For records: Speech delivered by Mr. Obawunmi Jiboku on Digital Skills and Entrepreneurship: Panacea for Sustainable Economic Development at Sweet 107.1 FM 9th Anniversary

INTRODUCTION

I was having a conversation the other day with a young graduate, Taiwo. He had just completed his degree in Business Administration and was excited about the future. But there was one problem. He had applied to over 20 companies and hadn’t received a single response. Frustrated, he asked me, “Sir, how do I break into the job market when every employer keeps asking for work experience as a pre-requisite for employment.

Now, Taiwo’s situation is not unique. It is a reality for millions of young people in Africa and beyond; bright, ambitious, full of potential, but stuck in a system that doesn’t seem to be working for them.

But here’s what struck me: while Taiwo was job hunting, another young man named Segun had taken a different approach. Segun had spent months learning digital marketing, graphics design, and social media management. With just his smartphone and a basic laptop, he started offering services online.

Within a year, he wasn’t job hunting anymore; he was running a business, earning in dollars, and even

employing others. This sharp contrast between Taiwo and Segun is the reason we are here today. In an era where technology is transforming industries, digital skills are no longer optional; they are essential. They are the bridge between unemployment and opportunities, between struggle and success, between economic stagnation and sustainable development.

And that brings us to the topic: “Digital Skills and Entrepreneurship: A Panacea for Sustainable Economic

Development.” Think about how the world has changed in just the last decade. Businesses no longer operate in isolation but exist in a digital ecosystem. The largest taxi company in the world, Uber, doesn’t owna single car. The biggest hotel chain, Airbnb, owns no hotels. The most powerful retailer, Amazon, started in a garage and now dominates global e-commerce.

What do they all have in common? Digital innovation and entrepreneurship. Today, we no longer need to wait for factories to be built or offices to be opened before economic opportunities emerge. The digital economy allows anyone, anywhere, to create, innovate, and scale. This is especially crucial for developing nations, where traditional job markets cannot keep up with population growth. So, what’s the way forward? Empowering people with digital skills and an entrepreneurial mindset.

Why Digital Skills?

In today’s fast-paced world, digital skills and entrepreneurship have emerged as powerful tools for sustainable economic development. Countries that embrace digital transformation, experience increased innovation, job creation, and economic growth. Digital skills are like a master key; they unlock multiple doors. Whether it’s coding, data analytics, social media management, content creation, cybersecurity, or blockchain technology, these skills open up new income streams, new job opportunities, and entirely new industries.

A young person in Lagos, Accra, or Nairobi can freelance for a company in New York. A woman in a rural village can sell handmade crafts on Etsy, reaching customers worldwide. A small business owner can use digital marketing to compete with bigger brands.

Using Nigeria as a case study, a country with a growing youth population and rising unemployment, equipping individuals with digital skills and promoting entrepreneurial mindsets can drive long-term economic stability. To further buttress my exposition in the opening remarks; let’s dive into the story of Iyinoluwa Aboyeji, the CEO, Flutterwave who annexed digital skills with entrepreneurship.

Iyinoluwa Aboyeji grew up in Nigeria with big dreams but limited resources. As a teenager, he was fascinated by technology and how the internet could connect people across the world. Unlike many ofhis peers who wanted government jobs, he dreamt of building something big that could transform lives.

His journey started with self-learning. While studying at the University of Waterloo in Canada, he taught himself coding and business strategy by taking online courses. He soon co-founded his first startup, Bookneto, an e-learning platform. Though it failed, he didn’t give up. Instead, he used the experience to learn and grow.

In 2014, Iyinoluwa returned to Nigeria and co-founded Andela, a company that trains African software developers and connects them with global tech firms. Andela quickly became a success, attracting investment from Mark Zuckerberg and Google Ventures.

Not stopping there, he later co-founded Flutterwave, a fintech company that simplifies online payments across Africa. Today, Flutterwave is valued at over $3 billion and has transformed digital payments in Nigeria and beyond. Iyinoluwa’s story is a testament to how digital skills, entrepreneurship, and perseverance can create billion-dollar opportunities even from humble beginnings. His success has inspired many young Nigerians to pursue tech entrepreneurship and digital innovation. This is the power of digital skills: they democratize access to opportunity.

