Norrenberger Financial Group has called on governments at all levels to support young entrepreneurs to drive innovation as it will go a long way in curbing unemployment and boosting the country’s Gross Domestic Product ((GDP).
Statistics from the International Labour Organisation (ILO) show that micro, small and medium enterprises contribute 48 percent of Nigeria’s National Gross Domestic Product.
ILO, a specialised agency of the United Nations, added that MSMEs account for 96 percent of businesses and 84 percent of employment in the country.
Speaking during the 5th anniversary celebration of the company in Abuja over the weekend its group managing director Mr. Tony Edeh said a robust enterprise supporting system by government will have direct impact on enterprise growing and employment.
“Government at all levels has to support youthful enterprise because they are the backbone of our growth. The giant companies like Apple, Twitter and others started as a small innovative company, but with a conducive environment by government, it has grown to what it is today.
“UAE for instance which is number 1 in youth entrepreneurship has its unemployment rate at 2.2 per cent which is one of the lowest in the world. Consequently , to support governments efforts as a private sector led company, we at Norrenberger are passionate about youth entrepreneurship which is why we launched the N500 million fund for youth corp members,” he added.
Chairman of Norrenberger Ibrahim Aliyu Bala ssid with the forex challenges and inflation, it was important for both the private sector and government to devise innovative ways of wealth creation, with entrepreneurship in focus.
He noted that in the last five years, the company has grown to diversify in different sectors including pension, banking, insurance and Fintech, which is a sign of its commitment and resilience.
