By NKIRUKA NNOROM

The former Group Managing Director/CEO of Diamond Bank Plc, Mr. Alex Otti, has charged financial institutions in the country to show more support to the manufacturing sector by developing more products that will adequately provide capital to the entrepreneurs.

Alex Otti

He spoke at the 47th Annual General Meeting, AGM, of Ikeja branch of Manufacturers Association of Nigeria in Lagos.

He emphasised that the banking sector has a critical role to play in sustaining the tempo of entrepreneurship growth in the country through SME Banking.

He however, advised potential entrepreneurs to be observant and take advantage of various government initiatives targeted at developing entrepreneurship in Nigeria, saying “The apex bank has instituted some intervention funds which entrepreneurs can access through their banks. An example is the N220billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) which the apex bank lunched on August 15, 2013”.

Speaking on the theme of the programme, ‘Creating a Vibrant Economy through Sustainable Entrepreneurial Development’, Otti said that achieving the objective requires collaborative efforts of various institutions, including educational institutions, the government, business organizations and the relevant social institutions.

According to him, academic curriculum could be adjusted to accommodate skills acquisition on entrepreneurship, saying that it would boost the productive base of the Nigerian economy particularly in terms of human capital and output.

He said, “The lesson that Nigeria has learnt from the Asian Tigers is that effective entrepreneurship is the strategic path to sustainable economic development. The country can tread this path through collaborative efforts of educational institutions, the government, business organizations and even the relevant social institutions.

“The recent policy initiatives of the Nigerian monetary and fiscal authorities have been very instrumental to building the foundation we have attained over the last decade. The future however is hinged on how much we can develop the “human capital” that originates and nurtures bankable business ideas.”

In the light of the afore-said, conscious efforts aimed at developing and sustaining entrepreneurial competence obviously offers renewed comfort in the nation’s quest to attain a vibrant economy that is self-sustaining.

We have to inculcate entrepreneurial skills in our educational system; we must develop an easier business registration process; we must fix basic infrastructure, particularly electricity; we must finance bright bankable business ideas and we must ultimately provide mentorship to emerging entrepreneurs,” Otti added.

In his welcome remark, chairman of Ikeja MAN, Prince Oba Okojie, called on the federal Government to put a framework in place that will stipulate that once a company has paid a particular levy, it will not be required to pay same in another local government for a specific period, say one year.

He also appealed to the government to endeavour to maintain stability in its policies to ensure credibility and reduce uncertainties, saying that implementing the policy would aid in reducing the cost of doing business, as well as enhance competitiveness.

Okojie also called on the three tiers of government to formulate policies and programmes to create employment for the teeming youths.

Lamenting the numerous problems facing manufacturers, he said, “I re-emphasized that the manufacturing sector did not fair very well in 2013 as a result of unfriendly business environment and the perennial problems associated with the real sector. In the last few years, a large number of manufacturing companies closed shops nationwide. The ever busy industrial estates are now shadows of their past glory.”