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

James Emejo in Abuja

Stakeholders yesterday called on government to do more to de-risk the business environment and catalyse financing to budding entrepreneurs. They said young entrepreneurs were job creators, who contributed to poverty reduction.

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

The forum identified access to finance, lack technical skills, dearth of business ethics, and difficulty presenting proposals or even knowing how to begin as challenges affecting young entrepreneurs.

The participants urged a united effort by government and private sector operators and well-meaning individuals to surmount the limitations.

Founder, De-Nexus Centre, 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 also told the participants, “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.”

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

Asehinde said entrepreneurs faced many challenges in Africa, and Nigeria, particularly, adding that these problems need to be addressed.

He pointed out that though the investment climate was not friendly when BuyPower was founded, the landscape appeared much better currently.

Asehinde stated that government policies were slowly becoming more supportive because of the realisation that entrepreneurs are key to national development.

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

He said funding was 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, Asehinde said entrepreneurs were uniquely equipped to surmount the challenges because of their resilience.

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.”

Project Coordinator, De-Nexus Centre, Mr. Matthew Obono, said the initiative was a business incubation and acceleration programme designed to inspire and equip budding entrepreneurs with the tools, networks, and funding necessary to launch viable businesses.

Obono stated, “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.”