…Says universities must evolve into entrepreneurial and innovation hubs
The Vice-Chancellor of Caleb University, Prof. Olalekan Asikhia, has identified economic inequality, discrimination, unemployment, and poor infrastructure as major barriers hindering Africa’s progress toward eradicating poverty.
Speaking at the 57th Inaugural Lecture of Babcock University, titled “It’s Time to Use Functional Businesses to Kill Poverty in Africa,” the professor of Strategy and Entrepreneurship emphasized that African nations must prioritize the growth of Small and Medium Enterprises (SMEs) to address widespread poverty.
According to him, SMEs remain the most effective vehicles for job creation, economic stimulation, and community development. He added that access to credit facilities is crucial for business expansion, stressing that without adequate financing, many potentially impactful enterprises cannot thrive.
Despite the existence of multiple government intervention programmes over the decades, Prof. Asikhia noted that poverty levels have continued to rise across Nigeria and Africa. He attributed the failure of many initiatives to systemic challenges—most significantly corruption.
“Nigeria has implemented over forty poverty alleviation programmes since independence, including Operation Feed the Nation, the National Directorate of Employment, and the Better Life Programme, among others. Yet the disconnect between policy and impact persists largely because resources meant for the poor are frequently diverted,” he lamented.
Prof. Asikhia argued that functional businesses should be evaluated not only on profit but on their social impact, community well-being, and contribution to sustainable development. He called for businesses to align their economic goals with community needs and to leverage partnerships that help address complex societal challenges.
Highlighting the role of higher institutions, the Caleb University VC insisted that universities must go beyond traditional teaching and research by fostering entrepreneurship, innovation, and commercialization of research outputs. This, he said, would enable universities to function as creative hubs driving regional and national economic growth.
He stressed the importance of integrating entrepreneurship into all academic curricula, ensuring that students gain practical experience and develop entrepreneurial mindsets capable of producing viable ventures even before graduation.
Prof. Asikhia further advocated for equitable distribution of wealth across the country to enhance national development and promote peaceful coexistence among citizens.
