Young CEOs Seek Creation of Ministry for Young Entrepreneurs

Adibe Emenyonu in Benin City

The Young CEO Initiative has called for the creation of Ministry for Young Entrepreneurs to stimulate small and medium scale enterprises in Nigeria.

The founder of the initiative, Mr. Aigbe Omorege, who made the call yesterday, during a news conference in Benin City, also called on President Bola Tinubu to include Edo among states to benefit from the proposed grants for Small Medium Enterprises in the country.

Omorege, who was joined by other members of the initiative, said creating the ministry became necessary to relate directly to young entrepreneurs and drive the spirit of entrepreneurship the country was known for.

According to him, these young entrepreneurs employ the highest number of people, thereby generating the highest amount of revenue as far as Nigeria’s Gross Domestic Progress (GDP) is concerned, adding that this effort, would helped to reduced unemployment to a significant level.

“Also we want the president to instruct the CBN (Central Bank of Nigeria) to make public the currency swap agreements between the CBN and the Republic of China Central Bank, so that our people can take leverage of this.

“Remember, few days ago, a Human Rights activist, Femi Falana, SAN, came up with the revelation that there was a currency swap agreement between the two countries that will help our people going to do business in China not to source for dollars, but to exchange naira for China currency.

“If we know the early enough or this is made public, it helps to reduce the stress of sourcing for dollars,” he said.

Omorege, who is also the Chief Executive Officer, Intercontinental Paint, urged Tinubu to as a matter of urgency create enabling environment for businesses to thrive, particularly in the areas of clearing.

According to him, “The situation at the clearing point or the entry point as far as the clearing system is concerned is frustrating to us.

“The high cost of clearing has also increased the cost of commodities in the market, most especially for those of us in the manufacturing.

“You can source for dollars at a very high cost, clear your goods at a very high cost; it is the common man on the street that suffer for it.

“We also ask that government subsidies dollars for young entrepreneurs that go into importation of raw materials for manufacturing. This will help to crash the cost of commodities in the market,” said the initiative’s founder.”

The young entrepreneur regretted that many enterprises belonging to members of the initiative had folded up in recent time due to the prevailing economic situation.