff are the ones who would feel the heat and not the employer.

    “Education is light but that light is meant to show you how to use what is deposited inside you and not to remain a follower all of your life,” the international presidential team (IPT) members observed, adding that many do not want to face challenges or take any form of risk to become successful but maintained that ‘Life without challenges would be boring.’

    Sandra Azuka Ngozi, another network marketer through GNLD, has only spent one and a half year in the network marketing but her experience in this line of business gives her overwhelming joy.

    Ngozi had been a lecturer with different qualifications before she worked as a data base administrator yet life was not just fun. According to her, she now earns nothing less than $50, 000 per annum.

    The 3-ruby-director opined: “the era we are now is the 21st century, the era of information and entrepreneurship and one of the businesses you can do is network marketing where you put in a little effort and the rest would be covered by your members.

    “What most graduates are afraid of is to hawk. We don’t hawk, what we do is to market information and people pay for it because many of us do not know our health status.”

    Similarly, Mgbemena Evans tells of her fantastic one year experience in a line of business that has successfully transformed her life from ‘nobody to somebody.’

    Evans recounts that before now she was an employee earning salaries, which she could only describe as ‘never enough’.

    “Anyway, when I joined, I didn’t take it serious but when I went for one convention in January this year, I now decided that I should take it up full time and since then my life has changed in all ramifications.”

    Speaking with winner of the CEO’s Award of the year as best upcoming recruiter for 2014, Asabe Sankey, was formerly a call centre agent earning N50, 000, which she described as frustrating when compared to the nature of her job.

    According to her, the 9 years working experience is nothing compared to the less than a year experience in business networking. Her words: “When I got this opportunity, it was on a part time basis, so had it been that I keyed into this opportunity when I got then, I would have blown now.

    “The award I won today means I am supposed to be a CEO of a company because I always represent my boss in my team and I cannot talk and not get people key into it,” Sankey maintained.

    Ojora, who advised Nigerian youths to take responsibilities for their lives and not to depend on friends or family for assistance, said: “Your future is in your hand, don’t give it to anyone.”

     

  • Uproar trails entrepreneurship seminar

    Uproar trails entrepreneurship seminar

    Uproar has trailed a free entrepreneurship seminar organised by Students’ Union Government of the Federal University of Agriculture (UNIAGRIC) in Makurdi, Benue State in collaboration with a Port Harcourt-based TSR Consult.

    Participants were taught how they could use their skills in Information and Communication Technology to be self-reliant and how they could venture into various profitable businesses while studying.

    The event witnessed a high turnout of students, who thronged the Science Lecture Theater, where it was held. The seminar was anchored by Mr Anthony Ohama, the principal consultant at the TSR Consult.

    Ohama gave tips on how to pass job interviews, emphasising that accuracy was key to securing employment. He organised a mock aptitude test to assess the intelligence of the participants.

    However, there was uproar at the venue when Ohama brought out books and software packages to sell to the students. The participants described the seminar as a gimmick to extort them, wondering why they should buy the N8,000 materials if the seminar was free.

    Students described the price of the book and software as outrageous. Ochigbo Ejeh, a 300-Level Mathematics and Computer Science student, said: “I think the seminar is a ploy to extort money from us. But, I won’t pay anything.”

    Jacob Nyitar, a 400-Level Statistics and Computer Science Education student, said: “I was told that the certificate of attendance was N1,000. So, I came with the money for certificate only to discover there were other charges in the form of books and software.”

    Frankmark Francis, a 200-Level Microbiology student, said: “Though the price for the materials is quite moderate, I cannot get one because of financial constraint.”

    The student union Vice President, Emmanuel Juku, said he was surprised by the sale of the materials. He said: “The Students’ Union liaised with consulting firm to organise a free seminar. So, when students discovered that it was not free, there was disturbance in the hall. Despite the uproar, students were enthusiastic about the event.”

  • Firm trains 100 SURE-P interns on entrepreneurship

    s part of efforts to enhance the employability of at least 50,000 unemployed graduates in the 36 states of the federation and the FCT, the Federal Ministry of Finance in collaboration with SURE-P has sponsored a three-day capacity building training for graduate interns facilitated by Sinbol Consult Limited.

    Speaking at the commencement of the training, the Project Director, Mr. Peter Papka, represented by Mr. Kenayo Elikwu, said the aim is to address the problem of unemployment in Nigeria, adding that “the graduate internship opportunities is the first to hold in Nigeria and provides a platform for the reduction of vulnerability among unemployed Nigerian graduates.”

    According to him, the training was also expected to improve skills through work placement, prepare the interns for mobile money agents and ultimately equip them for self-employment opportunities in the cashless economy.

    Speaking further, he noted that the graduate internship scheme (GIS) is one of the interventions of SURE-P and it is a platform that provides young graduates with one-year temporary work experience to make them stronger candidates for job openings in the labour market as well as boost their chances of being self-employed.

    In his remarks at the training programme, Mr. Kemi Ajisebutu of Sinbol Consult Limited stated that other efforts that the GIS is using to drastically reduce unemployment include strategic partnerships in the area of export training, creative industries, environment, financial inclusion, agriculture, education and ICT.

  • ‘Entrepreneurship is cure for unemployment’

    What is the best way to tackle youth unemployment and close the growing income gap? Two United  Kingdom-based mentors say it is by establishing start-up hubs. They have packaged an innovative scheme to offer fresh graduates and students support to start their own businesses, Daniel Essiet reports.

    Founder, Meridian Entrepreneurs Society, Mariam Tijani; Committee Member, Mrs Kafayat Ajuwon, and two young mentors, know that  a lot  of  young entrepreneurs have ideas but don’t  have  the capital  to  execute  their dreams.

    Notwithstanding, they are ready  to inspire  a new generation of Nigerians. The  society, according  to Mrs Tijani, is  working on a  project  to assist  fresh graduates and students to get their own businesses off the ground.

    She said the  society would provide an attractive package of intensive business start-up support for students and graduates launching their own businesses.

    The programme will provide new businesses with dedicated incubator space where budding entrepreneurs could benefit from help and advice from the project team, socialise and share ideas with other new start-ups.

    Participants, she said,  would also benefit from workshops which would equip them with the skills and knowledge they need to succeed in their businesses and would also give them the opportunity to meet entrepreneurs. Grant funding is also available, alongside further training, mentoring from industry experts and career guidance.

    According  to her, an  innovation incubator, which  will be  launched  soon will  provide   a complete support environment to stimulate and foster innovative entrepreneurial projects in the nation’s youth.

    She  said the hub  is a critical step to promoting creativity and entrepreneurship stressing the role of young Nigerians  in overall economic activity. She is optimistic that the  project  would make a huge impact and stimulate a new movement towards sustainable growth and economic development.

    She reiterated  the  commitment of the society to building a diverse partnership network with businesses, universities, technology companies and various institutions in order to identify, encourage and support business initiatives at the early stages development of start-ups.

    Committee member, Mrs  Ajuwon  said  the  hub will  mark  a  great beginning in youth development and innovation.

    According  to her,  the  hub  will  provide an effective vehicle in channelling youth creativity and building an entrepreneurial talent capital in Lagos.

    The  hub  will specifically look at helping the youth and start-up firms navigate the challenge of early stage development with a suite of services that help identify and remove bottlenecks and allow future entrepreneurs maintain their focus and move forward.

    She  said funding is vital to the development of small enterprises, adding that  supporting graduates to develop and start small businesses which in turn will create jobs are ways of addressing rising youth unemployment in the country.

    According to her, to solve the problem, the have devised an  online  portal  that  would serve  as a   digital platform  for  young  Nigerians  to upload  their    ideas and meet prospective  funders.

    She  said  the  platform  will   give entrepreneurs more access to capital, adding  that money paired with mentorship could turn ideas into flourishing businesses.

    Mrs Ajuwon said there is a real appetite for starting a business among young people and as  such, they need an environment  that  highlights self-employment and new venture creation as a career option.

    She said there is a shortage of good, practical advice aimed at young entrepreneurs who consider starting a business as a career path.

    Mrs Ajuwon   said the society will  organise regular networking events, enabling entrepreneurs to meet potential investors and advisors.

    She  said  the  hub  will   provide room for promising entrepreneurs to nurture their ideas on premise. The facility focuses on pushing young businesses forward and offers operational support and guidance, where required.

    With high rate of  unemployment, she  said universities should be  acting as business incubators and going the extra mile to set up enabling ecosystems for entrepreneurship to thrive in.

    To promote this, she said the   society  is  launching  a nationwide    tour of universities to drive entrepreneurial initiative for on-campus, incubation, adding that  enterprise-creation needs to be nurtured and given the right opportunities on the campuses.

    She  said the  society’s chapters will be created on campuses and  members helped to study and work in an entrepreneurial atmosphere, where they seek guidance and learn from one another.

  • Entrepreneurship, quantum leap in value creation –Utomi

    Entrepreneurship, quantum leap in value creation –Utomi

    As the entrepreneurship bug spreads across Nigeria, more young people are taking chances, towing the path, and finding success, despite the grueling challenges in Nigeria’s business environment.

    From fashion to technology, hospitality, media and entertainment, some young Nigerians have set up thriving businesses with aim to scale up while others trade in commodities. The impact of these on the country’s performance is been felt. But in a country that has more traders (traditional entrepreneurial practice) than modern day entrepreneurs, how much value can this dynamic add to Nigeria’s economy?

    According to renowned Professor of International Political Economy and Mara Mentor Pat Utomi, “entrepreneurship involves a quantum leap in value creation.” It is thus important that micro economic activities of traders and entrepreneurs be aligned with greater macroeconomic policies and growth strategies.

    Prof Utomi implied that entrepreneurs should perhaps incorporate traders into their value chain, as it would be detrimental to the economy if traders continue to flood the Nigerian market with commodities imported from industrialised climes. This thought is also in line with calls for support for local production and small scale industries.

    Speaking on the Mara Mentor Talk Show recently, he said although traders contribute to the growth and development of the economy, it is pertinent to distinguish between an entrepreneur, whose value creation has a direct impact on job creation and economic development, and a trader who is just an agent in a value chain, albeit equally important.

    “Everybody has it in him/her to create value,” he said, adding that although there are a lot of entrepreneurial opportunities in Nigeria, it is thus the ability to create remarkable value that bridges the dissatisfaction gap and supports economic development.

    Utomi said it is important to embrace “deferred gratification as opposed to instant gratification” in their quest to build sustainable businesses, which would have a lasting impact on the country’s economic growth and development.

    He also urged young Nigerians to get involved with mentorship programs to work with mentors, whom he said “are not necessarily demi-gods, but could be peers, subordinates, or anyone that can point you in the right direction.”