DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 4012

Provisions of NAFDAC Guidelines For the Global Listing Of Supermarket Items (GLSI) in Nigeria

By
Emmanuel Ifeanyi Ogbuka
-
0

Supermarkets :- Provisions Of The NAFDAC Guidelines For The Global Listing Of Supermarket Items (GLSI)

Effective from 13/12/2021, the National Agency For Food and Drug Administration and Control (NAFDAC) through its guidelines adopted the Global listing scheme which was introduced in 2003 to allow for the importation of specific regulated products (food and cosmetics items) subject to meeting established conditions or requirements. The consideration of this category became necessary because of the large number of items under the scheme and to meet special needs by certain groups or organizations in Nigeria.

This article will thus be focused on the provisions of the NAFDAC Guidelines For Global Listing of Supermarket Items in Nigeria.

Eligibility

This scheme is only open to specific entities operating in Nigeria with established retail outlets where applicable such as: –

  1. Supermarket Operators
  1. Fast Food Chains
  1. Restaurants
  1. Hotels
  1. Embassies
  1. International Organizations

Conditions to get Global Listing Approval

General Rules

– Items to be listed under the Global Listing of Supermarkets shall include Conventional cosmetics regulated by the National Agency for Food and Drug Administration and Control (NAFDAC) sold in supermarkets/stores and such other specialties as required by Hotels and International Organizations e.g., Embassies.

– An applicant shall have an established supermarket (where applicable).

– Already registered items shall not be entertained for listing. Such items should be sourced from local agents, or a ‘letter of no objection’ shall be obtained from the local representatives of these brands.

– Quantity of each item to be imported shall not exceed 2500 cartons per annum. Any entity willing to import more than the approved quantity (2500 cartons) should register such product(s) in line with the relevant extant registration guideline.

– Supermarket operators shall sell the imported items only on retail basis and can only distribute to their own supermarket chain.

– Supermarket operators shall register 2 products per 100 items imported, evidence of product registration will be required for the renewal of Global Listing License after the first two (2) years.

– The importation of products banned by the Federal Government of Nigeria or on NAFDAC ceiling shall not be allowed. 

Categories

Categorization of supermarket operators under the NAFDAC Guidelines are as follows-

  1. Category A (Limited) : 1-100(number of items)
  1. Category B (Limited) : 101-250(number of times)
  1. Category C (Limited) : 251-500(number of items)
  1. Category D (Limited): 501-1000(number of items)
  1. Category E(Limited):1001-5000(number of items)

Documentation

The following shall be submitted by the applicant to the office of the Director, NAFDAC :

– A completed Global Listing Form, “NAFDAC/1005” 

– A Notarized Declaration of indemnity in Favour of the Agency for any liability in case of false documentation/a false submission. 

– An application letter for the Listing of Supermarket items to include: –

  1. Company’s valid Phone number and email address.
  1. Company’s Representative’s valid Phone number and email address.
  1. Letter stating outlet(s) and their location address (es).

– Two (2) copies of Inventory of products to be imported for the year stating the following in the order stated below: –

a).Serial Number

(b)Product Name

(c)Brand of product (Brand Only)

(d)Origin of product (Country)

(e)Product Description

(f)Units/Pack e.g., 10 X 125g

(g)Pack type e.g., can, sachet, bottle

(h)Number of cartons (per item, per shipment or annum)

(i)Total Quantity Expressed in Units (Pack No x No of Cartons).

– Certificate of Analysis for each product shall be made available, where applicable (from the manufacturer or a Government approved analyst from country of origin).

– Certificate of Business Registration/Incorporation in Nigeria.

– Form C07/CAC7.

– Receipt for Application Form purchased.

-Introduction Letter of the authorized person(s) to process the application.

– Confirmation of Membership from National Association of Supermarket Operators of Nigeria (NASON) where applicable.

– One rewritable CD-ROM containing the inventory of items (in excel) to be imported formatted in the order stated above.

Establishment Inspection

– Supermarkets/stores wishing to have items to be listed shall be inspected by NAFDAC after submission of an Application Form and evidence of payment of the appropriate inspection fee.

– The facilities shall be subjected to inspection by the Drug Evaluation and Research (DER) Directorates of NAFDAC to ensure compliance.

Tariff

As advised by NAFDAC.

