SAM OHUABUNWA'S PARADIGM

Global development is entering a phase where Entrepreneurship will increasingly play a more important role. An analysis of sources of economic growth by the World Bank( 2013), finds that the biggest differences between developed and developing economies are in innovation performances. It emphasizes that while Entrepreneurship and Innovation are very critical for economic growth,they have also become increasingly important for addressing major development Challenges, such as the ones related to poverty, inclusion and sustainability. According to the World Institute for Development Economics Research( United Nations University), it is expected that Entrepreneurship will continue to make significant contribution to growth and employment generation in advanced, emerging and least developed economies alike. This is a reasonable expectation- one that is supported by recent findings of historians, economists and management scientists. In the highly industrialized West, economy of the 1970...

Those who know me or who read my writings will agree that I am very optimistic about this Country. I believe in the resilience of the country and its ability to withstand centrifugal forces trying to tear the country apart and abort its destiny of leading Africa and the black race.But I must say that I am worried with recent developments in the Polity. The signs are omnious and troubling. First, the onslaught of the terrorists is not abating. The terrorists are bombing and killing themselves and many innocent Nigerians. They are also capturing and occupying territories in the North East Nigeria, precipitating the highest level of internal displacement of Nigerians since the civil war. Many Nigerians are truly troubled with the apparent difficulty our Security forces are having in halting and dismantling this vicious rebellion. To put it mildly, Nigerians feel despondent and helpless and are wondering what next we need do to resolve this seemingly intractable national challenge. It wa...

Last week I admonished Nigerians to prepare for a rough ride ahead, given the Security, Political and Economic challenges confronting our Nation, one climbing on the back of the other. As I had predicted, some salvos were fired during the week by the Central Bank of Nigeria. The naira was devalued, though I hear that my brother, Dr Nnanna, Deputy Governor designate of the CBN, says it is not devaluation. May be we can call it a steep depreciation of the Naira. Today the dollar is exchanging for more than 180 naira in the Parallel market. The interest rate was adjusted upwards, prompting immediate review of the pricing of most bank loans and creating new nightmares for the industrial sector including the SMEs. With depreciation of the dollar in an import dependent nation and with rise in interest rates, it will not be long, before inflation will begin to inch up. The consumer at the end of the day will bear the full brunt of these austerity measures. I had planned to do a follow up a...