FG Urged to Reduce Business Entry Barriers

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Eromosele Abiodun

Nigerian government has been urged to reduce business entry barriers in the country in order to encourage entrepreneurship and promote economic development.

Chairman of the Global Board of Directors of Entrepreneurs Organisation (EO), Ivan Ting made the call during his visit to the Nigerian Chapter of EO, as part of his African Tour.
EO is a global business network of 12,000 leading entrepreneurs in 160 chapters and 50 countries, owing businesses that have minimum $1 million revenue annually.

Ting, a member of EO in Hongkong also said Nigerian government should look at the educational system, like what was done in Honkong, by building a long term education that will develop capacity for entrepreneurship to ride on growing technology.

According to him, “It will not be skills that would require so much capital to start, but ideas and innovative mindset. We must look into how to educate our children so that they are not only good in English and mathematics, but creative to be able to bring out required innovation and entrepreneurship.”
Ting who was excited about the entrepreneurs he met in Nigeria, said the country has a lot of potential in entrepreneurship.

Also, an EO member from the United States and also global board of directors for EO, Fred Johnson, in his comment said what was exciting about Nigeria “is the innovation our members bring into their business either in telecommunication, or oil and gas and their ability to bring them down to local culture to suite the people and consumers.”

“I find it fascinating the innovative skills that entrepreneurs have deployed to make their business successful, despite the challenges in the business environment. They are able to navigate and even connect to what so many people may not recognize as opportunities with the ecosystem and they are successful,” Johnson said.

He also urged the government to reduce the barriers and paper work required for businesses to get started.
The outgoing president, EO Lagos Chapter, Funmi Babington-Ashaye said the organisation was focused in helping its members building their entrepreneurship capabilities through exchange of ideas. She said it is careful in selection of members, by ensuring that only genuine people are admitted as members because membership exposes you to other 12,000 entrepreneurs all over the world.