Uwaleke Advocates Entrepreneurial Knowledge As Key To Wealth Creation In Nigeria
…Shettima, Agama, Ihedioha, Izunaso, Others Hail Uwaleke’s Contributions To Capital Market Development
Nigeria’s first Professor of Capital Market Studies, Prof Uche Uwaleke, on Wednesday delivered the 50th Inaugural Lecture of the Nasarawa State University, Keffi, with the title “Unlocking Wealth and Leveraging Entrepreneurial Knowledge Ecosystems: Understanding Capital-Harnessing Essentials (UWALEKE UCHE).”
The event is part of Uwaleke’s contributions to expanding the frontiers of capital market education in Nigeria.
An inaugural lecture is a formal academic event where a professor presents their research, academic journey, and vision for their field.
It marks the professor’s official induction into the academic community and represents a significant milestone in the academic career of the varsity don.
Speaking at the event, Uwaleke argued that the country’s immense idle resources can be unlocked by mobilizing funds from the capital market to develop the requisite skills and support the environment, which he collectively referred to as the ‘Entrepreneurial Knowledge ecosystem.’
He identified some of the fiscal barriers to wealth creation in Nigeria to include over-reliance on traditional borrowing instruments and reliance on the international debt capital market.
To enhance debt sustainability, he stated that borrowing plans should be linked more to debt service ceilings than other debt indicators such as the gross domestic product.
He said, “Consistent with the Fiscal Responsibility Act 2007 and in view of the country’s huge debt burden, governments should borrow only to fund projects that are self-liquidating.
“In order to optimally diversify the country’s debt portfolio, other external funding windows, such as the growing renminbi (RMB) market, should be explored with the overarching objective of securing the best deals that reduce borrowing costs.
“I consider Entrepreneurial knowledge as the embodiment of the skills and competencies necessary for unlocking wealth in any economy.
“The big question is: what does it take to build entrepreneurial knowledge and how should policymakers in Nigeria go about it?
“Amid budget constraints, the government can make higher education more cost-effective by prioritizing resources in favour of academic disciplines that support industrial development and which are directly tied to economic outcomes.”
He called on Nigeria to draw from the experience of other countries, such as China where the country’s Double First-Class Initiative aims to elevate select universities to global rankings by investing heavily in fields such as artificial intelligence, engineering, and natural sciences.
He also cited the example of
Singapore where the Skills Future program is a flagship initiative, offers funding for companies that invest in training and skills development for students.
Under this scheme, he said companies collaborating with universities to upskill students can receive subsidies for training programs.
He also urged the government to follow the example of South Korea, noting that “South Korean and Chinese examples of strong integration of academia and industry to build entrepreneurial knowledge and unlock wealth provide a replicable model for a country like Nigeria
“To this end, governments at all levels can optimize the use of scarce resources by prioritizing the funding of higher education in favour of what I call pillar courses, namely Agriculture, Medical Sciences, ICT and Engineering (AMIE).”
Over the years, Uwaleke said the underfunding level in these areas has resulted in low enrolment of students in these fields and consequently reduced productivity.
“There is an urgent need to make funding of public universities in Nigeria more effective and result-oriented by linking it to national development plans through a scale of preference that optimizes available scarce resources
“For example, the current medium-term National Development Plan (2021-2025) envisions that by 2025, ‘Nigeria’s agriculture and food ecosystem will experience at least a 10 per cent annual growth rate’.
“To this end, it has the goal of increasing ‘the national output and productivity of six priority value chains of food crops (cassava, maize, rice, soya, tomato & yam), as well as the poultry, fisheries, and dairy value chains, ensuring adaptation to climate change’ (see page 2 of the NDP summary of goals and vision for the agriculture and food security sector).
“Essentially, the model I am canvassing here requires that universities should be funded based on a formula which factors in individual peculiarities and a desire to promote programs in agriculture, medicine, ICT and Engineering with huge potential to positively transform Nigeria’s socio-economic landscape.
“To this end, the Ministries of Education, Budget & National Planning and Science & Technology should jointly draw up a list of courses and programs that are critical to the success of the NDP and mandate the Tertiary Education Trust Fund to skew interventions in favour of these courses, (even if that will require an amendment to the TETFund Act).
“By the same token, the National Education Loan Fund (NELFUND) should prioritize students in AMIE programs to ensure that they are all covered,” he added.
As the government’s resources improve, he noted that conventional universities running traditional courses may benefit from the differentiated funding model if they can show proof of restructuring their programs to reflect priority areas.
“Unlocking Nigeria’s hidden wealth through the capital market will involve leveraging the market’s potential to mobilize, allocate resources and grow the entrepreneurial knowledge ecosystem.
“In order to achieve this, governments at all levels should deploy the right approach to Incentives for capital formation, the Privatization of public enterprises via the capital market as well as the Optimization of resources in ways that guarantee value for money.
“Only then will Nigeria be seen to be on the sure path to unlocking her massive hidden wealth,” he concluded.
In his speech at the event, Vice President Kashim Shettima, represented by the Minister of Women Affairs, Hajia Imaan Sulaiman Ibrahim, reiterated the government’s commitment to achieving a $1tn economy.
He stated, “Our vision of a $1 trillion economy is not a distant dream; it is a deliberate destination. Through bold and strategic reforms, we have embarked on a journey to deepen our financial markets, strengthen investor confidence, and unlock opportunities for sustainable growth.”
He underscored the role of the Securities and Exchange Commission (SEC) in bolstering investor confidence and expanding market activities.
Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, praised Professor Uwaleke’s contributions and expressed the committee’s willingness to collaborate with Nasarawa State University.
“The Senate Committee on Capital Market is very proud of Prof Uwaleke and is very willing to work with this school because of you,” Izunaso said.
SEC DG Dr. Emomotimi Agama commended Professor Uwaleke for his support and contributions to the capital market.
“Prof. Uwaleke has supported the capital market with his wealth of knowledge and he has provided solutions that have helped in boosting the capital market and we commend him for the roles played in the growth of the capital market in Nigeria,” Agama stated.
Uwaleke Advocates Entrepreneurial Knowledge As Key To Wealth Creation In Nigeria is first published on The Whistler Newspaper