By Friday Idachaba, Lokoja
A Professor of Entrepreneurship and Corporate Strategy, John Olatunji Alabi, has called for increased investment in entrepreneurial education, innovation and enterprise development to drive economic transformation and tackle unemployment in Nigeria.
Alabi said universities must move beyond producing certificate holders and become “engine rooms” for entrepreneurship, innovation, research commercialisation and youth empowerment.
The don made the call while delivering the 46th Inaugural Lecture of the Federal University Lokoja (FUL) at the institution’s Felele Campus, Lokoja.
The lecture was titled, “Entrepreneurial Leadership through Entrepreneurial Education and Empowerment: Building an Entrepreneurial Economy in VUCA World.”
Alabi described entrepreneurial leadership as “existential,” arguing that Nigeria needed leaders capable of turning volatility, uncertainty, complexity and ambiguity into opportunities for growth.
He called for stronger collaboration among universities, industries, government and communities to promote innovation, commercialise research findings, develop enterprises and create jobs.
According to him, the education system must shift from certificate-oriented learning to competency and problem-solving-based education.
He advocated the integration of entrepreneurship into all levels of education through internships, innovation incubators, business simulations and enterprise projects.
The professor also called for improved access to finance for startups and small businesses through low-interest funding, venture capital, cooperative financing, crowdfunding, angel investment and credit guarantee schemes.
He stressed the need for entrepreneurs to acquire financial literacy to enable them manage businesses and make informed investment decisions.
Alabi urged the government to strengthen Nigeria’s innovation ecosystem by supporting university-based innovation hubs and technology parks, increasing investment in research commercialisation and protecting intellectual property.
He also advocated stronger public-private partnerships and a more business-friendly regulatory environment.
The don identified simplified business registration and licensing, reduction of regulatory bottlenecks and multiple taxation, policy consistency, reliable electricity and improved digital infrastructure as critical to enterprise development.
He further urged greater support for digital entrepreneurship in emerging sectors such as artificial intelligence, fintech, agritech, healthtech and green enterprise.
Alabi said these emerging areas could create new opportunities for young Nigerians and contribute to economic diversification.
Speaking on leadership in a volatile, uncertain, complex and ambiguous environment, the professor proposed what he described humorously as “VUCA for VUCA”—Vision to counter Volatility, Understanding to manage Uncertainty, Clarity to simplify Complexity and Agility to respond to Ambiguity.
Reflecting on his entrepreneurial journey, Alabi recalled that he resigned from a secure accounting job in 1993 despite enjoying a company car, office, staff and regular salary.
He said he took the decision because he chose to ask what was possible rather than what was merely available or safe.
According to him, the turbulent years that followed strengthened his conviction in the importance of vision, agility, systematic thinking and decisive action.
Alabi said entrepreneurship should not be viewed merely as a pathway to business creation but as a catalyst for national transformation.
He declared, “Entrepreneurship is the engine of economic growth; entrepreneurial leadership is the driver.”
He urged stakeholders to “educate for innovation, empower for enterprise, and lead for transformation.”
The Vice-Chancellor of FUL, Prof. Gbenga Solomon Ibileye, described the lecture as timely and corrective, saying entrepreneurial leadership, education and an entrepreneurial economy were crucial to jumpstarting Nigeria’s economy.
Ibileye commended Alabi for his choice of topic, noting that “the distance between the hustler and the entrepreneur is the distance between enduring a storm and organising it.”
He said universities had an important role in helping young Nigerians cross that distance by equipping them with the knowledge, skills and mindset required to create value and build sustainable enterprises.