Economic Recession Menace: Akwa Ibom Agric Investments Director Proffers Solution
… Harps on Imperative of Enterprenurship for Socio-Economic Development
As the current recession continues to bite harder, the Executive Director, Akwa Ibom Agric Investments, Pastor Umo Eno has stated that more support and growth of Enterprenurship in the country will salvage the situation.
He noted that what is needed more than ever to grow the country’s economy out of recession is to support more entrepreneurs through the various Micro, Small and Medium Enterprises (MSME) schemes and not aids, stressing that granting and distribution of aids is like giving a man a fish but not teaching him how to fish.
Pastor Umo Eno made these known in his presentation at the 2020 week celebration of the Institute of Chartered Accountants of Nigeria (ICAN) and District Society held in Uyo, at the weekend.
Pastor Eno who was the lead speaker on the theme, “Enterprenurship as a catalyst for economic development of Akwa Ibom State,” maintained that enterprenurs are considered as backbone of a country’s economic development with the role of enhancing the standard of living of the people.
According to him, “in recent years particularly in 2020, due to the COVID 19 pandemic, economic growth has slowed down globally. This is reflected in the high rate of inflation and high unemployment across the globe.
“To overcome these challenges, government must deliberately adopt measures to encourage enterprenurs to continue to play their roles in stimulating the economy both at the state and local government levels.”
Pastor Eno who is an accomplished entreprenure, turnaround management consultant and hotel and tourism practitioner, acknowledged that enterprenurs face more risk during the process of innovation to the industry, but said an entrepreneur is a combination of skilled human resource, capital and technology adding that by effective usage of natural and human resources, he acts as catalyst towards economic development.
“Entreprenure plays a vital role in economic development, serves as the catalysts in the process of industrialisation and economic growth.
“Technical process alone cannot lead to economic development, unless technological breakthroughs are put to economic use by entrepreneurs to bring about creation of employment, improve per capita income, capacity building of high quality manpower, high quality development of products and services, improved tax revenue to government and foreign exchange through exports, and creates economic independence.”
The Executive Director maintained that the Governor Udom Emmanuel led administration had taken the lead by involving entreprenurs to diversify the economy under different MDAs including; the Ministry of Agriculture, Tourism, Aviation, Trade and Investment, Foreign Direct Investments, and the Power Sector. “Most recently His Excellency created the Directorate of Agricultural Investments in AKICORP, to promote Private Sector Participation in the development and sustainability of agriculture in the State,” he added.
He commended Governor Udom Emmanuel for his commitment to the development of MSMEs in the state disclosing that the Governor has recently released funds in form of soft loans to many Akwa Ibom people to grow their businesses.
Pastor Eno, the CEO of the Royalty group of companies employing over 500 Akwa Ibom people, decried the unwholesome attitude of some youths who ambush politicians to beg for aids as well as those battling to travel out to Europe and other countries, disclosing that some Germans were in Nigeria processing cassava and exporting chips called “Casanova.”
He therefore urged youths to be innovative and explore opportunities available in the agricultural sector for meaningful living.
Also speaking, the Chairman on the occasion, Dr Umanaette Udoh commended Governor Udom Emmanuel for creating the Directorate of Agricultural Investments and subsequent appointment of Pastor Umo Eno as the Executive Director.
Dr Udoh extolled the sterling entreprenural qualities of Pastor Eno and urged members of ICAN to device means of taping from his fountain of business acumen.
Earlier in her address, the Chairman of ICAN Uyo and District Society, Deaconess Eno Akpan noted that the theme of the celebration was picked in view of the fact that Enterprenurship is the low hanging fruit that can jumpstart the postcard economy of the state, adding, “we believe our comparative advantage is actually in the agricultural sector, hence the choice of the lead presenter, Pastor Umo Eno, a top entreprenure in the state with business in the hospitality and food sector of the economy.”
She emphasized on the need for entreprenural development in the state and urged members to venture into business with emphasis on agriculture.