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| Textile Factory Image as seen on New Telegraph |
Managing Dearth Of Industrial Development In Nigeria
Critical assessment
Present administration continue to throw banter on blame game on last administration, whereas the President Tinubu pronounced that, he will accept assets and liabilities,till date 800 companies has closed down, without this administration injecting first aid,yet our public debt is well over N97.34trn
Over financial institution declared monumental profit taking advantage of arbitrage in forex market
It is obvious this administration is clueless in restructuring, reengineering, recalibrating and repositioning,where major expenditure is at variance with our critical need,as a result of high inflation, insecurity,high energy cost, systemic and endemic corruption were usual rhythms of this corporation now turned to moribund
Critical turning point
How can local investors and DFI's facilitate a entrepreneurial capitalism set up incubation process to encourage our youth who remain unemployed to prevent further di-investment to avoid looming recession
My personal review
The current administration's blame game and lack of decisive action are hindering economic progress. To facilitate entrepreneurial capitalism and incubate a startup ecosystem, local investors and DFIs can:
1. Establish incubators and accelerators to support innovative ideas and early-stage businesses.
2. Provide access to funding, mentorship, and resources for young entrepreneurs.
3. Encourage collaboration between startups, industry experts, and academia.
4. Foster a culture of innovation and risk-taking.
5. Develop programs to enhance entrepreneurial skills and capacity building.
6. Offer tax incentives and other benefits to attract and retain talent.
7. Create industry-specific clusters and hubs to foster specialization and competitiveness.
8. Implement policies to ease doing business and reduce bureaucratic hurdles.
9. Promote digital literacy and access to technology.
10. Encourage social entrepreneurship and impact investing.
Conclusion
It obvious that this administration has not proved that there is capacity and competence with character to safe Nigeria industrial development from comatose and quagmire
It is time for the Patriots to wake up from slumber and take over our industrial development
Local investors and DFIs must help unleash the potential of Nigeria's youth and create a vibrant entrepreneurial ecosystem, reducing unemployment and driving economic growth.