Stakeholders Urge Govt to De-risk Business Climate, Fund Young Innovators

James Emejo in Abuja

Stakeholders have called on the government to do more to de-risk the business environment and catalyse financing to budding entrepreneurs.

They said young entrepreneurs are job creators, who if supported, create jobs in the economy and contribute to poverty reduction.

The stakeholders spoke at the launch of the Rise and Thrive Young Entrepreneurs Acceleration Programme by the De-Nexus Center in partnership with the African School of Economics (ASE) in Abuja.

They identified access to finance, lack technical skills, dearth of business ethics, and difficulty presenting proposals or even knowing how to begin as challenging affecting young entrepreneurs, urging a united efforts by government and private sector operators and well-meaning individuals to surmount the limitations.

Founder, De-Nexus Center, Princess Gloria Akobundu, emphasised the need to build a solid foundation for young entrepreneurs to thrive.

She told THISDAY, “Many people have great ideas but don’t know how to execute them. That’s why we’re here — to help. Some government policies may seem difficult, but they’re not impossible.

“We teach how to navigate them, and our partners — including bankers — guide entrepreneurs on business planning, applying for loans, and managing savings.

“You can’t expect to earn N1,000 and spend N500 immediately, and still expect to succeed in business. You need discipline.”

Akobundu said, “We help shape the future of business through mentorship and guidance. Starting is hard, but staying focused, persistent, and goal-oriented is key.

“Don’t be afraid to ask questions. That’s how you learn. If you remain resilient and courageous, you’ll overcome any challenge.”

She emphasised the need to stop expecting jobs from the government and “realise we can create jobs ourselves”.

She said, “Progress won’t come from fighting and complaining. It comes from love for our country, partnering with the government, and building a peaceful and supportive environment.

“Young entrepreneurs are job creators. We need to stop expecting jobs from the government and realise we can create jobs ourselves.”

Also, speaking at the occasion, Co-founder/Chief Operating Officer (COO), BuyPower Nigeria, Mr. Oladipo Asehinde, said small businesses remained at the heart of economic development in any  nation.

He said entrepreneurs faced many challenges in Africa, and Nigeria particularly, adding that  these problems needed to be addressed by different people.

He pointed out that though the investment climate wasn’t friendly when Buypower was started, the landscape appeared much better currently.

He noted that government policies are slowly becoming more supportive because of the realisation that entrepreneurs are key to national development.

Nonetheless, Asehinde stressed the need for government to provide an enabling environment, including electricity, tax waivers for small businesses during their first three years to help them grow and reinvest their revenue.

He said funding remained another challenge.

According to him, “The government could adopt criteria similar to those used by private equity firms — for instance, supporting businesses with the potential to generate over N1 billion in revenue.”

However, he said entrepreneurs are uniquely equipped to surmount the challenges because they’re resilient.

The Buypower COO said, “We see opportunity in every problem. We actually derive pleasure from solving problems. For instance, energy access has long been a challenge in Nigeria.

“Around 2015, to get power, you’d have to go to a cash office, wait in long queues, and sometimes, even after paying, power wouldn’t be restored immediately. That frustration sparked a question: Why is no one doing anything about this?’

“So, we decided to try. Thankfully, after about six months, we finally got someone to listen to us, and that was the beginning of our journey.

“We realised our users were sophisticated, so we built a simple platform that lets people buy electricity conveniently from their homes or offices. And soon, we were among the first companies offering this kind of solution in Nigeria.

“Eventually, we expanded beyond Nigeria. We’ve had young people approach us, inspired by what we do.”

In his remarks, Project Coordinator, De-Nexus Center, Mr. Matthew Obono, said the  initiative remained a business incubation and acceleration programme designed to inspire abd equip budding entrepreneur with the tools, networks, and funding necessary to launch viable businesses.

He said, “Many great business ideas die in silence, not because they are not viable, but because young people lack strategic support.

This programme is a launchpad for their ideas, connecting them to mentorship and capital so they can thrive in the competitive market.”