How entrepreneurship can drive our economy

At one time it was thought that African entrepreneurship was timid and could not jump start economies in the way entrepreneurship had played transformational roles in Europe, United States of America and Asia.

But real developments in our economies especially in the last three decades have shown that Africa’s entrepreneurs have come of age. 

With Aliko Dangote in cement manufacturing an area where he has shown more dexterity, audacity and courage than overseas entrepreneurs and becoming the 26th richest man in the world and Africa’s richest, it is clear that Africa’s entrepreneurship is not timid but bold, perceptive and developmental.

Unknown to many is the great pool of developmental entrepreneurs in Nigeria who are silently changing the economic landscape through their entrepreneurial activities. One of these is Innocent Ifediaso Chukwuma. He started as a motor cycle parts trader and moved further into manufacture of motor cycles, plastics and household items, tyres and tubes and with Innoson Vehicle Manufactiring he has carved a niche in motor manufacturing.

In his motor manufacturing plant in Nnewi, buses, trucks and SUVs are produced. The plant had scheduled to move into the manufacture of cars in April 2014.  In car manufacturing, his dream is to churn out cars that would sell for about a million Naira. He hopes to push secondhand cars out of the market by producing new cars at lower prices. According to Innocent Chukwuma “ who will like to buy an old car when he or she can spend less and buy brand new…?”

Incidentally the entrepreneurial direction and dream of Innocent Chukwuma is on the path of current and future policy framework of the federal government on local automobile production. The federal government has begun steps to encourage local manufacturing of automobiles by using tariff measures to discourage used and new vehicles imports and provided incentives for automobile manufacturers in the country.

The lesson to draw from the entrepreneurial trajectory of Innocent Chukwuma is that beyond the trumped up harsh business environment in the country, there are forward looking, daring and perceptive entrepreneurs that are thriving. Also, Nnewi just like Aba in the South east have become industrial hubs that regional and Federal governments should not ignore. 

All that can be done to incentivise bold entrepreneurship in these areas should be done. Such dispersal of industrialization is central to poverty reduction, employment generation, reduction of needless migration to just a few centres and consequent check on population explosion and huge pressure on infrastructures in a city like Lagos.