Additional Items

– Additional items in replacement of unapproved items on the original list can be allowed provided it is within the category paid for.

– However, if the addition of new items exceeds the category paid for, the applicant will be required to pay the balance of the next category.

Labelling

– Labelling shall comply with international regulations for cosmetic products.

– Any product labelled in a foreign language (except those for embassies) shall NOT be considered for listing unless an English translation is included on the label and package insert (where applicable).

Hyper scaling Solution on Ethereum Restaking

By
Paul Ugbede Godwin
-
0

Ethereum is the most popular smart contract platform in the world, but it also faces some serious scalability challenges. The current proof-of-work consensus mechanism limits the network throughput to about 15 transactions per second, which is far from enough to meet the growing demand for decentralized applications. Moreover, the high gas fees and environmental impact of mining make Ethereum less attractive for users and developers.

One of the proposed solutions to improve Ethereum’s scalability is to switch to a proof-of-stake consensus mechanism, which is expected to happen with the launch of Ethereum 2.0. However, this transition will take time and will not solve all the scalability issues. For instance, proof-of-stake still requires validators to run full nodes and store the entire state of the network, which can become impractical as the network grows.

This is where EigenLayer comes in. EigenLayer is a novel layer-2 scaling solution that leverages the power of restaking to achieve hyperscaling on Ethereum. Restaking is a mechanism that allows users to stake their tokens on a layer-2 network and receive rewards from both the layer-1 and layer-2 validators. This way, users can enjoy the security and decentralization of Ethereum, while also benefiting from the high performance and low cost of EigenLayer.

EigenLayer is designed to be compatible with any layer-1 blockchain that supports smart contracts and staking, such as Ethereum, Polkadot, or Cardano. However, in this blog post, we will focus on how EigenLayer works with Ethereum as an example.

EigenLayer consists of two main components: a layer-2 network and a restaking contract. The layer-2 network is a set of validators that run a Byzantine fault-tolerant consensus protocol called EigenBFT. EigenBFT is based on Tendermint, but with some modifications to improve its efficiency and security. The layer-2 validators process transactions and generate blocks much faster than the layer-1 network, achieving thousands of transactions per second with sub-second finality.

The restaking contract is a smart contract deployed on the layer-1 network that acts as a bridge between the layer-1 and layer-2 networks. The restaking contract allows users to deposit their tokens on the layer-1 network and receive corresponding tokens on the layer-2 network. These tokens can then be used to interact with any decentralized application running on EigenLayer, or to stake them on the layer-2 network and earn rewards from both the layer-1 and layer-2 validators.

The restaking contract also allows users to withdraw their tokens from the layer-2 network and redeem them on the layer-1 network. However, this process requires a waiting period of several days, during which the layer-2 validators submit proofs of their activity to the restaking contract. This is to ensure that no double-spending or fraud can occur on EigenLayer.

In April 2023, the Shapella Upgrade enabled Ethereum Validators to unstake their staked ETH from the blockchain, allowing Validators to exit their positions as a Validator. As DeFi continues to grow, EigenLayer introduces an innovative solution that allows Validators and LSD stakers to reuse their staked assets without the need to unstake them.

EigenLayer offers several advantages over other scaling solutions, such as:

Hyperscaling: EigenLayer can achieve orders of magnitude higher scalability than the layer-1 network, without compromising its security or decentralization. By restaking their tokens on EigenLayer, users can access a wide range of decentralized applications with high performance and low cost.

Interoperability: EigenLayer can connect any layer-1 blockchain that supports smart contracts and staking, creating a cross-chain ecosystem that enables seamless value transfer and collaboration among different networks.

Incentive alignment: EigenLayer aligns the incentives of all participants in the network, including users, developers, validators, and miners. Users can enjoy both the rewards from the layer-1 and layer-2 networks, while also supporting the security and decentralization of both layers. Developers can build scalable and user-friendly applications on EigenLayer, without worrying about gas fees or network congestion.

Validators can earn fees from processing transactions and blocks on EigenLayer, while also contributing to the consensus of the layer-1 network. Miners can benefit from increased demand for their services, as more users join EigenLayer and interact with the restaking contract.

