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Entrepreneurial Skills Critical To Overcoming Recession- Ohuabunwa

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(R-l): Sam Ohuabunwa, founder, Sam Ohuabunwa Foundation for Economic Empowerment (SOFEE)‎; Sony Allison, Executive chairman, GMC Logistics ‎and Dr. Austin Nweze, lecture at Lagos Business School during SOFEE Economic Empowerment & Management Training Series on Friday.
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Knowledge on entrepreneurial skills and business successes are essential in lifting Nigeria’s economy out of recession‎, said Mazi Sam Ohuabunwa, founder, Sam Ohuabunwa Foundation for Economic Empowerment (SOFEE).

Ohuabunwa‎ made the remark during the Foundation’s Economic Empowerment & Management Training Series in Lagos on Friday, adding that promoting creativity, technological innovations, Entrepreneurship and management excellence are part of measures to refocus SMEs and the economy at large.

Nigeria’s economy slid into recession after negative growth in the first two quarters of the year, the National Bureau of Statistics (NBS) said in August 2016.

Nigeria, Africa’s top economy, has been battered by low oil prices hammering government revenues, weakening the national currency and driving up inflation to an 11-year high.

“In the second quarter of 2016, the nation’s Gross Domestic Product (GDP) declined by -2.06 percent (year-on-year) in real terms,” the NBS said. “This was lower by 1.70 percentage points from the growth rate of 0.36 percent recorded in the preceding quarter, and also lower by 4.41 percentage points from the growth rate of 2.35 percent recorded in the corresponding quarter of 2015,” it said.

However, Mazi Ohuabunwa said that facts indicate the country’s economy headed towards recession at about eight quarters ago following the depreciation of the GDP over time.

“We ought to have taken more pro-active steps to preventing the recession as against passing the blames”.

Presently, the non-oil sector contributes most to the GDP at about 89%; trade (wholesale and retail) 20%; oil and gas 10%; manufacturing 9%; real estate 6%; client services 4%.

He said, although the indices show the economy is diversifying, oil and gas sector still accounts for 90% forex circulation which still Limits government’s effort ‎to rejig the economy.

He regretted the country’s declining global (business) competitiveness ‎has also adversely affected the economy, causing loss of faith in the economy by foreign investors.

“On ease of doing business, Nigeria stands 169th out of 189 on global ranking. This is really hurting businesses. For instance, a pharmaceutical company was on the verge of closing its manufacturing plant because a chemical it was supposed to import, the papers were delayed for about six months by the office of the National Security Adviser (NSA),” he decried.

He urged professional bodies, manufacturing association and other bodies to continue to rally around the government, advocating for better business environment.

“Professional bodies must keep advocating for a better business environment especially for the survival of SMEs. For instance, critical issues that impact the economy include the drastic fall in oil prices; but it was not just that because oil price was lower in the 80’s and late 90’s. We failed to save for the rainy day. So when the revenue declined from N70billion to N40billion and capital inflow less than $2billion in the first six months of 2016, coupled with insecurity, import restriction, corruption fighting back, leading to low investors’ confidence, subsisting national image challenge, low national productivity, these are not good for the economy hence we are in recession.

“Government has to checkmate the rate of holidays because companies record huge losses any day factories are closed. People are considering several options, but we believe the economy will blossom”, he said.

 

 

 

 


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Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

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Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.

Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.

Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.

To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.

Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.

“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”

The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.

“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.

 


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Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

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Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos Govt

Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.

GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.

Individuals owe N13.5 million to N35 million each.

Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.

More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.

Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.

Pedro urged prompt filings and payments.


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Beware of Fake Cerelac Products – NAFDAC

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National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

Beware of Fake Cerelac Products – NAFDAC

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.

It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.

NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).

Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.

NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.

It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.

According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.

“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.

“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.

The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.

It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.

NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.

It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.

The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.


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