Now, let us talk about digital Skills in specific.

Digital skills encompass various abilities that relate to technology, including computer software and applications, digital devices and other computer hardware. These skills involve a range of tasks using digital literacy and computing methods to complete necessary responsibilities for both internal and customer-facing activities. Let us quickly have a run down on the necessary and germane digital skills for sustainable economic development:

1. Digital Marketing

Entrepreneurs use social media, SEO, and online advertising to promote their businesses.  Example: Many small businesses in Nigeria rely on Instagram, Facebook, and WhatsApp for selling products (e.g., Kuda Bank, Opay, Moniepoint, Palmpay, etc. A digital-online bank, usessocial media to attract customers).

1. Web and App Development

Businesses need websites and mobile apps to reach customers Example: Paystack and Flutterwave are Nigerian fintech companies providing online payment solutions.

iii. E-commerce and Online Business Management

Selling goods and services online is increasingly popular in Nigeria. Example: Jumia, an African e-commerce giant, allows Nigerian entrepreneurs to sell their products nationwide and the newbie of E-commerce, Temu.

1. Data Analytics and Artificial Intelligence (AI)

Businesses use data to understand customers and make better decisions. Example: Terragon Group, a Nigerian company, uses data Example: Paystack and Flutterwave are Nigerian fintech companies providing online payment solutions.

iii. E-commerce and Online Business Management

Selling goods and services online is increasingly popular in Nigeria. Example: Jumia, an African e-commerce giant, allows Nigerian entrepreneurs to sell their products nationwide and the newbie of E-commerce, Temu.  Example: Terragon Group, a Nigerian company, uses data analytics to help brands engage customers.

1. Cyber-security and Ethical Hacking

As online transactions grow, so does the need for cybersecurity skills. Example: Cyborg Security Solutions provides cyber-security training and services in Nigeria.

1. Blockchain and Cryptocurrency

Many Nigerians invest in Bitcoin and blockchain-based businesses. Example: Quidax is a Nigerian cryptocurrency exchange platform

vii. Content Creation and Digital Entertainment

Many Nigerians earn income from YouTube, TikTok, and online content. Example: Taooma (Maryam Apaokagi) and Mr Macaroni use digital platforms for comedy and brand partnerships.

The Role of Entrepreneurship in Economic Growth

At this point, it is evident that digital skills alone are not sufficient. Entrepreneurship serves as the catalyst, transforming skills into businesses, businesses into industries, and industries into drivers of economic growth and transformation.

Countries that have embraced entrepreneurship as a driver of development such as China, India, and even smaller economies like Estonia; have experienced massive progress over the years. Entrepreneurship, as a catalyst for growth, empowers individuals to create businesses that address local challenges while contributing to global markets. When aligned with sustainable practices, entrepreneurship not only generates profits but also leads to long-term positive impacts on society, the environment, and the economy.

Entrepreneurship originates from a French word “Entreprendre which means to undertake. The concept of entrepreneurship is poorly understood in several quarters, most people see it as just starting a business and making money, rather it is more than that.

Entrepreneurship is an innovative function. It is a special way of life and mindset in which people are innovative, and try to solve some particular problems while also creating value in the society.

Below are the benefits of entrepreneurship to Nigeria’s Economic development:

1. Job Creation: Nigeria faces high unemployment rates, and entrepreneurship offers an essential solution by creating new jobs.
2. Economic Diversification: Nigeria’s economy has historically relied heavily on oil exports. Entrepreneurship helps diversify the economy by fostering growth in other sectors such as agriculture, technology, manufacturing, and services. This is crucial in building a more resilient and sustainable economy.
3. Innovation and Technological Advancement: Nigerian entrepreneurs have increasingly embraced technology, driving innovation across sectors. Startups in the tech industry, for instance, are not only transforming local markets but also attracting global investment.
4. Wealth Generation: Entrepreneurs create wealth by providing goods and services that meet the needs of society. As these businesses grow, they increase the financial stability of individuals and communities, and some of them go on to become major economic players. Also, through the creation of businesses and employment opportunities, entrepreneurship can lift people out of poverty
5. Youth Empowerment: Given Nigeria’s large youthful population, entrepreneurship is a powerful tool for empowering the younger generation. It enables them to take charge of their economic destiny, become job creators, and drive social change.
6. Foreign Investment: As Nigerian entrepreneurs succeed in their ventures; they increase the attractiveness of the country to foreign investors. Successful local startups and businesses often draw international partners, investors, and collaborators, boosting economic growth,

The Connection between Digital Skills and Entrepreneurship Digital skills and entrepreneurship work together to create powerful opportunities for growth. Digital tools have made it easier for entrepreneurs to grow their businesses quickly, get funding, and connect with customers in new ways.