In simple terms, Restaking allows Ethereum already staked by Ether stakers on Ethereum to be reused on a different network – EigenLayer, thus earning more rewards in the process. It’s like a scaling solution for Ethereum. In essence, using staked ETH again to enhance security for different services not only saves money for those who put it in but also makes services more trustworthy.

Binance to Operate under new UK Regulations; Taiwan proposes special Crypto Law

By
Paul Ugbede Godwin
-
0

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it will comply with the new regulatory framework for crypto assets in the UK, despite its previous decision to withdraw its application for registration with the Financial Conduct Authority (FCA).

The FCA introduced new rules for crypto asset firms in January 2020, requiring them to register with the regulator and demonstrate compliance with anti-money laundering and counter-terrorist financing standards. The deadline for registration was initially set for January 2021, but was later extended to March 2022 due to the high number of applications and the complexity of the assessments.

Binance had applied for registration in June 2020, but withdrew its application in May 2021, citing its intention to pursue a full FCA-regulated UK entity under a different legal name. However, in June 2021, the FCA issued a consumer warning against Binance Markets Limited (BML), the UK entity owned by Binance Group, stating that it was not permitted to undertake any regulated activity in the UK. The FCA also clarified that its warning did not apply to Binance.com, the global platform operated by Binance Group from outside the UK.

Following the FCA’s warning, several UK banks and payment providers, including Barclays, Santander, NatWest and PayPal, suspended or restricted their customers’ access to Binance.com, citing regulatory uncertainty and customer protection concerns. Binance responded by saying that it was disappointed by these actions and that it was committed to working with regulators and stakeholders to ensure a safe and secure environment for its users.

In a blog post published on October 6, 2023, Binance said that it had decided to operate under the new FCA rules for crypto assets, and that it would re-apply for registration as soon as possible. Binance also said that it had made significant improvements to its compliance and risk management systems, and that it had hired several senior executives with regulatory and compliance experience to lead its UK operations.

Binance’s CEO Changpeng Zhao, also known as CZ, said in a statement: “We are fully aligned with the FCA’s goals of ensuring financial inclusion, market integrity, and consumer protection. We respect the FCA’s role in creating a level playing field for all participants in the UK’s digital asset industry, and we welcome the opportunity to re-engage with the FCA and demonstrate our commitment to operating under their supervision.”

The FCA regulates crypto businesses under different regimes, depending on the type of service or activity they provide:

Anti-Money Laundering/Counter-Terrorist Financing (AML/CTF): The FCA is the AML/CTF supervisor for crypto asset exchange providers and custodian wallet providers in the UK. This means that these firms have to comply with the Money Laundering Regulations 2017 (MLRs), which implement the EU’s Fifth Anti-Money Laundering Directive. The MLRs require these firms to register with the FCA, conduct customer due diligence, monitor transactions, report suspicious activity, and keep records.

Payment Services: The FCA is the payment services regulator for e-money issuers, e-money agents, and payment service providers in the UK. This means that these firms have to comply with the Payment Services Regulations 2017 (PSRs), which implement the EU’s Second Payment Services Directive. The PSRs require these firms to be authorized or registered by the FCA, have adequate capital and governance, safeguard customer funds, provide information and redress to customers, and follow conduct of business rules.

Financial Services and Markets Act 2000 (FSMA): The FCA is the financial services regulator for security token issuers and providers in the UK. This means that these firms have to comply with the FSMA and its secondary legislation, such as the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) and the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO). The FSMA and its secondary legislation require these firms to be authorized or exempt by the FCA, follow prudential and conduct of business rules, and adhere to disclosure and marketing standards.

Binance’s decision to comply with the FCA’s rules is seen as a positive sign for the UK’s crypto asset sector, which has been facing increased regulatory scrutiny and uncertainty in recent months. The FCA has warned that investing in crypto assets involves high risks and that consumers should be prepared to lose all their money. The FCA has also banned the sale of certain types of crypto derivatives to retail investors and has proposed extending the financial promotions regime to crypto assets.

Therefore, the FCA advises crypto consumers to be aware of the potential risks and benefits of using or investing in crypto assets or e-money, and to do their own research before making any decisions. However, some industry experts and advocates have argued that the UK’s regulatory approach is too restrictive and could stifle innovation and growth in the crypto space. They have called for a more balanced and proportionate framework that recognizes the potential benefits of crypto assets and supports their development in a safe and responsible manner.

