By Olubunmi Ololajulo
Entrepreneurship plays a vital role in driving economic growth and job creation. It is the engine that propels innovation, generates new businesses and brings fresh products and services to the market.
Ondo State, a key economic hub in Nigeria’s southwestern region, has seen significant strides in entrepreneurship development in recent years; At the heart of this transformation is Governor Lucky Aiyedatiwa, whose administration has made entrepreneurship a cornerstone of its development agenda even with the availability of natural resources, including oil, bitumen, and agricultural products like cocoa, rubber, and timber.
Despite these resources, the state, like many others in Nigeria, has faced challenges related to unemployment, poverty, and underdevelopment. However, recent efforts by successive governments and private sector players have focused on promoting entrepreneurship as a critical tool for economic growth and development.
The history of entrepreneurship in Ondo State is closely linked to the farming prowess of its people. In the pre-colonial and colonial periods, the people of Ondo State were predominantly farmers, with cocoa farming being the most significant economic activity.
This agricultural prowess laid the foundation for early entrepreneurial activities, with local farmers and traders engages in the production and sale of agricultural produce.
Furthermore, Agriculture has always been the backbone of Ondo State’s economy, mostly during the course of National economic diversification policies which traditionally, it has been applied as a strategy to encourage positive economic growth and development and Governor Aiyedatiwa has leveraged this strength to promote agropreneurship.
His administration has introduced several programs aimed at modernizing agriculture and making it more attractive to young people.
From the onset, Governor Aiyedatiwa emphasized the importance of entrepreneurship as a means to combat unemployment, reduce poverty, and foster economic self-reliance.
His administration’s approach has been multifaceted, focusing on infrastructure development, access to finance, capacity building, and the promotion of key sectors such as agriculture, technology, and manufacturing.
Addressing thousands of youths that gathered at the Entrepreneurial summit some months back at the international event center (DOME)in the state capital, the Governor said: “The current economy in our country demands the urgent intervention of innovative entrepreneurship.”
Entrepreneurs have always been at the forefront of transformative change; creating jobs, driving productivity, and catalyzing economic development.
Moreover, formal entrepreneurship development initiatives were largely absent until the post-independence era, when the government began to take a more active role in promoting industrialization and business development.
The establishment of the Ondo State Investment and Promotion Agency (ONDIPA) and the creation of various industrial estates were some of the early efforts to promote entrepreneurship in the state.
The creation of ondo State Agropreneurship Program is designed to support young farmers by providing them with access to land, modern farming equipment, and improved seedlings.
The program also includes training in best agricultural practices and entrepreneurship, ensuring that participants can run their farms as profitable businesses.
One of Governor Aiyedatiwa’s major achievements is the expansion and strengthening of the Ondo State Entrepreneurship Development Agency (ONDEA). While ONDEA was initially established to support entrepreneurs, Gov. Aiyedatiwa’s administration has significantly broadened its scope and resources.
Under his leadership, ONDEA has launched several new programs aimed at nurturing entrepreneurial talent across the state. Governor Aiyedatiwa also announced an increment in the number of beneficiaries of the grants for young entrepreneurs in the State from the initial 10 to 20, raising the empowerment funds from N30m to N60m at N3m per beneficiary. Winners of the ‘ONDEA my IDEA’ initiative, featuring most innovative entrepreneurs in Ondo State, will be awarded one million Naira cash grant each, and business support packages worth two million Naira each.
One of the most significant initiatives to promote entrepreneurship in Ondo State is the establishment of the Ondo State Micro-Credit Agency (OSMA). The agency was set up to provide micro-loans to small and medium-sized enterprises (SMEs) and entrepreneurs across the state. This initiative has been particularly beneficial for women and youth, who often face challenges in accessing traditional forms of credit.
Through the OSMA, thousands of entrepreneurs have been able to access the necessary funding to start or expand their businesses.
The agency has also provided training and support services to help these entrepreneurs succeed. This initiative has contributed significantly to the growth of SMEs in the state and has helped reduce unemployment.
The purpose of establishment of these various agencies and programs is basically to create an enabling environment for entrepreneurship and innovation to thrive. Governor Aiyedatiwa said the 2024 budget has made provisions for the establishment of the two new model technical colleges, in addition to the existing ones across the State which will also receive attention.
This is just as the Governor, flagged off the distribution of tricycles to farmers in the State to aid the transportation of farm produce and enhance food security.
The future of entrepreneurship in Ondo State is promising with several new initiatives and partnerships in the pipeline, Partnership with International Organizations: Governor Aiyedatiwa has successfully attracted partnerships of international organizations like the Food and Agriculture Organization (FAO).
These partnerships have brought in technical expertise, funding, and access to global markets, further boosting agropreneurship in the state. The government has expressed its commitment to creating an enabling environment for businesses to thrive, and there are plans to further expand infrastructure, improve access to finance, and reduce bureaucratic barriers.
Conversely, Akure, the Ondo State capital, will host the Global Entrepreneurship Festival in November this year and over 215 investors from around the world have signified their attendance. The Global Entrepreneurship Festival is the largest entrepreneurship event ever held in Nigeria, and it promises to positively affect many lives.
The Governor expressed confidence in the state’s readiness to host a successful festival, noting that the festival presents a tremendous opportunity for growth and development in Ondo State. Emphasizing his administration’s commitment to fostering entrepreneurship, the Governor reiterated the provision of essential support for young individuals to generate wealth and make substantial contributions to the state’s advancement.
The choice of Ondo State for this festival is a testament to the significant strides made in transforming the state into an investment hub and the governor’s unwavering support for fostering an environment conducive for entrepreneurship and youth development.
Additionally, the rise of digital technology presents new opportunities for entrepreneurs in Ondo State. The state government has started exploring the potential of the digital economy, with plans to promote tech-based startups and e-commerce.
This shift towards digital entrepreneurship could open up new markets and drive economic growth.
Understanding the transformative power of technology, Governor Aiyedatiwa has made significant efforts to promote tech-based entrepreneurship.
His administration has worked to create a tech-friendly ecosystem in Ondo State, fostering innovation and attracting tech entrepreneurs.
The establishment of tech hubs and Institute’s e-Learning Platform for training at Ilara-Mokin, Ifedore local government area of the State which provide digital skills training. These programs have equipped thousands of young people with skills in areas such as coding, digital marketing, and e-commerce.
The governor has provided entrepreneurs with the infrastructure they need to develop their tech-based businesses. These hubs offer co-working spaces, high-speed internet, and access to venture capital networks To ensure that the youth are prepared for the digital economy.
The journey of entrepreneurship development in Ondo State has been marked by significant progress, driven by government initiatives, private sector participation, and the resilience of local entrepreneurs.
While challenges remain, the state has laid a strong foundation for future growth. By continuing to invest in infrastructure, education, and supportive policies, Ondo State can build a vibrant entrepreneurial ecosystem that drives sustainable development and improves the lives of its citizens.
By addressing the remaining challenges and sustaining the momentum of current initiatives, Ondo State is well on its way to becoming a leading center for entrepreneurship and innovation in Nigeria.
Olubunmi Ololajulo is Special Assistant on Digital Media to the Governor of Ondo State.
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