Managing Director and Chief Executive Officer of Kam Holdings Group, Mr. Kamorudeen Ibitoye Yusuf, has called for implementation and funding of entrepreneurship programmes in Nigerian Universities, as entrepreneurship has been identified as the driving force behind both growth and transformation.
Delivering a lecture at the Kwara State University, Malete, with the theme: “Institutions Industry-Government Collaborations: Key to Entrepreneurship, Economic and Social Development”, Yusuf said that tertiary educational sector plays vital role in the socio-economic development of any nation through the production of graduates in all fields of human endeavour.
According to him, Tertiary institution is a vehicle upon which the skills of workforce are built, adding, “Without effective implementation of tertiary education, we cannot hope for a future self-reliant graduate with the required skills and flexibility for sustainable human capital development in the global age.”
He said his acceptance to speak on the lecture theme, was to share practical knowledge of entrepreneurial skill with the students in order to boost the lots of theoretical skills thought in the University.
Yusuf, however, regretted that despite its proven contributions, Nigeria has not given tertiary education the attention it deserves; and that appears one of the reasons for the rising unemployment and poverty in the society.
He, stressed that the neglect of tertiary industry is socially and economically injurious because it is robbing the nation the contributions the graduates would make on national development.
“it is a truism that collaborations between these tertiary institutions and government at all levels will further improve development in Nigeria, especially in Kwara State.
Such collaborations are no doubt key strategy to entrepreneurship, economic and social development.
Many studies have attempted to examine the contributions of entrepreneurial development to employment creation. Nowadays, it is common knowledge that employment creation is no longer the prerogative of government but rather, a joint effort between the public and private sectors.” he stated.
He, explained that socio-economic development is a process of social transformation or advancement through progressive changes in economic, social, cultural, technological and political conditions of society leading to an improvement in the welfare of the citizens, adding that no society can be regarded as developed if there is a high level of poverty, unemployment, illiteracy, child mortality, political instability, endemic corruption and inequality in income distribution.
“Without entrepreneurs there would be no new innovation or creative imitation in the marketplace; hence, the transformation to new production methods and goods in the country would not take place.
As a result, entrepreneurship is a necessary ingredient in the process of economic development; it both serves as the catalyst for market transformation and provides new opportunities for economic growth, employment, and increased per capita income.” Yusuf stressed.
He further said that entrepreneurship, is universally recognized as critical resource in the economic development process of a country, stating, “In view of this fact development of entrepreneurship received serious attention among the policy makers, planners and development economists as a strategy of economic growth.
Yusuf, noted that funding of entrepreneurship in tertiary education industry will promote sustainable socio-economic development. Entrepreneurship as an instrument of change and development and a provider of service-oriented skills, will play significant roles in economic revival for sustainable human capital development.
“During the last few decades, entrepreneurial development as a means of meeting surging unemployment rates has been given increased attention.
The desire to achieve economic growth and development through efficient use of the abundant natural resources has prompted developing countries, like Nigeria to focus on entrepreneurship development.” he said.
He called for urgent collaboration between government and tertiary institutions towards promoting entrepreneurship and its attendant economic and social development.
“This stems from that fact that, entrepreneurship in Nigeria is perceived as a major avenue to increase the rate of economic growth and create job opportunities. Entrepreneurship in small scale business has a higher capacity for generating employment. Most of the so-called “expatriate engineers” who are being paid millions of dollars to build Nigeria’s roads and bridges are graduates of technical and vocational colleges.
Nigeria should borrow a leaf from other developed countries by funding entrepreneurial education in the tertiary educational industry.
The introduction of vocational studies by government in tertiary institutions also becomes handy to provide employment for thousands of graduates from universities, polytechnics and colleges.” he said.
Yusuf advocated that more funds should be channelled towards entrepreneurship which in turn will create more employment opportunities for the teeming unemployed youths.
He said, “There is need to provide adequate basic infrastructure like roads, electricity and water towards improving entrepreneurial development and youth employment in the economy. Adequate and well-equipped vocational/skill training centres should be provided for youth towards promoting youth employment and self-reliance.