The Chairman of AA Holdings, Austin Avuru, has stressed the importance of entrepreneurship in driving economic growth, saying responsive governments must provide an enabling environment for businesses to thrive in uncertain economies.
He spoke as the chairman of the day at the Gabriel Ogbechie Entrepreneurship Symposium held in Lagos recently.
Speaking on the theme, ‘Resilient Entrepreneurship: Building in an Uncertain Economy’, Avuru described entrepreneurship as the “heartbeat of capitalism”, anchored on innovation, risk-taking, and value creation.
According to him, countries that embraced free-market principles and encouraged innovation have recorded stronger economic growth than those that adopted rigid, state-controlled systems.
Drawing a comparison between communism and capitalism, Avuru cited the former Soviet Union, East and West Germany, China, and the United States to show how entrepreneurship and innovation have reshaped global economies.
He said, “Entrepreneurship has been described as the process of designing, launching, and running a new business or venture. The key pillars are innovation, risk-taking, and value creation.”
The businessman noted that China’s transition from a strictly communist system to a market-driven economy had helped lift its economic fortunes over the last three decades.
Comparing economic figures, he said China’s Gross Domestic Product rose from about $361bn in 1990 to nearly $20tn today, while its per capita income also grew significantly within the same period.
He, however, argued that Nigeria’s economic progress had lagged despite adopting privatisation and market reforms decades ago.
“In 1990, Nigeria’s GDP was $64bn, and our per capita income was higher than China’s. Today, China has moved far ahead while we are still struggling,” he said.
According to him, responsible governments create the “oxygen” required for entrepreneurship to flourish through deliberate investment in electricity, transportation, education, healthcare, and security.
“Responsive governments provide the oxygen for entrepreneurship. Entrepreneurs create jobs, create wealth, and grow economies,” he added.
Also speaking, the keynote speaker and co-founder of Sahara Group, Mr Tope Shonubi, urged business owners to remain resilient, persistent, and innovative despite prevailing economic challenges, averring that integrity, faith, relationships, and continuous self-renewal are critical qualities for successful entrepreneurs.
He also encouraged entrepreneurs to embrace “the road less travelled”, describing boldness and adaptability as essential traits for surviving difficult business environments.
“Even if it is not broken, you better fix it, because it can become obsolete. You must keep reinventing yourself,” Shonubi added.
The highlight of the event was the presentation of a N50m grant by the celebrant, Dr Gabriel Ogbechie, who is the Group Managing Director of Rainoil Limited, to 10 SME operators to upscale their businesses.
Ogbechie, who expressed determination to help young people build sustainable businesses, noted that Nigeria remains a country of huge opportunities.
He stated, “There are so many opportunities in this country. A country of 200 million people means 200 million mouths to feed, 200 million people to move around, 200 million people to clothe, and 200 million people to house. The opportunities are humongous.”