For example, an entrepreneur who knows how to use digital marketing can promote their products on social media, increasing brand awareness and customer engagement. They can also use data analysis tools to understand market trends, improve their business operations, and make better decisions. With digital skills, entrepreneurs can be more efficient, adaptable, and competitive in today’s global market.

Digital Entrepreneurship in Nigeria

Entrepreneurs in Nigeria are using digital technology to create innovative businesses. Some key sectors include:

1. Fintech (Financial Technology) Example: Opay provides mobile payments and financial services to millions of Nigerians.
2. AgriTech (Agriculture Technology) Example: Farmcrowdy allows Nigerians to invest in agriculture through digital platform

c.EduTech (Education Technology) Example: uLesson, founded by Sim Shagaya, offers online

learning for Nigerian students.

1. HealthTech (Health Technology) Example: LifeBank uses digital tools to distribute blood and medical supplies.
2. Tele-Medicine. The use of technology to provide healthcare services remotely.Example of a telemedicine company is HealthConnect247.

A platform that offers quality and convenient healthcare in English, Igbo, Hausa, Yoruba and Pidgin.

Even though digital skills and entrepreneurship have the potential to boost Nigeria’s economy, there are several problems that make it difficult to fully take advantage of them: . Limited Access to Technology and Internet: Many people in Nigeria, especially in rural areas, don’t have access to the internet or modern devices. This makes it hard for them to learn digital skills or start online businesses.

2. Lack of Digital Literacy: Many Nigerians don’t have basic computer skills. Without knowing how to use technology properly, it’s difficult to take full advantage of digital tools for business.
3. Difficulty Getting Funding: Starting or growing a business often requires money, but many entrepreneurs in Nigeria don’t have easy access to loans or funding. Without money, it’s hard to buy the necessary technology or expand a business.
4. Poor Infrastructure: Many areas in Nigeria experience unreliable power supply and slow internet. Power cuts and poor internet connections can make it difficult to run an online business efficiently.

In Conclusion: The Future is Digital and Entrepreneurial

So, coming back to Taiwo and Segun; what made the difference? One relied on a system that is failing, while the other adapted to the realities of the digital economy. The truth is, the future of sustainable economic development does not lie in government jobs or multinational corporations alone. Itlies in the hands of those who are willing to learn, innovate, and create.

Our responsibility, whether as policymakers, educators, employers, or business leaders; is to ensure that more young people have access to the digital skills and entrepreneurial support they need. Because when we equip individuals with the right tools, we are not just transforming lives, we are transforming economies.

Recommendations

I strongly recommend that policy makers should recognize the essence of digital skills and entrepreneurship to economic development. Entrepreneurship deserve equal emphasis as it is being placed on science and technology; it is the entrepreneur that translates the innovation in science and technology into wealth.

First of, it is important to provide a way for proper policy coordination and policy stability in the area of digital skills and entrepreneurship. A pragmatic and strategic plan on gainfully engaging Nigerian youths is another indispensable solution. The primary focus of this piece, is the youth who are correctly regarded as the future of every nation. Hence, government should endeavor to train youths on digitals skills and give them start-up funds for businesses.

There is a need for extension of reforms in the educational curriculum to prepare students for self-reliance by introducing digital skills and entrepreneurship studies in basic education classes.

Fixing Nigeria’s basic infrastructure can do the magic in reviving entrepreneurship development in Nigeria and promoting the micro,small and medium enterprises sector to facilitate economic growth and development. If the government of the day will face squarely the daunting problem of epileptic power supply, as well as other infrastructural deficit, entrepreneurs would survive and their businesses sustained.

Obawunmi Jiboku is the Proprietor of Taidob College, located in Abeokuta, Ogun State Capital

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