Make entrepreneurship obligatory in tertiary Institutions, Araoye urges NUC, NBTE

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By Millicent Ifeanyichukwu
Lagos, Nov. 22, 2022 (NAN) The Managing Director/Chief Executive Officer, Lotus Bank, Mrs Kafilat Araoye, has called on the National Universities Commission (NUC) and National Board for Technical Education (NBTE) to make entrepreneurship obligatory in tertiary Institutions.
Araoye spoke at the 34th convocation lecture of Yaba College of Technology (YABATECH), on Tuesday in Lagos.
She spoke on the topic ‘Emergence of successful young entrepreneurs in the current Nigerian economy, the place of integrity’.
“NUC and NBTE should make it obligatory for tertiary institutions to infuse at least one module on Entrepreneurship or Business Management in all degrees or diploma programmes.
“This will help our society, our youth and our future, “she said.
According to her, entrepreneurship as a way to wealth is appropriate, because where it is done properly and sustainably, it is a veritable avenue towards sustainable wealth.
“It has been established that the bedrock of every robust national economy is not just the large corporates and industries but essentially the Micro Medium and Small-Scale Enterprises (MSMEs).
“MSMEs are the starting point of industrialisation, and engine room of every economy, as they play a big role in the development of national economies because they create job opportunities for self.
“MSMEs (about 50 million of
them) account for almost half (50%) of Nigeria’s Gross Domestic Product (GDP), MSMEs promote economic diversification, stability, high value-added products, partnership, progress and prosperity.
“These go a long way to the development of regional economies and produce much of the creativity and innovation that fuel economic growth.
“It was in the thick of COVID-19 Pandemic that the bank processed, got its license and started operations, when our society was generally despondent, withdrawn and not adventurous after a global lockdown,” she added.
Meanwhile, the bank boss offered automatic employment to the best graduating student , with cash gift of N500,000.
She also offered a job to the best female graduate, with N350,000, and an 18-seater Hiarce bus to the College.

Araoye said that opportunity would be given to outstanding students of Banking/Finance department of the College to have their one year Industrial Training in the bank.
The Rector of the school, Mr Obafemi Omokungbe, described the convocation lecture as an integral part of graduation, organised to provide avenue to examine issues of national and global interest and proffer solutions.
He said the recommendations from the lecture would go a long way to assist relevant organs of the government in generating ideas for formulation and implementation of policies that would be beneficial to the nation.
“The academic board carefully selected the theme of our 34th convocation lecture as ‘Emergence of successful young entrepreneurs in the current Nigerian economy’, the place for integrity.
“The topic is the only basis of our existence as a polytechnic and it is very auspicious in view of our national downturn.
“In recognition of this role expected of our young entrepreneurs, our College established Centre for Entrepreneurship Development (CED) in 2001, the first of its kind to be set up by any tertiary Institution.
“The centre has empowered many of our graduates, some of whom have established reputable businesses in their various locations; young entrepreneurs are no doubt catalyst of change and innovation.
“YABATECH will continue to provide platform that will generate new ideas and create opportunities for the development of our graduates as well as young entrepreneurs who desire to be empowered,” he said.

Also Dr. Sikiru Momodu, YABATECH Registrar, thanked Araoye for a well delivered lecture and indepth knowledge imparted in the course of her presentation.
He said it was worthy to note that Araoye was the first female guest speaker in the annals of YABATECH to deliver a convocation lecture.
“YABATECH cannot thank you enough for your presence, doing justice to the topic and most importantly for generous donations towards the College; we look forward to better partnership with Lotus Bank,” he said.
Yabatech will on Nov. 24 award OND and HND to graduating students of three sessions (2018/2019, 2019/2020 and 2020/2021).