A development and sustainability expert, Princess Jumoke Owoola, has expressed concern over the decline in Indigenous entrepreneurship in Nigeria, which she attributes to a "hidden agenda" by foreign operators in the country.
To counter this trend, she called for government intervention.
Owoola, the Projects Director at the Center for Indigenous Knowledge, Development, and Sustainability (CIKDAS), made this call during a paper presentation at the 2024 Conference of Nigeria Trade Association (CONiTA 2024), held on Wednesday, October 30, at the Lagos Chamber of Commerce and Industry (LCCI), Alausa, Ikeja.
Represented by Iyanda Olufemi, Princess Owoola lamented the situation, describing it as unfortunate that foreign entities are taking over Nigeria’s resources and heritage through illegal mining, often making unfulfilled promises.
She called the situation an "invasion of rural communities across Nigeria with a hidden agenda" that undermines indigenous entrepreneurship, stressing that it must not be taken lightly.
Speaking on the theme, “Unlocking Potential for Indigenous Entrepreneurship: Strategy and Success,” she noted that the concept of Indigenous entrepreneurship is similar to traditional entrepreneurship, as it also involves identifying investment opportunities and using available resources for sustainable growth.
However, she emphasized that it should focus on indigenous knowledge and local resources.
Owoola urged artisans to leverage indigenous knowledge in producing goods with high demand abroad, citing charcoal as an example, which is typically sought after between September and February.
She added that tapping into this demand could provide an additional income stream in today’s economy.
However, she cautioned artisans to adhere to regulatory requirements for such businesses.
In her recommendations, she urged the government to support artisans by providing technology and financial assistance and connecting them with financial institutions like the Bank of Industry.
Keynote speaker Taiwo Abiose, Director of the Entrepreneurship Department at the Lagos State Ministry of Wealth Creation & Employment, emphasized the importance of social responsibility in business.
Represented by Assistant Director Wale Thompson, she encouraged entrepreneurs and artisans to focus on solutions rather than constantly highlighting challenges.
“The nations we admire today, like Japan and China, focused on solutions while others magnified their problems.
“This problem-solving approach has led to innovations such as the Compressed Natural Gas (CNG) we are now using to run our motor vehicles,” she noted.
In his response, Jerry Ukperoro from the Association of Carton and Waste Recycling Dealers of Nigeria (ACWREDON) highlighted how foreign companies exploit Nigeria, causing a decline in local crafts and artisanal production.
He explained that foreign players produce in bulk and sell directly to local markets, thereby discouraging indigenous production.
Ukperoro cited examples like the cane village in Maryland and the Adire cloth culture, both of which have suffered as a result of foreign intervention.
“If the government doesn’t enact policies to revitalize indigenous businesses, the current 98% employment rate in the informal sector could fall drastically below 45%, which would spell economic chaos for Nigeria,” he warned.
CONiTA is an annual multi-sector conference that brings together trade associations, professional organizations, artisans, business regulators, policymakers, and sustainability advocates to share models and ideas that can promote good governance, inclusive growth, and shared prosperity in Nigeria.
The theme for this year’s conference was “The Nexus of Sustainability, Entrepreneurship, and Trade Association in a Modern World.”
In his remarks, Dr Nelson Obine, Convener of CONiTA and President of the Institute of Trade Associations Management highlighted that the conference focused on marketing strategy and sustainability in Nigeria, aiming to foster honest discussions and address critical issues.
The event attracted professionals, individuals, and artisans from various trade associations, including a large contingent from the Lagos State Council of Tradesmen and Artisans (LASCOTA). Other associations present included the National Electronics Technicians Association of Nigeria (NETAN) and the Lagos State Charcoal Marketers Association (CMA).
The 6th edition of the conference was supported by several corporate organizations, including Access Bank, First Bank, Flour Mills of Nigeria, and Nigerian Breweries.
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