Entrepreneurship remains solution to youth unemployment, expert says

* Says multiple taxation on private businesses driving investments in pharmaceutical industry away from Nigeria to Ghana

FAfrica Canada Trade and Investment Venture, Kenneth Oguzie, has called on Nigeria youths to focus on entrepreneurship, which he sees as the solution to unemployment.

In a virtual gala/ award event, he called on the government to do everything within its power to assist youth entrepreneurs face the challenging times.

The Canada- based Nigerian entrepreneur lamented the condition of many Nigerian youths who, because of unemployment, took to menial jobs, including commercial motorcycle business, to make a living.

He challenged the government to come up with programmes that would help youths to become great entrepreneurs.

“As the chief executive officer of an international business organisation focused on trade, investment, project financing and business facilitation between Canada and Africa, I believe it would go a long way in inculcating in the youth the quality of having a global perspective in business.”

Oguzie, who is always boosting the morale of young entrepreneurs, was given an award for his contribution and active support towards immigrants.

Challenging the elderly to give entrepreneurship a trial because “it is the solution to the global harsh economy,” he charged the youth to remain focused and undaunted in the face of every challenge.

PRESIDENT, Pharmaceutical Society of Nigeria ( PSN), Mazi Sam Ohuabunwa, has warned the Federal Government against multiple taxation on private businesses as it may end in driving investment away from the country to neighbouring Ghana.

Ohuabunwa spoke at a public hearing on five bills organised by the Senate Committee on Health, chaired by Senator Ibrahim Oloriegbe.

The five bills are: Advanced Healthcare Development Fund ( Est. Etc.) Bill 2020 ( SB. 371); Federal Tertiary Teaching Hospitals Development Tax Fund ( Est., Etc.) Bill, 2020 ( SB. 136); Medical and Dental Council of Nigeria ( Repeal and Re- enactment) Bill, 2020 ( SB. 480); Federal University of Health Sciences, Oturkpo, Benue State ( Est., Etc.) Bill, 2020 ( SB. 216); and National Maternal and Perinatal Deaths Surveillance ( EST., Etc.) Bill, 2020 ( SB. 518).

Chairman of the Senate Committee on Health, Ibrahim Oloriegbe, said the Federal Tertiary Teaching Hospitals Development Tax Fund is for rehabilitation, restoration, improvement and consolidation of tertiary healthcare delivery in Nigeria in order to restore confidence in the health sector.

Oloriegbe said: “Under the bill, petroleum companies shall pay one per cent of total barrel of crude oil they produce yearly as tax, mobile phone services providers shall pay one per cent of airtime and data they sell yearly as tax, cement companies shall pay one per cent of their yearly profit tax, beverages and breweries companies shall pay one per cent of their yearly profit as tax. Others are painting chemical manufacturing companies shall pay one per cent of yearly profit as tax and tobacco companies shall pay one per cent of their yearly profit as tax.”

But Ohaubunwa said it is true that funds are needed to support health, which they are in agreement with. However, he said it should not be at the expense of the private sector.

The pharmacist said: “The private companies pay taxes to government and the government should use that tax to develop health sector, education and whatever

“The tendency and pendency to keep taxing, today is one per cent, telecoms one per cent, breweries one per cent is not the best global practice and this country wants to be operating at that best global practice.

“More importantly, we are underdeveloped and we need investments, for investment to flow, we must make the environment attractive. So, to be taxing companies, every law you add one per cent, another day it may be pharmaceutical companies and we are reeling under poor performance.

“So, I am in agreement that we need funding for healthcare. I am a healthcare professional, I know it is not properly funded, we should be creative.”

Ohuabunwa added: “One of the things we should be suggesting is to reduce bureaucracy, cost of running government, cost of running National Assembly, cost of running all the different sectors. We are spending so much on bureaucracy, over 70 per cent on recurrent expenditure whereby we are leaving less than 30 per cent for capital.

“Instead of facing the main issue, we are running around taxing companies, the companies will run to Ghana and we would have nobody to tax again.”

On the bill for the Federal University of Sciences in Oturkpo, he said: “If you ask me, we don’t need to set up any more universities until we are sure of proper funding of the ones we have.

“We have institutions littered all over the places that is what is consuming the recurrent expenditure in the budget of the country. Let us first be sure that the ones we have are working at optimum level before starting a new one. This perchance to start, start, will proliferate the place and none of them is performing well.

“Government should take one or two it can do and make it a model, then invite private sector to use that model to build their own.