SUNNY CHUBA NWACHUKWU
SunnyNwachukwu (Loyal Sigmite), PhD, Fellow (ICCON), Fellow (CSN), a pure and applied chemist with an MBA in management, is an Onitsha based industrialist, and Vice President (finance), Onitsha Chamber of Commerce. He can be reached on +234 803 318 2105 (text only) or schubltd@yahoo.com
The economy of Nigeria is in a bad shape presently. Looking at the nation’s low productivity in virtually all sectors, and factoring in high costs of food and transportation (resulting in rising inflation rate), the macroeconomic indices visibly show a nation that is badly run and poorly managed. A nation with a very huge population, estimated at over two hundred million, expansive fallow and very rich arable farmlands with abundance of natural resources (at her disposal); and a demographic indicating that the population is youth dominated, a big plus that points to a very attractive, promising, sustainable economic future, it is only proper to suggest that the drivers of the economic levers of the country should reposition the roadmap towards actualizing great success through capacity building that fully captures the culture of entrepreneurship for the Nigerian youth.
Entrepreneurship simply means the activity of anyone who takes initiative (with passion and strong determination to succeed), to be self employed by setting up a business for profit, and also bears the financial risks (in this context, it refers to a resourceful, hard-working youth). The newly established business is borne out of the person’s creative ideas and ingenuity, contributing towards ongoing national economic activities. This is done by rendering services or providing tangible products to the society that needs them (he creatively thinkers on goods that ought to be in high demand, and with willingness improvises through innovative feats). This personality with the talent and skill to “recreate” from the available raw materials, is automatically characterised as a “self-employed” citizen. This, in essence, is the “entrepreneurial culture” being advanced to the teeming unemployed Nigerian youth in the labour market (most of whom are university graduates). Such young entrepreneurs are competitive by nature, and will always manifest optimism, and will not take no for an answer although, he has a listening ear at the same time. Even in leadership, George Washington of the United States of America was recognized as the first entrepreneur, on how he built his nation’s economy and its political prosperity at war and in peace times.
In every economy, the aggregation of the micro, small and medium business entities forms the direct engine blocks that support the nation’s economy (especially the manufacturing base), at the macro level. This strategic position that is vital expressly compels, commits and commands the government’s role of encouraging, protecting and supporting these discrete business units for the expected growth, as they strive to survive for future economic engagements. This primary economic role is the core mandated duty and responsibility of the government in realising the economic goals of environment, social and governance (ESG) factors, for the targeted economic efficiency that manifests in the nation’s growth and development. The government’s efforts through provision of an enabling environment for healthy competitiveness amongst contemporaries (juiced with ease of doing business), always strengthen the macroeconomic dynamics for performance rating indices at sector levels. For the young entrepreneurs, fiscal protection is paramount, to enable them to stabilise financially in their respective business engagements. Otherwise, such fresh businesses would end up with stunted growth due to the harsh and hostile environment that constantly exposes them to undue frustrating experiences that impact adversely on their financial growth. A very strategic response, expected of a good and caring governance structure for the young entrepreneurs, is reward packages in the form of financial grants for excellent performances in innovative creativity that spur future inventions from the young entrepreneurs.
From the present economic impact that Nigerians are passing through (mostly the common man on the street), starting with the tumbling exchange rate of the local currency, the naira, the rising inflation on general goods and services, cost of energy, life is not getting any better as cost of living rises higher. Food and transportation appear to be the worst hit sub-sectors because sustainable daily economic and commercial activities revolve around “fuels” that dissipate energies (food for man, and petrol/gas for transportation of man and goods). Without food man will go hungry and lack “energy”, which is “the ability to do work”. Without transportation of goods and services alongside commuters/passengers moving from one location to another, businesses crumble because high cost of transportation is indirectly inputted into the costs of goods and services. These issues and economic challenges are better addressed, if well built Nigerian youths (equipped through capacity development) exuding youthful energy are evenly repositioned in all nooks and crannies of the nation, to take up and practice, in the field of business, the entrepreneurial culture, in all the sectors of the nation’s economy. This can reduce mobility on commercial activities by cutting down costs on distant transportation fares, as well as food availability through agribusiness (implementing backward integration policy in action) engaged by these young entrepreneurs in most locations of the economy. The economy will, surely, improve astronomically.
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