Taiwan proposes special Crypto Law by end of November

Taiwan is moving forward with its plans to regulate the cryptocurrency industry, as a lawmaker revealed that a draft bill could be ready by the end of November. The proposed legislation, which would be the first of its kind in Asia, aims to provide a clear and comprehensive framework for the development and innovation of digital assets in the island nation.

Taiwan is one of the few countries in Asia that has not banned or restricted cryptocurrency trading. However, the island nation is not taking a laissez-faire approach either. Recently, the Financial Supervisory Commission (FSC), the main financial regulator in Taiwan, issued new guidelines for domestic and foreign crypto platforms operating in the country. The guidelines aim to enhance customer protection, prevent money laundering, and foster a healthy and compliant crypto industry.

According to legislator Jason Hsu, who is leading the initiative, the bill will cover various aspects of the crypto space, such as taxation, consumer protection, anti-money laundering, and licensing. Hsu said that he hopes to present the draft to the parliament before the end of the current session, which ends on November 30. The previous guidelines, which were announced on September 26, 2023, covers four main aspects:

Separation and custody of assets: Crypto platforms must keep customer funds separate from their own assets and entrust them to a third-party custodian. They must also conduct regular audits and disclose the results to the public.

Review standards for listing and delisting: Crypto platforms must establish clear and transparent criteria for listing and delisting virtual assets. They must also monitor the performance and risk of the listed assets and inform customers of any changes or incidents.

Information disclosure: Crypto platforms must disclose relevant information to customers, such as fees, transaction rules, risk warnings, dispute resolution mechanisms, and contact details. They must also report any security breaches, hacking incidents, or abnormal transactions to the FSC and customers as soon as possible.

Anti-money laundering compliance: Crypto platforms must register with the FSC and follow the anti-money laundering regulations applicable to financial institutions. They must also verify the identity of customers, keep transaction records, and report any suspicious activities to the authorities.

The guidelines also apply to offshore crypto platforms that target Taiwanese customers or solicit business in Taiwan. These platforms must register with the FSC and comply with the same rules as domestic platforms. Otherwise, they will be prohibited from operating in Taiwan.

Hsu, who is known as the “crypto congressman” for his support of blockchain and fintech, said that he has been working closely with industry stakeholders, regulators, and academics to craft a balanced and forward-looking bill that would foster a healthy and competitive crypto ecosystem in Taiwan.

He said that the new bill will not only provide legal certainty and clarity for crypto businesses and investors, but also encourage innovation and entrepreneurship in the field. He added that Taiwan has the potential to become a regional hub for crypto and blockchain, as it has a strong talent pool, a vibrant startup scene, and a supportive government.

The FSC has said that it will cooperate with other regulators and law enforcement agencies to monitor and crack down on unregistered offshore crypto platforms. It will also publish a list of registered platforms on its website for public reference.

The FSC has said that the new guidelines are not meant to stifle innovation or hinder the development of the crypto industry in Taiwan. Rather, they are intended to provide legitimacy, oversight, and a clear growth path for the crypto industry, ensuring compliance and public trust.

The FSC has also encouraged domestic crypto platforms to form an industry association and develop self-regulatory rules based on the guidelines. Currently, nine platforms have established a working group for this purpose. The FSC has said that it will support and supervise the self-regulatory efforts of the industry.

Additionally, the Ministry of Economic Affairs is planning to incorporate a crypto business category in its commercial group classification. This will help crypto businesses register and operate legally in Taiwan. Taiwan is one of the few countries in Asia that has not banned or restricted cryptocurrency trading. However, it is also not as liberal or progressive as some other jurisdictions, such as Singapore or Switzerland.

Currently, there are no regulations or rulings concerning the purchase, sale, or taxation of cryptocurrencies in Taiwan. However, cryptocurrencies that are unconnected to any nation are not accepted by the Central Bank of the Republic of China (Taiwan) (CBC) as currencies. The CBC has also warned of the risks and volatility of cryptocurrencies and advised the public to exercise caution.

The FSC has said that it will continue to monitor the global trends and developments of crypto regulation and adjust its policies accordingly. It has also said that it will cooperate with other regulators and stakeholders to establish a comprehensive and balanced regulatory framework for crypto assets in Taiwan.

