Experts Advocate Entrepreneurship Education As Catalyst For Economic Dev’t

Economic experts have identified entrepreneurship education as a powerful catalyst required to drive the nation’s economic development.

This was the position of experts on Tuesday at a workshop jointly organised by De Monfort University (DMU), Leicester, United Kingdom; the University of Ibadan School of Business (UIBS) and the National Centre for Technology Management (NACETEM) in Ibadan, Oyo State capital.

The workshop, which held at the University of Ibadan School of Business, had as its theme: “Teaching to Thrive: The Power of Entrepreneurship Education for Youth Empowerment”.

Relying on the outcome of a British Academy-funded research project titled “Impact of Entrepreneurship Education on Youth Entrepreneurship in Nigeria”, the experts noted that entrepreneurship interest is not the same as entrepreneurship practice.

They explained that the project is the latest instalment of a programme of research on entrepreneurship, which commenced in 2007, looking at the impact of a 2006 government policy that mandated entrepreneurship education in Nigerian universities.

Presenting the findings from the research programme, co-investigator of the project at NACETEM, Mr Adedayo Olofinyehun, noted that although various institutions in Nigeria, including universities and government bodies like the National Youth Service Corps (NYSC) have introduced entrepreneurship curricula and courses to stimulate interest, the interest has not consistently led to actual entrepreneurial practice.

While presenting a new toolkit developed by the research team, the project leader, Dr Abiodun Egbetokun of De Monfort University, Leicester, stressed that with the evolution of entrepreneurial education, there was the need to come up with actionable steps to design and implement its impactful programmes.

“While it is true that entrepreneurship education has emerged as a vital strategy for fostering innovation, creating jobs, and addressing youth unemployment, there is, however, the need to come up with actionable steps to design and implement impactful entrepreneurship education programmes,” Egbetokun said.

Referencing the findings of the research on the impact of compulsory entrepreneurship education on students’ entrepreneurial interest, Egbetokun added that “something is wrong with the kind of entrepreneurship training students are getting.”

“To this end, the experts have developed the toolkit “to guide stakeholders – educators, trainers, curriculum designers, business owners, and policymakers – in creating programmes that inspire entrepreneurial thinking and develop practical skills,” he disclosed.

Dr Egbetokun added that for effective and efficient entrepreneurship education, some core principles, developed from years of research experience in studying student entrepreneurship, should be followed.

He listed these to include relevance, experiential learning, interdisciplinary approach, inclusivity and accessibility; continuous improvement of faculty quality, assessing impacts and outcomes; ensuring sustainability and ethical compliance in the businesses created, among others.

Other speakers at the event included the keynote speaker, S. O. Adedeji, a professor of Economics of Education at the University of Ibadan with a panel discussion that had Dr Abolaji Dada, Associate Professor of Entrepreneurship, Federal University of Technology, Akure, Ondo State; A. O. Adewuyi, a Professor of Economics and former Director of UIBS, and Dr Siyanbola Omitoyin of UIBS.

The stakeholders, including the keynote speaker and panelists, after an exhaustive discussion, admitted that entrepreneurship education is a powerful catalyst for economic development and personal empowerment.

They argued that by adopting the principles and strategies outlined in the toolkit, educators and policymakers can create programmes that inspire and equip learners to become successful entrepreneurs, driving innovation and resilience in their communities.