By Oludamisi Ojo, Akure
A Lecturer at the Federal Polytechnic, Ado Ekiti, Dr. Chiedozie Odigbo, has described the N36.6 billion spent by the federal government to promote businesses under Tradermoni, Marketmoni, and Farmermoni concepts as mere wastages.
Odigbo, a business administration lecturer warned that until the federal government fund research and adopts a strategy of school-industry partnership, the concept of entrepreneurship and job creation will continue to suffer colossal failure in the country.
He spoke why presenting the 25th edition of Prof. E.K. Obiakor’s lecture series titled: ‘Efforts and Errors in Entrepreneurship Education Towards Employment Expansion in Nigeria: Which Paradigms Must Shift?’.
Odigbo sued for a partnership between the institutions of higher learning and local communities in business development, for graduates to acquire the right knowledge, managerial skills, and acumen to proficiently run their businesses.
He emphasized that the federal government concepts of Tradermoni and other intervention funds were apt and suitable.
He, however, faulted the modalities adopted in the disbursement of the monies to beneficiaries, which he said was inefficient.
According to him, the federal government established the National Directorate of Employment to assist graduates to set up businesses in agriculture and MSMEs.
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He noted that almost all the businesses that sprang up through the process had collapsed due to poor managerial skills.
The lecturer advised Polytechnics to research into new ways of conceiving, nurturing, and sustaining businesses in the country, as a way to boost entrepreneurial education, rather than relying on the present situation.
His words: “The NDE was established in 1990 to help graduates establish their own businesses and nurture it to reduce unemployment. Business proposals submitted by these graduates after attending the training were done by other persons and virtually all the businesses that came up through that had collapsed.
“But have we learnt from the NDE to guide us on how not to throw money at social problems? The N36.6 billion spent by the federal government on traderMoni, farmerMoni, and marketMoni was merely throwing money at social problems. How many businesses did it create?
“Beyond the success in business should be invited to serve as role models to students. Role modeling will help in motivating the students and create hope of a better future in entrepreneurship”.
Odigbo suggested that the department of Business Development should be established in Polytechnics to teach students how to establish maturity stages.
