NEF Seeks Sustainable Wealth Creation And Inclusive Economic Empowerment In Nigeria

By our Correspondent

The President of Nigeria Entrepreneurs Forum, NEF, Dr. Sidney Inegbedion has called for effective policy that will address infrastructural challenges confronting Entrepreneurs in the country.

He made the call in his paper presentation entitled “”Sustainable Wealth Creation And Inclusive Economic Empowerment: Unlocking Entrepreneural Potentials For National Prosperity ” during a National Empowerment Conference International Eminent Five Star Icon Award Presentation, 2025 held in Abuja,

Dr Sidney Inegbedion identified decayed infrastructure as one of the factors hindering the growth of the nation’s economy.

The President of NEF therefore stressed the need for sustainable wealth creation and inclusive economic empowerment towards unlocking entrepreneural potentials for national prosperity

“Indeed, apart from Nigeria’s Natural Endowment in Agriculture, mineral resources, human capital and strategic geographical location through land, sea and air has one of the highest rate of entrepreneurial minded people on earth. Yet our economy had not reflected the output of a nation where entrepreneurship triumphs and this is because Nigeria entrepreneurs operate in vicious circle of survival pressed down by Sudo State capitalism controlled by the bureaucracy and the Nigeria Entrepreneurs are therefore bedeviled with many challenges which include:
– Lack of capital and access to credit
– Lack of technical and managerial skills
– Security challenges occasioned by kidnaping, banditry and farmer herder crisis
– Break down in traditional ethics and value system manifested through get rich quick syndrome, cyber criminality, impatience, acute corruption and moral decadence at all levels.
– Hostile business environment and disincentive occasioned by multiple taxation, regulatory barriers and negative perceptions of entrepreneurs.
This account for why I feel greatly honoured to address you at this epoch making event, tailored to realistically confront and proffer possible solutions to the challenges of our times” He said

In his words “The problems of:
– Massive unemployment and wasted talents
– Youth restiveness and antisocial behaviour
– High population growth rate and antecedent Rural – Urban migration
– Challenge of inadequate infrastructure
– High inflation rate and the inability to afford food by the generality
– Dwindling currency and market volatility leading to diminished value of Nigeria Naira
– Marginalization of Women, Youth and minority groups
– Problems of greed and general insensitivity where the rich gets richer and the poor gets poorer without recourse and these are not just economic problems of our country but issues of economic concern”.

According to him, sustainable wealth creation in an economy goes beyond getting rich through the sale of crude petroleum. Sustainable wealth creation is about building enduring systems that generates value for today and for the future generations, therefore, sustainable wealth creation means
– Investing in women and youths as well as the physically challenged in other to maximize their present and future value to the economy in a sustainable manner.
– Creating businesses that grow beyond their founders and able to expand from generation to generation.

“It is building communities and eco system where values freely circulates, not evaporates nor stagnate.
Hence economic empowerment must be inclusive, must be more than rhetorics and must translate into concrete results provide access to knowledge, capital and decision making that is transparent. Inclusion means that a girl in Maiduguri, Borno State has equal access to Economic opportunity like another girl in Ikeja, Lagos State. Similarly, it means that an informal micro enterprises operators at both rural and urban center are treated as entrepreneurs and not as liabilities. Inclusion must not be seen as favour rather it must be seen as strategic accelerators for economic growth”

“Entrepreneurship is the engine of Economic rejuvenation and ultimate transformation. It creates and generates jobs, pays taxes, unleashes innovation and technology, encourages self-reliance and financial freedom; while driving local development through cottage industries like micro processing and exchanges of goods and services. Above all it provides the entrepreneur the self esteem and patriotic feeing that he is contributing to the GDP of his father land.
The impact of entrepreneurs in any economy has often been applauded. This has been demonstrated by the esteem to which entrepreneurs are held in the developed countries like the USA, Germany, Britain and France. The sudden rise of China, India, Brazil and Singapore are reflections of the public acceptance of entrepreneurship as a potent force for economic development by these nations.
My fascination is to direct our attention to the Nigerian Youths who feels left behind in our socio-political and Economic mainstream.
Our attempt to unlock the entrepreneurial potentials for our national prosperity should not elude the youth owing to many factors”.

He noted that youth controls 60% of the Nigeria population. Therefore, our future is in their hands.
– Of every 6 million youth ready for the job market only 10% gets job.
– The post-graduation waiting period for job attainment by graduates of tertiary institutions now range between 3-5 years.
– The oil sector although account for about 85% of our national revenue contribute less than 3% to employment.
– Universities, Polytechnic and Colleges of Education are Producing fresh graduates continually adding to the pool of unemployed graduates.
– At the Federal and State level MDAs are not employing but replacing retired staffs often through the back door.
– The private sector institutions including the banks have seized to be sources for employment.

“They employ today and lay-off tomorrow due to high targets which new employees cannot meet. Many business are yet to recover from the devastating effect of Covid-19 and not employing new staffs.
– The proverbial foreign investments have proven to be false hope. The so called foreign investors either complain of inadequate infrastructure, Nigeria Economic down turn or unfavorable government policies not to employ staffs.

“Similarly, legislators despite their huge constituency funds tends to favour the employment of their party loyalists, political hangers on and family members.
Mr. Chairman, we must recognize that youth are the foundation of any society, through their creative talent and labour power a nation makes giant strides in economic development and socio-political achievements. When properly harnessed the energy, innovativeness, character and orientation of youth define the pace of development and the security of a nation.
In the dreams and aspirations of the youth a nation can find motivation, vitality and purpose. An example of this, is already found in the creative industry where Nigeria has been penetrating the Africa and global market place with lightening speed, creating wealth, fame and promoting the expression of Nigerian culture, skills and talents in movie production, music, comedy, fashion and design as well as accessories including bead making artistic shoes and hair braiding.

“The Nigeria Women must be bold in.
• Marketing her product and services to customers instead of waiting for their patronage because of self professed popularity.
• Be bold in communication by expressing yourself thoroughly and clearly with self confidence about your products or services.
• Be bold in seeking to achieve your purpose of attending business interviews or presentations for contracts with conviction sexual harassment has been found to be a limiting factor hindering the success and sustainability of women owned businesses often less talked about sexual harassment manifest in seemingly innocuous but inappropriate behaviour jokes suggestions that directs aways the mind of women from the purpose for seeking contract, provision of services or employment.
• Be bold in fighting for your right without being rude, being a feminist or display bad mannerism.
On this note I like to celebrate with you as you chart another milestone towards Nigeria Economic Prosperity”.

He therefore advised State and Local Governments to also develop keen interest in upgrading infrastructures that would boost economic activities in their areas.

Dr Sidney Inegbedion who enjoined youths to engage in entrepreneurship activities added that the Nigeria Entrepreneurs Forum would continue to advocate for policies that would reposition the country’s economy.