A former president of the Chartered Institute of Bankers of Nigeria, Segun Ajibola, has called on Nigerians to embrace entrepreneurship and self-reliance to weather the storms of the current economic hardship.

Ajibola, who is also a professor of economics at Babcock University, gave this charge in a chat with The PUNCH on Thursday.

Nigerians have been lamenting the prevalent economic hardship driven by the twin reforms of fuel subsidy removal and naira devaluation, which saw an inflation rate of 34.60 percent as of November.

The don explained that any country going through reforms would see the citizens feeling some pangs.

He said, “At the moment, there are so many policies that are tied to the economic reform of the present administration. Any economy that is undergoing reforms usually comes with some pains and hardships, and those pains and hardships may have very severe effects on the poverty level. Those who live on the brink or the margin of society may find themselves going below what we call the poverty line. In other words, they are no longer able to provide for their necessities. So any country of the world, any economy of the world undergoing major reforms, usually comes with this kind of situation. What is important is that such a reform must have a focus. A focus that is clear to everybody that the economy is marching towards a desired destination. And that the sacrifices will be temporary, that there will be an end to it. That will only be assured when you dimension the policies, and you see that the policies would be used in desired results.

“Now, the problem is this: during periods of hardship, people react differently. Hardship does not mean that someone should turn himself into a beggar. It does not mean that someone will now depend on handouts to survive.

In Nigeria, as things stand now, an average person can still do productive things to cater for themselves. If we talk about agriculture, look at the opportunities that abound everywhere.”

He added, “There are so many small, micro businesses that one can lay his hands on to do. We teach entrepreneurship in the universities these days. Those who want to make ‘adire,’ detergents, and other household items. How much will you need to set up some of these businesses? I tell you that with N10,000 or N20,000, you can start.”

Ajibola noted that some Nigerians tend to want to wait for handouts.

“It’s a cultural issue; we find ourselves so comfortable (waiting for handouts). Even before the current reforms, you see people running after politicians. You see people gathering for a pittance from politicians. That element has been with us for a long time, where people want free things, some sense of enlightenment that ‘We voted for this person, and we must get something in return.’ They don’t want to work. That problem has been with us, and the current situation is just aggravating.

“There are so many empowerment programmes going on, even by some of the politicians that we are talking about in their constituencies. Some are buying sewing machines and so forth. Some are giving out all this equipment, and some people who want to work are taking advantage of these empowerment initiatives. They are working for themselves. Then we see how those who believe in palliatives. They don’t mind putting their lives on the line just to get something free, which may not be worth more than N5,000,” he said.

Ajibola encouraged Nigerians to find the mindset of hopelessness, saying, “If you start small, there’ll be no end to what you can achieve. As you cannot determine how long these reforms would last. So also, if you venture into any kind of business, you will not be able to determine how long it will take, but at least it will give you a source of livelihood. So, in both ways, how can you be productive with yourself?

During his first media chat, President Bola Tinubu said he had no regret removing fuel subsidy, which he announced in his inaugural speech on May 29, 2023, and about two weeks later, the Central Bank of Nigeria announced the floating of the naira.

During his first presidential media chat on Monday, Tinubu said, “Nigeria was spending its future and was not investing. We were spending the fortune of our future generations; we were not investing. We were just deceiving ourselves. That reform was necessary. Why should you have expenditures that we don’t have revenue for?” he queried.