A Professor of Entrepreneurship Hub and Strategic Management at the University of Lagos and the first Occupier Professor of the Dr. Mike Adenuga (Jnr) Professorial Chair in Entrepreneurship Studies, Professor Sunday Adebisi, has proposed a “New Entreprise Nigeria” NEN Model which is anchored on transparency, accountability and responsible behavior among the political elites and entire citizenry.
He proposed this while delivering the second Special Annual Lecture of Dr. Mike Adenuga (Jnr) Professorial Chair in Entrepreneurship Studies on Thursday, November 28, 2024, at the J.F. Ade Ajayi Auditorium of UNILAG, Akoka.
Titled: “Navigating the Present Stormy Nigerian Economy: the New Entreprise Nigeria as the Anchorage”, Prof. Adebisi identified the NEN Model as a viable pathway to stabilize Nigeria’s economy while repositioning it for long-term growth and sustainable development.
The lecture saw Prof Adebisi recall Nigeria’s economic fortunes in the 1980s which ranked among middle-income/developing economies such as Spain, Singapore, Indonesia, China, and Mexico among other countries, a milestone which he said, was lost by the 1990s due to Nigeria’s over-reliance on revenue from oil boom at the expense of cash crop production and exports.
The Professor of Entrepreneurship Hub and Strategic Management identified overdependence on oil, weak infrastructures, insecurity, regional instability and food crisis, humungous public national debt, high unemployment, floatation of the Naira against other currencies, fuel subsidy removal and full deregulation of the petroleum sector, continued surge in inflation and the resultant high cost of living as well as unprecedented poverty and declining living standard of Nigerians as major highlights of the current Nigerian economy.
He hinged the challenging economy on decades of mismanagement of resources, unguided and ill-fated policies, and misplacement of financial priorities and investments by successive leaderships.
Prof. Adebisi highlighted components of the New Entreprise Nigeria to include:
- Realistic Diagnosis and Acceptability of the Present Predicament,
- Collective Acceptability of Guilt for the present predicament,
- Investment in fit-for-purpose infrastructures,
- Alignment of all ministerial activities to meet national needs,
- 25-year Food Security Plan,
- Stoppage of borrowings and rescheduling of debt servicing,
- Digitization of bureau de change transactions,
- Aggressive job creation through entreprise and Start-up creation as well as investment in innovation drivers,
- Proper management of proceeds accruable from oil subsidy removal,
- Reduction of inflation as well as,
- Intentional and continuous youth re-orientation and wealth creation opportunities.
The lecturer passed a vote of confidence in the ability of President Bola Tinubu to navigate through and address all the present economic challenges but charged him to brace up for the responsibilities of leading Nigeria and Nigerians by selecting the right persons to work with, evolving, and implementing policies which will improve people’s living condition, adding value to the Naira and steering the nation’s economy out of the present predicament towards stability, growth, and development.
He introduced a new coinage called “Politicoprenuership” which he says recognizes the huge investment that goes into winning political offices but tasks winners and occupiers of positions to prioritize creating value for the society and meeting the collective dreams of a sustainable society before recouping their investments.
Prof. Adebisi also advocated what he called the “Acada-Solution Consortium” which he said makes it mandatory for vice-chancellors of universities and all renowned professors to come up with what their laboratories and research centres need, equip them, mobilize all resources towards specific areas of national challenges and research viable solutions to them.
The Special Annual Lecture was also an opportunity for the Speaker, Professor Sunday Adebisi, to present his scorecard as he concludes his tenure and bows out as the first Occupier of the Dr. Mike Adenuga (Jnr) Professorial Chair in Entrepreneurship Studies.
In his remarks, the Governor of Ondo State, Lucky Aiyedatiwa congratulated Professor Sunday Adebisi for his milestones in Entrepreneurship development. According to him, the milestones put him and Ondo State, his State of origin, on the world map.
The Ondo State helmsman who was represented by his Deputy, Dr. Olayide Adelami, recalled how the Structural Adjustment Programme (SAP) was introduced in 1986 to steer the nation’s economy while de-emphasizing government’s involvement in pricing.
He highlighted efforts being made to build the first African Silicon Valley in Ondo State through Innovation and Entrepreneurship, a feat, which he said facilitated entrepreneurial support for over 25,000 Ondo State residents in different capacities.
While appreciating the Endower of the Dr. Mike Adenuga (Jnr) Professorial Chair in Entrepreneurship Studies, Chief (Dr.) Mike Adenuga Jnr., Dr. Adelami also applauded the management of UNILAG for the commitment and milestone achievements in promoting and supporting entrepreneurship, especially among students.
He noted the feat must be sustained and further supported by stakeholders so as to steer Nigeria into a prosperous future where every Nigerian is empowered.
In her remarks as the Chief Host, the Vice-Chancellor of the University of Lagos, Professor Folasade Ogunsola, OON, FAS, adjudged the lecture a testament to UNILAG’s forward-thinking vision to bridge the gap between academic excellence and practical innovation.
While appreciating Chief (Dr.) Mike Adenuga Jnr. for the endowment which signifies his commitment to nurturing the entrepreneurial spirit in the society and inspiring the next generation of innovators, Prof Ogunsola said the annual public lecture also signals UNILAG’s strategic commitment to promoting interdisciplinary research, creating industry-academic partnerships, promoting town-gown relationships, and equipping students with the skills needed to not only thrive in a dynamic global economy but be leaders that shape the future.
The 2nd (second) Special Annual Lecture of Dr. Mike Adenuga (Jnr) Professorial Chair in Entrepreneurship Studies was chaired by African Entrepreneur, Global Culture Shaper and Founder, Ibukun Awosika Leadership Academy, Dr. Ibukun Awosika.
She described the lecture as a laudable initiative that will provide a platform to rethink and re-examine issues affecting national economic policies, generate ideas, foster collaborations, and inspire actionable solutions to the challenges and opportunities within the entrepreneurial ecosystem.