A global law firm, Hogan Lovells, has said that with the advancement of block chain technology, crypto currencies and mobile systems, opportunities for young people to be enthusiastic and successful are limitless.
Head, Africa Practice for Hogan Lovells, Mr. Andrew Skipper, explained that though infrastructural deficit and power shortage are debilitating factors working against entrepreneurship in Nigeria, the technological initiatives would ease the way to success for young and hardworking Nigerians.
On initiatives designed to help entrepreneurs mitigate against the skill and power challenges that affect their operations in Nigeria, Skipper pointed out that the Nigerian entrepreneurial system lacked supportive innovations to help developing young entrepreneurs across the nation.
He said, “The nation needs initiatives like the community solar innovation awards, that can involve about 300 participants. This competition invites them to come up with specific small-scale solar energy projects that are locally designed but globally scalable and replicable. These designs are aimed at supporting communities, using solar power on an entrepreneurial basis.
“Most importantly, organisers should work with them, mentor them and provide them with free legal advice. It is also important to identify specific issues such as the young entrepreneur’s need for financial and technical support; technical support in terms of starting a business, business mentorship and business management.”
To ease the ways of doing business, a financial manager, Mr. Peter Adebayo, expected the government to emulate its foreign counterparts that encourage
entrepreneurs.
He said, “It is a global practice to encourage entrepreneurs by giving them early tax breaks. So, I think that any government has to balance the obvious need to raise revenue with encouraging enterprise by giving emerging businesses relevant grants and tax breaks.”
