Some entrepreneurs have stressed the need to support and empower young people for Nigeria and Africa to achieve their socio-economic and political potential.
They made this call at a youth-focused program organized by the African Social Innovation Fellowship (ASIF) on Thursday in Lagos.
ASIF Executive Board President, Mr. Dennis Akin, said funding remained a major challenge for young people in Africa and Nigeria.
He emphasized the importance of stakeholders mobilizing and harnessing capital for individuals with promising ideas.
According to him, the program aims to connect Africans in the diaspora, who wish to support their homeland, with young entrepreneurs in need of mentorship, capital, and coaching.
Akin stated, “This ensures Africans can make the continent a hub for economic development and a great place to thrive.
“Young African entrepreneurs do not need convincing about resilience; it is part of their daily struggle.
“What matters is how we harness support from the diaspora, who contribute three times more than foreign aid, to fund innovative ideas beyond remittances.
“How can we establish a structured system where a percentage of their earnings is committed to long-term investment, reducing the need for direct remittances?”
Mr. David Lanre Messan, Managing Partner at First Founders Venture Studio, said entrepreneurship must be democratized, as young people make up over 45 percent of Africa’s population.
“We need to create an enabling ecosystem that equips young people with essential skills to improve operational and capital efficiency in their businesses.
“To solve our problems, we must provide patient capital, whether through grants or early investments, to support the experimentation of new ideas.
“This is not just a government responsibility; everyone must work together to democratize entrepreneurship.
“We must approach it from multiple angles—skills development, policy support, and patient capital investment,” Messan added.
Mr. Gerald Konwea, Chief Executive Officer of Smart Business Hub and Managing Consultant at Spotter, highlighted the government’s role in fostering a business-friendly environment.
“The government must act as an enabler for businesses of all sizes.
“One key way to achieve this is through continuous engagement with stakeholders, including the organized private sector,” he said. (NAN)
