Business Leaders Weigh In on Nigeria’s Economic Growth as FG Launches $1bn HOPE-SP Scheme

Business leaders in Nigeria’s private sector have called for greater emphasis on skills acquisition, entrepreneurship and individual initiative to complement government social protection programmes and drive sustainable economic growth.

The business leaders spoke against the backdrop of the Federal Government’s launch of the 1 billion dollar Household Prosperity and Empowerment Social Protection Project (HOPE-SP), aimed at cushioning economic pressures on vulnerable households and creating pathways to long-term self-reliance.

The project, launched at the Banquet Hall of the State House in Abuja under the theme, “From Palliatives to Pathways,” is designed to shift the focus of social intervention from temporary relief to coordinated economic empowerment.

Speaking at the launch, First Lady, Sen. Oluremi Tinubu, said the project combined immediate stabilisation support with interventions aimed at helping beneficiaries achieve economic independence.

Business leaders, however, stressed that government safety nets needed to be complemented by skills development and personal initiative to achieve lasting economic empowerment.

The call comes as Nigeria continues to grapple with gaps in human capital development and household earning capacity.

A World Bank report cited in the discussion said deficits in health, education and workforce skills could cost Nigeria up to 111 per cent of its future workforce productivity.

It also put Nigeria’s education index on the World Bank’s Human Capital Index Plus at 64.

MTN Nigeria Chief Executive Officer, Dr Karl Toriola, said Nigerians, particularly young people, needed to take responsibility for their career development through continuous learning.

Toriola, who spoke during the Redefinition Conference, said individuals needed to deliberately acquire skills beyond those that came naturally to them.

“Your career, your future, your life is your responsibility and your responsibility only,” he said.

He explained that he had invested significantly in self-education, including in areas such as finance and risk management.

“If you want to develop yourself, you have to learn skills that don't come naturally to you,” he said.

Similarly, Chairman of Heirs Holdings, Mr Tony Elumelu, has consistently advocated entrepreneurship as a major driver of economic opportunity and development in Africa.

“Only entrepreneurship can create opportunity where none seemingly exists,” Elumelu said through the Tony Elumelu Foundation.

He added that “young entrepreneurs and those they inspire are the lifeblood of Africa’s rise.”

Elumelu’s position highlights the importance of combining social protection with measures that enable individuals to establish sustainable businesses and contribute to economic activity.

Also, Alhaji Aliko Dangote, industrialist, has linked functional education and access to opportunities with Nigeria’s economic development.

Speaking during the rollout of his foundation’s N1 trillion education initiative, Dangote said young Nigerians were seeking opportunities rather than handouts.

“Our young people are not asking for handouts. They are asking for opportunities. They are asking for a chance to learn, to grow, to compete and to succeed,” he said.

Dangote further stressed the economic importance of investing in education.

“Every child we keep in school strengthens our economy. Every student we support reduces inequality. Every scholar we empower becomes a future contributor to national development,” he said.

The views of the business leaders underscore the need for social protection programmes such as HOPE-SP to be complemented by investments in education, skills acquisition and entrepreneurship.

The approach, they maintained, would help vulnerable households move beyond temporary assistance toward sustainable income generation and greater economic independence.