MTN Business Next Titan: Between youth entrepreneurship and Nigeria’s future
It was touching watching young Ogbeifun Iroghama, a Public Health graduate, who had been striving to gain financial support and publicity for her hair-care product, emerge winner of a 13-week entrepreneurship academy and TV reality show sponsored by MTN Business. Particularly, the moment when she was presented a N5 million cheque and a 2013 Ford Focus for her audacious feat in those 13 weeks must have set viewers pondering the future of Nigeria, as well as how such momentary gestures will go a long way to encourage entrepreneurship in the nation.
That projection is not out of place, in the face of an overwhelming youth unemployment population standing at a staggering 60 percent. When the fact emerges that the youth account for 70 percent of Nigeria’s 150 million population, the instant mental work gets more justification.
Global economy is shrinking. Business people, whether in the UK, France or the United States, are finding it increasingly difficult to get funding for their businesses, especially small business owners. The situation is even alarming in Africa where Small and Medium Entrepreneurs (SMEs) are just gaining scant attention.
Apparently, small businesses are the bedrock of every nation’s economy. No nation can thrive without the men and women who own business ventures that range from kiosks to shops. They are the last and most important chain of distribution. Standing immediately above them are those who own small lines of production, including factories, artists, laundry and dry cleaning outlets, pharmacy shops, farms and plants. These are the future entrepreneurs that will rise to own large enterprises, with the possibilities of transcontinental impact, if they get access to the right funding and personnel.
The strain on world financial institutions is obvious. The recent loss of expansive funding capacity by Nigeria’s, nay, global, financial institutions is understandable. Since Greece’s economic crisis, there has been a widespread negative effect on the entire world. As if the situation in the Latin country is a stubborn virus unleashed on the entire world by Athena gods, the name austerity has gained prominence. Next in the world economy’s litany of woes are: the Bank of England’s crisis, European Union’s shrinking options, United State’s daring economic strategies to keep businesses liquid, and Brazil’s restructuring policies. All these underscore the importance of each country in a global scheme and Nigeria is not exempted.
With interest rate standing at 15 percent in Nigeria, it’s scary for young entrepreneurs who need that all-important start-up financial muscle. The proliferation of micro-finance schemes and federal initiatives, with little publicity and stark reality of the situation have not helped the helplessness that has led to massive mental dissipation for young Nigerian entrepreneurs. Overall, the situation is comparable to gambling or ‘flying blind’.
Therefore, capacity-building and financial support initiatives like the MTN Business Next Titan are worthy of applause. The 13-week business academy had selected 16 young Nigerian graduates with viable business proposals for intensive entrepreneurship orientation and competition. In the academy, they were exposed to tasks like selling a N5 million car in less than 24 hours, raising N250,000 from a N40,000 grant within 48 hours. Most importantly, they were taught how to give back to their business environment through charitable work or Corporate Social Responsibility (CSR).
Besides, they had the rare opportunity of receiving, first-hand, appraisal and enlightenment from famous and tested Nigerian businessmen like Kyari Bukar, the MD of Central Security System, Tonye Cole, the MD of Sahara Group, and Ruth Obi, the CEO of 3Invest. The impact of a live interaction with these well-known entrepreneurs, whom the contestants had been hitherto admiring from afar, cannot be quantified.
Well, the ultimate prize may have gone to young Iroghama, but there is no undermining the potential of the other 15 contestants. They may have different backgrounds and visions, yet they share a similar aim: to transform the Nigerian business landscape. Without a doubt, MTN Business, known for producing business solutions, has just given those contestants the desired mental and financial start-up to accomplish this goal.
Tonye Cole admitted, shortly after the grand finale, that ‘these contestants have inspired me’. He added, ‘In the course of these 13 weeks, I have gained a lot from them and they have inspired me anew to believe in the compelling power of possibility.’ The same goes for Ruth Obi. The CEO of 3Invest was most thrilled. She conceded that the contestants just taught her that doing business is not only about making money but is more about greatness.
For Nigeria, the seed of enterprise has just been sown, without drawing from federal treasury. This time corporate support towards national goodwill is well engendered. MTN Business just proved its responsive stance by providing solution demonstrably to a worrying national issue. The hope of entrepreneurship is young graduates. Enlightened, their mental arsenal is best-suited for the current entrepreneurship campaign as an alternative to paid employment which has created massive unemployment due to the long queues for ‘white-collar’ jobs.
Government had lain supine before now. The recent introduction of entrepreneurship into the academic curriculum of Nigerian universities, to give graduates the hope of a better life outside paid employment, is a brilliant initiative. What is needed right now is a Student Entrepreneurship Fund (SEF), patterned after the MTN Business Next Titan initiative, to assist graduates with viable business ideas to be self-assured and self-employed. That done, Nigeria can look forward to a great future for its youths.
Obviously, the possibility of future prosperity for every nation depends on capacity-building initiatives. No longer will Nigeria abandon its young generation. Current global reality demands transformative strategies that are capable of positioning the country for economic competiveness in years to come. Such strategies are already being put in place in Europe, America and Asia. The best strategy, however, must be centred on empowering the youths. This is because they are the best resource.
Bursting with energy, Nigerian youths have demonstrated readiness to take the nation to greater heights, especially with the Vision 20:2020 in view. A clear indication of that readiness is their exploits in the just-concluded MTN Business Next Titan entrepreneurship academy and reality show. Like so many other youth empowerment initiatives for music, artisanship and sports, this academy is an indication of the best strategy to achieve the vision of prosperity and economic sustenance.
Oluwatoyin is a PR practitioner based in Lagos.
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