Taiwan is taking a proactive and pragmatic approach to crypto regulation. The new guidelines issued by the FSC are designed to protect customers, prevent money laundering, and foster a healthy and compliant crypto industry. The guidelines also apply to offshore crypto platforms that target Taiwanese customers or solicit business in Taiwan.

The FSC has said that it will support and supervise the self-regulatory efforts of the domestic crypto industry and cooperate with other regulators and stakeholders to establish a comprehensive and balanced regulatory framework for crypto assets in Taiwan. Hsu also said that he hopes that the bill will set an example for other Asian countries that are still grappling with how to regulate the crypto industry. Hsu said that he believes that Taiwan can play a leading role in shaping the future of digital assets in the region and beyond.

Decoding Crypto Storage: Hot or Cold Wallets for Maximum Security

By
TI Partners
-
0

With cryptocurrencies raising popularity over the last couple of years, ensuring the safety of your digital assets is of utmost importance. For instance, among the critical decisions facing every crypto enthusiast is the choice between hot and cold wallets for storage. Before we dive into the nuances of these wallets, let’s first explore an often-underappreciated tool in the arsenal of security: the Virtual Private Network (VPN).

Guarding Your Digital Assets: The Role of VPNs

Picture this: you’re in a bustling coffee shop, sipping on your favorite brew while managing your crypto portfolio. Little do you know, prying eyes may be lurking in the digital shadows. This is where a VPN becomes your digital knight in shining armor. By encrypting your internet connection, a reliable solution like CyberGhost VPN adds an extra layer of security, shielding your crypto transactions from potential threats. In essence, it makes it significantly more challenging for hackers to intercept sensitive information, ensuring a secure environment for your crypto dealings.

Now, as the VPN keeps your digital interactions private, let’s delve into the primary actors in the crypto storage drama: hot and cold wallets.

Hot Wallets: Convenient but Vulnerable

Hot wallets are the swift, accessible vaults of the crypto world. They operate online, helping you to ensure seamless trading and fund transfers. Think of them as the digital wallets in your pocket, ready for action whenever you need them. However, as with many conveniences, there’s a trade-off. Hot wallets are connected to the internet, making them vulnerable to cyber attacks. In fact, research indicates that a significant number of crypto thefts involve hot wallets due to their inherent susceptibility.

These wallets come in various forms, including online wallets, mobile wallets, and exchange wallets. While their convenience is undeniable, users must understand the risks associated with having their assets constantly connected to the internet.

Cold Wallets: Fortresses of Security

Enter cold wallets, the Fort Knox of crypto storage. Unlike their hot counterparts, cold wallets operate offline, making them immune to online threats. They come in two primary forms: hardware wallets and paper wallets. Hardware wallets are physical devices that store your cryptographic keys offline, ensuring that your assets remain safe from online hackers. On the other hand, paper wallets involve printing out your crypto keys and storing them in a physical, secure location. Both options provide an added layer of security, safeguarding your assets from the array of cyber threats that lurk in the digital realm.

Numbers Don’t Lie: The Security Game

Let’s back this up with some cold, hard facts. Recent studies reveal that over 90% of reported crypto thefts involve hot wallets. This statistical evidence underscores the vulnerability of these online wallets and reinforces the case for opting for cold storage solutions. It’s like comparing a secure underground vault to a wallet loosely hanging out of your back pocket. Choosing a cold wallet significantly reduces the risk of falling victim to online attacks and ensures a safer long-term storage solution for your digital assets.

The Human Factor: Understanding User Behavior

Beyond the technical aspects, user behavior plays a pivotal role in crypto security. Consider this analogy: you might have the sturdiest lock on your front door, but if you leave the key under the doormat, it becomes a moot point. Similarly, ensuring your passwords are safe by using secure password managers like 1Password, coupled with responsible practices like two-factor authentication, significantly enhances the security of your crypto assets. Educating oneself on potential phishing attempts and practicing digital hygiene is as crucial as selecting the right wallet type.

Balancing Act: The Right Mix of Security Measures

In the grand scheme of crypto security, employing a VPN is like having a trusty sidekick, enhancing your overall defense against digital threats. It forms a critical part of the holistic approach required to fortify your digital fortress. Remember, it’s not merely about the type of wallet you choose –  it’s about striking the right balance. If convenience is your top concern and you’re actively trading, a hot wallet might be your go-to. However, if security is non-negotiable, especially for long-term storage, a cold wallet emerges as the unbeatable choice.

