Save Austin Fair Yudala banner
Elumelu identifies way to drive job creation, diversify economy

By News Express on 12/10/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 308

•Tony Elumelu and other panellists at the opening plenary of the 23rd Nigerian Economic Summit
•Tony Elumelu and other panellists at the opening plenary of the 23rd Nigerian Economic Summit

The Chairman of African proprietary investment company, Heirs Holdings, Tony O. Elumelu, CON has called on the government to prioritise SMEs, the Creative Sector and access to electricity to drive job creation, inclusive growth and the diversification of the economy. He made this call while speaking on the topic “Opportunities, Productivity and Employment: Actualizing the Economic Recovery and Growth Plan” at the opening plenary of the 23rd Nigerian Economic Summit with Vice President Yemi Osinbajo and Vice Chairman of General Electric, John Rice. Speaking on the topic, Vice President Yemi Osinbajo stated that though the government has put in place policies to drive productivity and ease of doing business in Nigeria, more still needs to be done. He cited the power sector as an area the government has consciously created initiatives to incentivise businesses along the value chain but noted that the sector lacked the right form of investments.

“Even with increasing generating capacity, Tony’s company and some others have obviously improved generation capacity, and generation has improved considerably, but that last mile – distribution, is absolutely important. We need plenty of investment, especially in distribution,” he said. While commending the government on its initiatives and N760billion intervention in the power sector, Elumelu said that the sector should be market driven to create sustainability.

He urged the government to consider recapitalising the leveraged DISCO entities in the sector to allow capable and competent investors come in to bail out the struggling ones that are pulling the power sector back. “If we fix power in Nigeria, we will increase our ease of doing business and make life significantly easier for investors, the SMES and Entrepreneurs we are trying to nurture and indeed, every Nigerian,” he said.

Elumelu also identified the creative sector as having a huge potential and the capability to create millions of jobs if the government addresses its some of its critical challenges such as piracy and intellectual rights that will enable the sector flourish. Addressing the urgent need to prioritise SMEs, Elumelu noted that the country desperately needed a mechanism for job creation to address inclusiveness and sustainable development.

“SMEs are the engine of growth. When they succeed, they recruit, they train people and when the likes of GE come on board they have a ready ecosystem and pipeline of ‎supply chain players that will support what they are doing. To get it right we need to continue to prioritise our SMEs and improve the environment for SMEs to succeed,” Elumelu said.

The Vice Chairman of General Electric (GE), John Rice, responded to the need for localisation of the economy, urging the government to focus on improving infrastructure and the speed of government bureaucracy to attract and retain foreign investors and partners.

“The government needs to begin to measure itself on speed as it begins to implement its reforms,” he said.  

Elumelu, who is also the Founder of The Tony Elumelu Foundation, has been a prominent advocate for an entrepreneurially and private sector-led economy as the key to unlocking growth and development. His Foundation has committed $100million to mentor, train and invest in 10,000 African SMEs over a 10-year period with 3,000 entrepreneurs incubated so far.

This weekend, over 1,300 entrepreneurs from 54 African countries, as well as the full African entrepreneurship ecosystem, will gather in Lagos for The Tony Elumelu Foundation Entrepreneurship Forum – the largest gathering of African entrepreneurs.

Source News Express

Posted 12/10/2017 04:54:52 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Ex-MEND leaders seek Buhari’s intervention on amnesty programme...

MTN files defence plea in $4.2bn suit

Troops grab 26 Boko Haram mercenaries, 3,332 civilian...

Why we suspended 6 lawmakers: Nasarawa Deputy Speaker...

Pogba arrives for Man Utd medical before £89m...

Children play special ‘football match for peace’, ahead...

Manslaughter: Star actress Ibinabo back in prison as...

Aregbesola vrs Omisore: Tribunal reserves ruling indefinitely

Latest on Governors’ Forum crisis: AMAECHI INSISTS ON...

Edo indigenes in Europe honour Oshiomhole, endorse deputy...

NiMET forecasts moderate dust haze, cloudy condition for...

Boko Haram kills 6 Civilian JTF members in...

 

Latest News Dangote begins construction of job centre in Abia BOI, Unity Bank in court over N150m loan Presidential committee to destroy 5,000 illicit weapons in Zamfara •Over 1,000 destroyed in Benue, Katsina Senate overrules Okpara Varsity VC, orders recall of 400 sacked staff Bankers aid money laundering in Nigeria, says Ribadu Nigeria signs Joint Declaration on Economic Cooperation with European Free Trade Association PDP convention: Reconciliation Committee to address grievances, says Dickson Ijaw youths vow to fish out killers of British aid worker FG’s priority is to create better environment for investments — Udoma Deposition threat, an affront to Ibadan people — Olubadan 15,000 innocent civilians killed under Buhari’s watch — Intersociety •Slams atrocity perpetrators and their agents Lagos seals Chisco, Ifex, GUO, other transporters’ offices

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (300,929 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (285,795 views) Shameless Genevieve Nnaji exposes breasts in public (230,464 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (193,432 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,450 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (170,067 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,185 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,560 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (130,577 views) Lagos plane crash: Journalist releases victims’ names (119,036 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,502 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,131 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,819) Business Verdict (28) Columnists (776) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (419) Features (522) Global Business Monitor (193) International (1,687) Interviews (138) Live Commentary (28) Love Matters (92) News (30,972) Opinion (845) Pidgin (9) Politics (4,210) Religion (653) Sports (1,381) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!