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FG urged to review entrepreneurship policy for economic development

By BusinessNews Staff on September 3, 2015

As part of the strategy to revamp Nigeria’s dwindling economy, the Chief Executive Officer, Anabel Group, Dr. Nicholas Okoye has called on the federal government to review its policy on entrepreneurship development for the development of the national economy.

Besides, Okoye has identified effective communication and education as potent resources that can position an entrepreneur for optimal performance.

In his globally acclaimed recent research titled: “Who Wants to be an Entrepreneur? ”An Insight into the Profile of Individuals Interested in Entrepreneurship in Nigeria”, published in the “European Journal of Business and Management”, Okoye described entrepreneurs’ roles as very critical to the growth and development of any economy worldwide.

Okoye whose research topic was co-authored by a consultant to the federal government on public policy, Dr. Obi Adigwe explained that the research, conducted for the respondents who were within the age bracket of 26 to 40 was quite revealing.

“Although some evidence suggests that current educational curricular does not sufficiently address knowledge and training needs of entrepreneurs, there is an indication that higher educational qualification contribute to a more robust engagement with entrepreneurship. For stakeholders however, this insight into the educational background of entrepreneurs can be invaluable for policymaking. For instance, better targeting of training programme can improve the effectiveness and efficiency of workforce development strategies,” he said.

Okoye noted that there is little evidence that suggests that the potential and interests of public and civil servants who have passion for entrepreneurship are considered in the development of policy issues in Nigeria.

He advocated an inclusion of a part time model for this category of people in the national policy.

“Internationally, there is some evidence of the part time model in entrepreneurship, particularly in academics. In Nigeria, currently, there is a lack of nationally recognized strategy for using part time arrangement as an entire full time entrepreneurship careers, as is the case in other economies, “he said.

Okoye proposed in-service training for civil and public servants to bring them to the door step of entrepreneurship so that upon retirement, they already have immediate means of livelihood rather than depend entirely on their paltry retirement benefits.
Commenting on the efforts being made by Anabel Group to build future entrepreneurs in Nigeria, Okoye said, the Nigeria Youth Entrepreneurship Network (NYENET) was inaugurated and endorsed by the Federal Government to improve organisation and co-ordination of the various entrepreneurship programme within the country.

He noted that NYENET had always leveraged on the use of e-mail o communicate with the target audience.

According to him, the primary reason for this strategy is resource efficiency and he advocated this for entrepreneurs worldwide.

Okoye explained that effective and efficient communication would drive entrepreneurship as businesses thrive on regular and timely information for prompt decision making.

[ThisDay]

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