Prof. Pat Utomi has called on the Federal Government to increase institutional support for young entrepreneurs for them to help sustain the economy.
Utomi a former Presidential aspirant and Entrepreneur said, world over, strong economies are determined by how solid their informal sectors are. He said it was the reason such governments provide strong institutional support to budding entrepreneurs to help them grow.
He made the remarks over the weekend, at the grand opening of a Beauty House, Glamouree Lifestyle in Lekki, Lagos.
Speaking at the event, Utomi said that for Nigerian economy to be like the ones in other climes, government should provide more opportunities to young people who want to venture or create something of value. He regretted that most young entrepreneurs have consistently decried the poor access to funding to be able to create innovations on their head, while government turned the other way.
He said: “Although I keep telling the young entrepreneurs that the most important thing is a great idea that creates value, but it is easier when that institutional arrangement and support is in place. “There’s no doubt in my mind that until we create and recreate our ideas and the things that we envision in our heads, make them practical in the lives of people, we don’t have a reason to ask why some other society is doing better than our own country.