Govts Urged to Establish Entrepreneurial Hub toTackle Poverty
The federal and state governments have been advised to set up private sector-led initiatives such as an entrepreneurial hub to tackle the rising incidence of poverty in the country.
The Financial Derivatives Company Limited stated this in its latest bi-monthly economic update obtained at the weekend.
The report noted that the relationship between poverty reduction and the expansion and development of SMEs cannot be overemphasised.
It also urged federal and state governments to look beyond access to finance and prioritise empowerment through developing a strong support network for entrepreneurs, access to skilled resources and shared collaborative spaces that reduce overhead expenses.
“To complement the government’s efforts, there is the need for private sector led initiatives such as the establishment of an entrepreneurial hub.
“Such a hub could be an association of entrepreneurs that co-fund or co-source relevant technical and managerial skills, which are germane for business sustainability.
“Given the huge cost that may be associated with training and skill acquisition, the train-thetrainer model could be adopted. This is a situation where a few entrepreneurs are selected and sponsored to attend special training programs and expected to train other members of the group upon completion of the program,” the report explained.
According to the FDC, there is also need for sensitisation to arouse the entrepreneurial spirit in young and talented individuals.
These initiatives, it pointed out, would play critical roles in strengthening micro, small and medium scale enterprises (MSMEs) growth in the country.
Stronger MSME growth creates greater room for job creation, reducing the level of unemployment, and therefore reducing poverty.
Poverty alleviation remains a persistent focus in Nigeria despite noteworthy programs over the years such as: Operation Feed the Nation (1976), the Green Revolution (1982), and the National Poverty Eradication Program (2001). While the initia-