Fanimokun Identifies Key Challenges to Nigeria’s Advancement at Folawiyo Entrepreneurship Centre Lecture
In a compelling lecture at the inaugural Annual Lecture Model Series and Business Idea Competition hosted by the Folawiyo Entrepreneurship Centre, Chief Tunde Fanimokun, the former Permanent Secretary of Lagos State and Chairman of the DSE Foundation, outlined seven critical challenges hindering Nigeria’s national progress. The event took place at the Yusuf Grillo Auditorium of Yaba College of Technology, focusing on the theme: “Entrepreneurship: The Central Pillar of Accelerated Sustainable Development in Nigeria.”
Chief Fanimokun emphasized that Nigeria faces significant obstacles, including the mismanagement of resources, neglect of agriculture, a reliance on imports, a lack of coordination in various sectors, the decline of the oil industry since the discovery of oil in Oloibiri in 1958, and a soaring youth unemployment crisis. He noted that these issues, compounded by ineffective leadership, are major barriers to the nation’s growth.
“Inexhaustible abundance is a natural gift from the Almighty,” Fanimokun stated. “Visionary leadership is essential for sustainable development across all levels of society.” He highlighted the importance of entrepreneurship as a vital component of management studies, now a mandatory subject at universities throughout Nigeria.
He pointed to recent government initiatives, such as the Enterprise Development Services funded by the World Bank, as a response to the growing need for entrepreneurial promotion. Fanimokun used the exemplary leadership of the late Alhaji Lateef Kayode Jakande, former governor of Lagos State, as a case study, illustrating the significance of entrepreneurship in public administration.
Fanimokun remarked on the private sector’s limited association with innovation and entrepreneurship, stating, “The case study of LKJ in Nigerian public administration reveals novel insights. His management style and achievements are crucial for entrepreneurial studies.”
He also honored Chief Yinka Iyanda Folawiyo as a successful entrepreneur, noting his remarkable journey from student abroad to establishing a diverse business empire in sectors such as banking, real estate, oil and gas, and shipping.
Prof. Funsho Afolabi, Chairman of the Governing Council of Yaba College of Technology and host of the lecture, described the Folawiyo Entrepreneurship Centre Annual Lecture Series as a launching pad for innovative ideas and future leaders. He emphasized the need for job creators in Nigeria and how this series aims to empower young entrepreneurs with essential skills, mentorship, and networking opportunities.
Dr. Engr. Ibraheem Abdul, Rector of Yaba College of Technology, affirmed that the annual lecture series serves as a tribute and a dynamic platform to inspire the next generation of visionary entrepreneurs. He praised Chief Folawiyo as a transformative figure in business, whose legacy demonstrates that Nigerian enterprises can thrive globally when grounded in discipline and driven by innovation.
As Nigeria navigates its path toward sustainable development, the insights shared at this event underscore the crucial role of entrepreneurship in overcoming the nation’s challenges and fostering a new generation of leaders.
