Entrepreneurship education, catalyst for economic development — Experts

Economic experts have described entrepreneurship as a powerful catalyst for economic development when properly tailored to address many of the perennial challenges facing the country.

They stated this at a workshop jointly organised by De Monfort University (DMU), United Kingdom, University of Ibadan School of Business (UIBS) and the National Centre for Technology Management (NACETEM) in Ibadan on Tuesday.

The project is the latest instalment of a programme of research on entrepreneurship, which commenced in 2007, looking at the impact of a 2006 government policy that mandated entrepreneurship education in Nigerian universities.

The experts, relying on the outcome of a British Academy-funded research project titled “Impact of Entrepreneurship Education on Youth Entrepreneurship in Nigeria,” noted that entrepreneurship interest is not the same as entrepreneurship practice.

Presenting the findings from the research programme, co-investigator of the project at the National Centre for Technology Management (NACETEM), Mr Adedayo Olofinyehun, noted that although the National Universities Commission (NUC) and National Youth Service Corps (NYSC)-led programmes have introduced entrepreneurship curricula and courses to stimulate interest, this interest has not consistently led to actual entrepreneurial practice.

Olofinyehun also disclosed that by design, the two programmes are only intended to affect interest, adding that the compulsory nature of the programmes are not necessarily aiding the sustainability of such interest.

He listed other barriers to include gender, seed capital, doing business, structural, among others.

While presenting a new toolkit developed by the research team on entrepreneurship development education, the project leader, Dr Abiodun Egbetokun of De Monfort University, said “While it is true that entrepreneurship education has emerged as a vital strategy for fostering innovation, creating jobs, and addressing youth unemployment, there is, however, the need to come up with actionable steps to design and implement impactful entrepreneurship education programmes.”

He added that based on the findings of their research on the impact of compulsory entrepreneurship education on students’ entrepreneurial interest, “something is wrong with the kind of entrepreneurship training students are getting.”

He noted that the team designed the toolkit “to guide stakeholders (educators, trainers, curriculum designers, business owners, and policymakers) in creating programmes that inspire entrepreneurial thinking and develop practical skills.”

Egbetokun added that “to do good (effective and efficient) entrepreneurship education, some core principles should be followed.”

He then listed the principles to include relevance; experiential learning; interdisciplinary approach; inclusivity and accessibility; continuously improve quality of faculty; assessing impacts and outcomes, to ensure sustainability and ethical compliance in the businesses created, among others.

According to him, these principles have been “developed from years of research experience in studying student entrepreneurship.”

Delivering a keynote address on the theme “Teaching to Thrive: The Power of Entrepreneurship Education for Youth Empowerment,” Professor of Economics of Education at UI, Segun Adedeji, harped on the need to provide hands-on learning experiences that offer practical training, mentorship, and real-world experiences to help youth develop entrepreneurial skills.

Other solutions he proffered include fostering partnerships and collaborations with industries; and collaboration with businesses, organisations, and community groups to provide resources, support, and networking opportunities for young entrepreneurs; development of curricula that promote diversity within the institutional landscape, among others.

Professor Adedeji also berated the country’s leaders for their non-interest in solving core problems of development, saying “we have so many problems we are not thinking of solving. That’s why the problems are coming.”

The event also featured a panel discussion with Assocate Professor of Entrepreneurship, Federal University of Technology, Akure, Dr Abolaji Dada; Professor of Economics and former Director of UIBS, Professor Adeolu Adewuyi, and the Director of the UIBS, Dr Siyanbola Omitoyin.

Following an exhaustive discussion at the workshop, all the stakeholders concluded that by adopting the principles and strategies outlined in the toolkit, educators and policymakers can create programmes that inspire and equip learners to become successful entrepreneurs, driving innovation and resilience in their communities.