A financial expert has highlighted the importance of indept understanding of financial literacy which is also seen as the foremost prerequisite to entrepreneurial development.
The Chairman , Krisoral Group of Companies, Onitsha, Anambra State, His Royal Highness, Igwe Dr Oranu Chris Chidume, stated this at the Faculty of Management Science of Chukwuemeka Odumegu Ojuwkwu, University (COOU), Igbaram, Anambra State.
HRH disclosed that the ability to understand and effectively use various financial, including personal financial management, budgeting and investing was of utmost importance.
Igwe Chidume pointed out that financial literacy exposes entrepreneurs to the knowledge of budget management, procedures, credit management and financial risks of business operations amongst others.
Delivering the Keynote address with the theme, ” Entrepreneurship As The Engine of Economic Development The Nigeria’s Experience in COVID-19 Era,” he said the pandemic brought lots of challenges which have tasked the local entrepreneurs in the country.
Igwe Chidume defined entrepreneurship as ” Engaging responsibly in any activity or venture that creates value and serves as a solution to the needs of the other person.”
The Krisoral Group of Companies boss appeald to the government at all levels to provide infrastructure to enable entrepreneurship to thrive in the country.
“Having financial discipline means living below your means and not over-extending yourself like most people consistently do. I don’t spend money I didn’t earn,”he opined.
He charged the students to cultivate saving culture and to also learn how to re-investing in any business they plan to venture into after graduation.
The manufacturer disclosed that COVID-19 pandemic brought new challenges to the country’s entrepreneurs, adding that it also brought unprecedented downturn in the global economy.
He however said COVID 19 pandemic made the world awken to the realization that the world must keep innovating and evolving, adding that Nigerians must not lag behind.
According to him, Nigeria has an an underdeveloped digital economy, stressing that significant efforts has been made by government to upgrade the country’s base knowledge economy.
The Krisoral Group of Companies boss noted that COVID-19 has led to a surge in the country’s e-commerce sector, which has led to accelerated digital transformation.