The Effect Of Covid19 Pandemic And Impact Of Postcovid19 Pandemic On Entrepreneurship In Nigeria
Mohammed Bukar
The following are noteworthy, though not exhaustive in terms of some specific issues in the design and implementation of optimal strategies for the effect of covid19 and the impact of the postcovid19 on entrepreneurship.
Most critical is improving the quality of institutions to supports economic recoveries and especially job security. Establishment and sustenance of good institution will reduce the high cost of economic recovery and social transactions and enhance the ability of the economy.
More, specifically, the radical reform of existing institutional framework for promoting entrepreneurship culture at the both state and federal levels is essential for sustainable economy recoveries.
Several institutions have been setup over the years to tackle on entrepreneurship, that sector should be improved to produce a significant impact on the growing economic and social malaise.
The effectiveness of the Industrial Training Fund, National Directorate of Employment, Bank of Industry, Bank of Agriculture, SMEDAN, and NIRSAL to mention a few, in meeting their goals and objectives needs to be evaluated to make more relevant.
Security has become an important economic and political issue in the country. Increasing security is a sine qua non for sustainable economic growth and employment creation. The impact of insecurity on the economy of several states in the nation is widely acknowledged.
Systematic reduction in the cost of governance and corruption and the use of the cost savings to support entrepreneurship programmes government to ease and phase elimination of fuel subsidy and the use of the cost savings to support entrepreneurship programmes. Also reduction of administrative, regulatory, economic and technical barriers to entry of the young people as entrepreneurs.
Government should create a synergy between the federal and state level in entrepreneurship programmes. Careful sequencing and implementation of investment supporting infrastructure, investment and development of agriculture value chain underpinned by agro-preneurs will provide substantial short-term opportunities for the people.
Financial market developments to support innovation drives among the entrepreneurs and thus encourage them to be job creators than job seekers. Improving access to finance and technology acquisition are critical enablers in the promotion of sustainable entrepreneurship strategy.
Design of policy support and incentives plan to encourage and reward entrepreneurs who are job creators than job seekers. Mitigates risk measures for job creators to reduce the difficult risk environment for business in the country.
Minimizing the discrepancy between what is in the budget and what is disbursed in ministries and implementing agencies concerned with the promotion of entrepreneurship.
Revamp of the educational system to re-establish quality standards to produce more appropriate human capital but also supply more job creators. The introduction of entrepreneurship centre and courses is commendable.
Formulate, implement and ultimately institutionalize national skills programmes to impart skills to the active population. This could be based on state or zonal skills centers that will be jointly supported by both states and federal government. The technical and vocational system has not been effective in producing the skills required to support a diversified economy that seeks to be globally competitive.
Enlarge the scope of capacity building in research and development with focus on assisting business development services while recognizing the peculiarities of both the urban and rural economy.
Accountabilty and proper oversight functions of the legislative houses to monitor and evaluate the effectiveness of entrepreneurship progrmmes and projects.
Support and sustain a robust business climate that is conducive for all economic sectors by improving service delivery with electricity and transportation the most critical. Wider dissemination of information on opportunities for job creation using different platforms and undertake research to assist policy design and implementation o promoting as well as prioritize entrepreneurship culture.
