A business administration Lecturer at the Federal Polytechnic, Ado Ekiti, Dr. Chiedozie Odigbo, has described as a mere “throwing money at social problems”, the N36.6 billion spent by the Federal Government to promote businesses under Tradermoni, Marketmoni and Farmermoni concepts.
Odigbo warned that until the federal government fund research and adopts a strategy of school-industry partnership, the concept of entrepreneurship and job creation will continue to suffer colossal failure in the country.
The lecturer spoke why presenting the 25th edition of Prof. E.K. Obiakor’s lecture series titled: ‘Efforts and Errors in Entrepreneurship Education Towards Employment Expansion in Nigeria: Which Paradigms Must Shift?’.
The scholar suggested a partnership between the institutions of higher learning and local communities in business development, for graduates to acquire the right knowledge, managerial skills and acumen to proficiently run their businesses.
Odigbo, who emphasized that the federal government concepts of Tradermoni and other intervention funds were apt and suitable, faulted the modalities adopted in the disbursement of the monies to beneficiaries, which he said was inefficient.
He added that the federal government established the National Directorate of Employment(NDE) to assist graduates to set up businesses in agriculture and MSMEs, saying almost all the businesses that sprang up through the process had collapsed due to poor managerial skills.
He advised Polytechnics to research into new ways of conceiving, nurturing and sustaining businesses in the country, as a way to boost entrepreneurial education, rather than relying on the present situation.
He said “The NDE was established in 1990 to help graduates establish their own businesses and nurture them to reduce unemployment. Business proposals submitted by these graduates after attending the training were done by another person and virtually all the businesses that came up through that had collapsed.
“But have we learned from the NDE to guide us on how not to throw money at social problems? The N36.6 billion spent by the federal government on traderMoni, farmerMoni and marketMoni was merely throwing money at social problems. How many businesses did it create.
“Beyond the schoolwork, alumni who have been found successful in business should be invited to serve as role models to students. Role modeling will help in motivating the students and create hope of a better future in entrepreneurship.”
Odigbo suggested the establishment of a center for entrepreneurship Education Research and Development by the National Board for Technical Education(NBTE) to design the best methods of teaching entrepreneurship and monitor implementation in Polytechnics.
The lecturer stated that the department of business development should be established in polytechnics to teach students how to establish nurture and launch new businesses to thriving and maturity stages.
“Teachers of entrepreneurial education in Polytechnics should be qualified people. Management should also monitor students beyond the four walls of the polytechnics and see how they are faring in business development.
“Polytechnics should hold periodic meetings with government, banks, and organized private sectors to enhance town and gown relationship. All cooperative colleges should be converted to Institutes of cooperative and entrepreneurship studies to retrain the existing entrepreneurs,” he said.
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