Conclusion

In the cryptocurrency landscape, where technological advancements occur at breakneck speed and new currencies emerge every year, securing your digital assets is a responsibility that should not be taken lightly. The world of crypto storage is nuanced, with each option having its pros and cons.

As you navigate the crypto waters, remember that the key to a robust defense lies in a combination of factors. Your choice of wallet, coupled with responsible user behavior and the use of online security tools like VPNs, collectively builds a sturdy digital fortress. Moreover, staying informed and adapting your security measures to the evolving landscape is paramount. So, whether you’re opting for the quick-access hot wallet or the offline sanctuary of a cold wallet, ensure you’re equipped with the knowledge and tools needed to safeguard your crypto assets for the long haul.

How to Produce More Start Ups from Nigerian Universities

By
Rasheed Adebiyi
-
0

Faisol is my friend. I met him while he was in 200 Level. Cool. Calm. Collected. He is a reflection of an undergraduate son I would love to have. He is gentle but brilliant and hardworking. I still remember the first day I signaled to him to see me at the university mosque after one of the prayers. I enquired about him. His background. His academic standing.  And that was how we struck a friendship. Once in a while when I met him on campus, I would ask him how he has been faring with his academics. To a very large extent, I have been satisfied with his reported performance.

I became more interested in him when I learnt that he has been running an online boot camp teaching people all across the world in digital and soft skills. He tagged it Digital Skills Boot Camp.  He told me how 4000 people from 13 countries in Africa (Botswana, Ghana, South Africa, Somalia, Zimbabwe etc.) and even Qatar had been past beneficiaries of his passion to share knowledge. I was so impressed that a 19-year-old man could have so discovered his purpose and started fulfilling it even before his university admission. And now that he was on campus, he recruited more of his friends and colleagues to help him achieve his ambition. His gentle mien would not betray such greatness is deposited in him. And he is living it out, on and off campus.

One Wednesday morning earlier this year, I saw Faisol AbdulAkeem at Opolo Global Innovation Hub at Osun State University, Osogbo Campus. I was surprised. On enquiries, he told me he was there to seek information about what it takes to book a space for a brainstorming session with his team. He said he was working with others to float a company to further his objectives of making impact at a higher level. And that announced the birth of Skeeli Africa.

According to him, Skeeli Africa is a digital learning platform whose major aim is to give equal access to promising talents by being a medium through which relevant entry level, digital skills are acquired, improved on, and seamlessly adapted with new technologies. He said the idea came up when he and his team noticed an increasing gap in how new technologies are adapted with current skill sets. He noted that tech industry has become the new oil boom for young men and women. He said his team was aiming at answering the question: how do we help others who do not have the flair for writing codes thrive in their respective fields?

While I congratulate Faisol AbdulAkeem and his team on this new project, I kept musing on if the Nigerian University System has a support structure for young entrepreneurial minds like Faisol. As a young aspiring entrepreneur, he requires support of all kinds- ideation, incubation, product development, funding and scalability. Tell me a university in Nigeria that has that support system on campus. Maybe one or two. Instead many Nigerian universities run the so called entrepreneurship programmes that are heavily focused on vocational skills. We run a university system that trains students on bead making, liquid soap making, tailoring and other vocational skills that one does not need to get to a university to learn. It does not make sense to me. Besides, when the students have learnt the skills, who helps them to navigate the terrain of commercializing the skills, good and services.

Maybe, there was a time those skills were useful. But, this era calls for a more innovative approach to skilling the undergraduates. One, those taught skills do not have the potency to create employment on a larger scale. You see one or two individuals going forward to make sense of and become financially independent through them. Those skills do not have the potency to affect the unemployment rate at scale.

Now, fees are rising without corresponding increase in the value of the education given to the students who are the subscribers. Such kind of increments are business as usual. My thesis is that the institutions should make the education offered comprehensive and effective such that no one graduates without a job. The current educational playbook cannot and will never guarantee that.

