Akinwuntan, other experts to speak at Catholic Brothers United entrepreneurship development summit

Former Managing Director and Chief Executive Officer of Eco Bank Nigeria, Mr. Patrick Akinwuntan will chair the 20th annual lecture and 29th anniversary of the Catholic Brothers United(CBU) of the St. Agnes Catholic Church Maryland, Lagos.

Penpushing reports that Chairman of the conference organizing committee, Mr. Gabriel Akumhegie made this known in a statement adding that Akinwuntan will lead other seasoned financial experts to address seeming critical factors challenging entrepreneurship growth and specifically the huge number of small and medium enterprises in the country.

The committee boss added in the statement that Governor Hope Uzodinma, of Imo State is the Chief Guest of Honour at the conference with the theme, ‘Entrepreneurship Drive: A Tool For Mitigating Unemployment For National Growth’.

Penpushing further reports that Akumhegie noted that the theme is apt given the declining growth of the country’s production sector adding that the programme scheduled to hold on Sunday 22nd of October 2023, at the Mc Govern hall St Agnes Catholic Church, by 12pm.

The statement explained that the conference is coming given the outlook of Nigeria’s employment conditions for the third quarter of this year which dropped to the lowest in nearly three years on the back of petrol subsidy removal and naira devaluation.

Penpushing also reports that three industry experts, including Mr Nelson Akerele, the Chief Executive Director of Royal Exchange Prudential Life Assurance Plc, Dr. Mrs. Omotayo Omotosho, former Director General, Nigerian Tourism Development Commission ( NTDC) and Mr. Rotimi Oyekanmi, Partner, Apis Partner LLP and former Chairman, Renmoney MFB Limited, would form panel of discussants at the conference.

The statement cited the latest aggregate Manufacturers CEOs Confidence Index (MCCI) of the Manufacturers Association of Nigeria (MAN), employment conditions for July-September of 2023 deteriorated below the 50 benchmark points to 46.6 points from 47.8 points in the previous quarter.

Penpushing reports that chairman publicity committee, Chika Izuora, in a press statement said the conference organizing committee in articulating the theme, duly observed that the global economy is currently facing significant challenges characterized by slow growth prospects, high inflation, and increased uncertainties.

The release stated that one key consequence of these challenges is the aggressive increase in interest rates, the most significant in decades, aimed at combating persistent inflation which has equally affected activities of entrepreneurs in the country.

Penpushing further reports that Izuora noted that this tightening of financial conditions has also heightened concerns about mounting debt vulnerabilities in Nigeria and the Sub-Saharan Africa.

The publicity committee chairman said the conference theme also recognized the most recent survey by the Manufacturers Association of Nigeria(MAN) which showed that employment generation of the manufacturing sector declined to 6428 in the first half of 2023.

‘This is an indication of 32.8 per cent reduction in employment generation capacity when compared with 9559 jobs generated in the first half of 2022.  Also, the data showed a shed of 313 jobs when compared with 6741 jobs created in the second half of 2022’, she said

‘The decline in the number of jobs created in the sector during the period further highlighted the unfriendly business environment resulting from the hasty policies and residual effect of the currency redesign policy that led to naira crunch’,Izuora added

‘In the same vein, a total of 3567 jobs were lost in the first half of 2023, indicating 1855 more job lost when compared with the 1709 job lost in corresponding half of 2022 and 850 more jobs lost when compared with 2708 jobs lost in the last half of 2022’.

Penpushing also reports that the statement identified that one of the major hurdles confronting the manufacturing sector and indeed small scale entrepreneurs in the country is the high cost of obtaining funds, stressing that this challenge is substantiated by data Manufacturing Association of Nigera(MAN) gathered during the fieldwork for the first half of 2023 report.

‘According to this data, the average lending rate to the manufacturing sector from commercial banks remained high at 24 per cent when compared with what was recorded in the corresponding half of 2022’.

Penpushing reports that the statement, however noted that the cost of funds for the manufacturers increased by 2.0 percentage points when compared with 22.0 per cent recorded in the second half of 2022.

‘The lending rates offered by commercial banks to industries are significantly influenced by the continuous upward adjustments in the Monetary Policy Rate.These adjustments aim to maintain a favorable real interest rate environment, with the goal of attracting foreign investment inflow, defending the domestic currency (Naira) and curbing the spiraling inflation’

Penpushing further reports that the statement said a line up of financial experts who will feature at the conference will help in addressing these challenges and proffer solutions that will help in providing jobs for the people.

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