Former CIBN President Urges Entrepreneurship as Solution to Economic Hardship

A former president of the Chartered Institute of Bankers of Nigeria (CIBN) has called on Nigerians to embrace entrepreneurship as a means of navigating the country’s challenging economic climate. Speaking at a recent economic forum, the ex-CIBN leader highlighted the critical role of small and medium enterprises (SMEs) in fostering economic resilience, creating jobs, and driving innovation.

In his remarks, the former president emphasized that while the current economic situation poses significant challenges—such as high inflation, unemployment, and dwindling purchasing power—entrepreneurship offers a viable path to self-sufficiency and economic recovery. “Entrepreneurship is not only a solution for individual economic empowerment but also a critical driver of national development,” he stated.

He urged aspiring entrepreneurs to identify gaps in the market and leverage available resources, including government initiatives, financial support programs, and mentorship opportunities. He also stressed the importance of acquiring relevant skills, adopting innovative practices, and embracing technology to build competitive and sustainable businesses.

The ex-CIBN president also called on financial institutions to play a more active role in supporting entrepreneurs, particularly through affordable credit facilities and capacity-building programs. He noted that access to finance remains a major challenge for many small businesses, hindering their growth and contribution to the economy.

Experts at the event echoed these sentiments, emphasizing that entrepreneurship could help mitigate Nigeria’s economic challenges by reducing dependency on government jobs and fostering a culture of innovation. They encouraged the government to create a more enabling environment for entrepreneurs by addressing issues such as infrastructure deficits, regulatory bottlenecks, and inconsistent policies.

Participants at the forum lauded the recommendations and expressed optimism about the potential of entrepreneurship to transform the economy. Many shared success stories of how small businesses have positively impacted their communities, creating employment and stimulating economic activities.

As Nigeria grapples with economic uncertainties, the call to embrace entrepreneurship resonates as a practical solution to empower individuals and drive collective growth. With the right support and policies, entrepreneurship could become a cornerstone of the nation’s recovery and long-term prosperity.