By ADEOLA ADENUGA & BRIDGET AMATA
THE ability to understand the business and economic environment is critical anywhere in the world for creation of jobs and economic development, but especially so in Nigeria . Therefore, increase in technological advancement, rapid changes in consumer needs and tastes, unprecedented expansion in travels and migration as well as modern communication techniques have turned enterprise from its traditional definitions into what some people now see as the capacity to turn an idea into a successful business”.
This formed part of the lecture delivered by Senator Babafemi Ojudu, at the 28th Michael Omolayole annual management lecturer, held at Nigerian Institute of International Affairs, Lagos .
Speaking on the topic, ‘The future of enterprise in the age of collaboration’, he explained, “Determination must be present in any collaboration, because it implies firmness of purpose. If the purposes of partners in a collaborative enterprise are not firmed and if the partners are not resolute about what they want to share, the collaboration cannot succeed. Creativity involves the use of imagination and production of original idea, while sharing involves division in common with others of an asset such as knowledge or technology.”
He went on, “ Enterprise capability involves innovation, creativity, risk management and risk taking. Without these, you cannot hope to run a successful enterprise, be it private or public, in the age of collaboration. Financial literacy involves the skill to manage both personal and corporate finances, and not only to become an informed service provider, but also an informed consumer of financial services.
For instance, when you provide goods and services as an entrepreneur, you also consume goods and services. Therefore, you must master your private and corporate finances to understand the intricacies of the financial services offered by your collaborators and competitors.”
Group Managing Director and Chief Executive Officer, Enterprise Bank limited, Alhaji Ahmed Kuru, also speaking at the occasion, said, “The primary purpose of establishing an enterprise is to create value through production of goods and services that satisfy both domestic consumption and export earnings.
Aside from profit generation for key stakeholders, a successful enterprise is vital to achieving national aspirations in diverse ways, such as job creation in the economy, improved living standards for the people, contribution to Gross Domestic Product (GDP) growth rates and wealth creation. This has been the over-arching consideration by the Federal Government and the Central Bank of Nigeria (CBN) in their formation of policies, programmes for the youths.”
He emphasised, “For a developing economy like Nigeria, collaboration has become imperative at policy formulation stage for programmes that support enterprise development. This was exemplified recently by the CBN in its implementation of the N132 billion women component of the N220 billion Micro, Small and Medium Enterprises Development funds.
Shareholders in various departments of CBN, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) and Organised Private Sector (OPS) representatives, as well as women entrepreneurs should contribute to collaborative efforts to promote cross fertilisation of ideas, aimed at ensuring sustainable growth in the economy”.
In his closing remark, Dr. Michael O. Omolayole expressed his gratitude and wish that this lecture continues till 2085 when he would have gone one hundred years.
”It’s always said that diamonds are forever, but human being are not forever because, in the year 2085, I would not be around, but my spirit would be around if this lecture is going on”.
” I think it’s an incurable feat”.
He said that he picked a common trend in what the two speakers said, and what he picked was that both of them mentioned corruption, and the issue of virtue.” I think we should start talking more about virtue than corruption because corruption is totally negative and virtually everybody is corrupt,”the captain of industry added.