Let us tie the entrepreneurship curriculum to either the courses students are subscribed to in the universities or by interest. If I am given admission to read French, teach me proficiency in the language and let me know the business aspect of it. If I go for Political Science, what skills are inherent in this course that I could offer and gain values. If I am a graduate of Computer Science, I should know its adjoining digital skills and should be put on the path that would lead me to making money right from the campus. If I am a banking and finance student, should I not know how to use Fintech to build digital financial funnel for my own local community.  My recent experience shows me that universities in Nigeria do not realise that students pass through their entrepreneurship programmes to fulfil all righteousness. Not because there is really something worthwhile to gain. For those, like Faisol, and I know some of them on campuses I relate with, they are finding their paths to their vision and mission without a support system. The Obafemi Awolowo University is renowned for the thriving startup ecosystem on her campus, how many of these startups that gained traction and scaled did the university deliberately produce? What acknowledgement did Babcock University get for producing Paystack’s founders?  Was it not “we met on campus” mention the university got for producing Ezra and Akinlade who sold their startup to an American company for N76 Billion.

So, what do the Nigerian universities have to do to ensure they improve their profile of producing startups with the potential to become unicorns? The former Vice Chancellor of Bowen University, Iwo, Prof. Joshua Olalekan Ogunwole, in his exit interview in Guardian newspaper gave this golden advice to Nigerian universities on entrepreneurship:

“At the university level, you cannot be talking about entrepreneurship and you are buying sewing machines and whatever for the students. Do that to them at the secondary school or primary school levels. At this tertiary level, you want to raise entrepreneurs who affect the world; who would make global impact and have national relevance. You cannot begin to introduce certain specific skills and say this is what they should know.

What we are saying is this: teach the students under entrepreneurship how to take care of an idea, work on the idea to be an innovation and take all the process so that they can either commercialise it, start up a company with it or whatever. That’s how we see great minds work all over the world. So, university should not be talking about entrepreneurship in the context of wanting to learn confectionery, wanting to be mechanics; universities should be beyond all that.” So, the first step is to admit that the current entrepreneurship programmes are neither relevant nor appropriate for the knowledge economy.

The second and very important point to take note is the advice captured in Adam Adeiza’s reflections on his visit to Covenant University in a 2019 article in Business Day. First, he addressed the philosophy of Covenant University entrepreneurship ecosystem. He observed that “the CU’s entrepreneurship ecosystem has two major components – talents development and incentives.”  He proceeded further to pick the thinking at the heart of the university’s entrepreneurship programme. He wrote:

“They have this philosophy that their students must be so molded that they don’t go back to their parents for anything after graduation. At the heart of CU’s curriculum are development of entrepreneurial mindset and great attitude in students. They don’t necessarily want everyone to be business owners but they do want to make sure that those who would rather work for others are job-ready and that they possess the attitudes that not only attract high-quality jobs, but also ones that keep them in the job when they do get one.” He also said “the university introduced CU Developer Circle, one of the most thriving in the country, where students acquire high premium digital skills that help them unlock Silicon Valley-like jobs while in school. This is also the driving philosophy behind their popular TTG (Towards a Total Graduate) program, where students are mandated to spend few extra weeks immediately after graduation learning critical attitudes, resume development, how to ace an interview, work ethics, being a productive worker, making a difference in the community and so on.”

He was not done yet. He equally identified further the university’s thinking on teaching entrepreneurship. He noted that at the university, “teaching entrepreneurship is more like saying: ‘you can give what you have’. With this, entrepreneurship is not necessarily taught, it’s inspired by people who are travelling the same road. Second, students ‘Get Out of the Building’ a lot, to try their hands on real-life businesses and projects. Finally, On the incentive side, several supporting infrastructures are on ground for both students and faculties to think and act entrepreneurially: free high-speed wifi, a startup lab, regular reward-driven business model competition, institutional facilitation of access to markets and finance as well as sponsorship to Accelerator programs for startups looking to scale.”

Moving forward, the Nigerian University System has to change philosophy, direction and delivery of its entrepreneurship programmes. Nigerian universities, especially as they all warm up to increase their subscription fees, should learn how to manage the abundant talents that are on their campuses and nurture them to become globally relevant startups with high valuation. Doing this will make them produce graduates that could solve national, continental and global problems.

 

1...4,0114,0124,013...8,472Page 4,012 of 8,472

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy