A group of young Nigerian professionals in the Diaspora have said they will return home and contribute to the country’s economic growth.
Last week, the young entrepreneurs, studying and working abroad, were hosted to an Investment and Networking Night, where they shared ideas with investors and successful entrepreneurs.
The event, at the Oriental Hotel in Lekki, Lagos, was organised by Move Back To Nigeria (MBTN) and Young African MBAs (YAM).
It was aimed at creating an investment platform for Nigerians overseas, who plan to return to the country to offer their expertise in diverse sectors of economy.
The MBTN Chief Executive Officer, Adaraba Abdullahi, said: “The objective of this event is to connect Diaspora-based Nigerian professionals and investors with opportunities in the country, which range from strategic recruitment drives to investor outreach programme, relocation information, financial advice and real estate.”
The keynote speaker and Chairman of Access Bank, Mrs. Mosun Belo-Olusoga, engaged the professionals on how to transform their ideas into reality despite the challenges facing the economy.
She spoke about the modality for accessing soft loans to finance projects, saying there were financial institutions, including the Bank of Industry (BOI), willing to partner the entrepreneurs on funding.
Belo-Olusoga said the country’s economy remained the biggest in Africa into which they could tap and set up successful business enterprises.
She hailed the young Nigerians for returning to do business despite the challenges.
The keynote speaker said: “This event gives me hope about the future of Nigeria, because it is in period of challenges that people strive to make changes. If these young professionals had said they would wait till when everything would work out fine, the opportunities will no longer arise. All they need to do is to figure out what they want to do when they are in Nigeria.
“On funding, they can source finance from friends and family. Besides, there is BOI funds, which is about N200 billion, to help budding entrepreneurs and small-scale businesses. They can go to their BOI and check the condition for granting the loan. Because of their background, a lot can meet the conditions when they apply.”
The event also featured a a panel of discussants, where the participants engaged successful entrepreneurs.
The panellists included Chief Executive Officer (CEO) of Agrolay Venture Ms Ada Osakwe, founder of Okadabooks.com Okechukwu Ofili, founder of Hotels.ng Mark Essien, CEO of TalentMine Dr. Femi Kuti and co-founder of SheLeads Africa Yasmin Belo-Osagie.
Ms Osakwe, who was a special assistant to former Minister of Agriculture Akinwumi Adesina, shared how she resigned her job in the United States and returned to Nigeria to start an agriculture business.
She said since Nigeria spent N5 billion annually on foods, she saw an opportunity to provide an alternative to boost local food production.
She said: “It was a big investment for me to move into food processing at the time Nigerians spent N5 billion annually to import food that could be produced locally. We created products that did not need the use of electricity to consume. This is the strength of our business and since we started, we have been inundated with demands.”
Ofili, who also returned from the U.S. in 2012, said his motivation to found Okadabooks. com resulted from a disappointment he had with owners of bookshops, who, he said, sold his first book without remitting his share of the sale.
Ofili founded Okadabooks.c om to help budding writers market their books and literary journals through a software application, which serves as an online bookshop. He said he relocated to Nigeria to change the course of online business.
He said: “You cannot change Nigeria from the Diaspora; you have to come back home and do that. Even, when you are back, you should not stay in highbrow neighbourhood and claim you want to make a change. You need to go to the heart of where people need assistance the most.”
After his 11-year residency in Germany, Essien, a Computer Science graduate, returned to the country to found Hotels.ng, a fast-growing online hotel reservation enterprise.
Sharing his start-up challenges with the participants, Essien said the idea almost failed because of lack of funding.
Two years after, he said the Hotels.ng had become a rendezvous of hotel business for thousands of Internet users. He added that his company had more than 7,000 hotels in its database.
More than 100 young Nigerian professionals attended the event from the U.S., United Kingdom, Germany, France and Republic of Ireland, among others.