Nigeria’s first Professor of Capital Market Studies, Prof. Uche Uwaleke, delivered the 50th Inaugural Lecture of Nasarawa State University, Keffi, on Wednesday, with the theme: “Unlocking Wealth and Leveraging Entrepreneurial Knowledge Ecosystems: Understanding Capital-Harnessing Essentials (UWALEKE UCHE).”
The lecture was a significant milestone in Uwaleke’s academic career and part of his ongoing efforts to expand the frontiers of capital market education in Nigeria.
During his address, Uwaleke emphasized that Nigeria’s vast but underutilized resources could be unlocked by channeling funds from the capital market into skill development and creating a conducive environment what he termed the ‘Entrepreneurial Knowledge Ecosystem’.
He pointed out that Nigeria’s reliance on traditional borrowing mechanisms and the international debt capital market were key barriers to wealth creation.
To ensure debt sustainability, he advocated for linking borrowing plans to debt service ceilings rather than GDP indicators.
“Consistent with the Fiscal Responsibility Act 2007 and in view of the country’s huge debt burden, governments should borrow only to fund projects that are self-liquidating,” he stated.
He further suggested exploring alternative funding sources, including the renminbi (RMB) market, to reduce borrowing costs.
Highlighting the importance of entrepreneurial knowledge, Uwaleke said, “Entrepreneurial knowledge embodies the skills and competencies necessary for unlocking wealth in any economy.”
He posed a critical question: “What does it take to build entrepreneurial knowledge, and how should policymakers in Nigeria go about it?”
According to him, budget constraints should prompt the government to allocate more resources to academic disciplines that directly support industrial development and economic growth.
He cited global examples, including, China’s Double First-Class Initiative, which prioritizes investment in fields like artificial intelligence, engineering, and natural sciences to elevate universities to global standards.
Singapore’s SkillsFuture Program, which provides funding for companies investing in student training and skills development.
South Korea’s model of strong academia-industry integration, which fosters entrepreneurial knowledge and economic growth.
Uwaleke urged the Nigerian government to optimize its educational funding strategy by prioritizing what he termed ‘pillar courses’ Agriculture, Medical Sciences, ICT, and Engineering (AMIE).
“Over the years, underfunding in these areas has led to low student enrollment and reduced productivity,” he noted.
He called for a more result-oriented approach to funding public universities by aligning their programs with national development goals.
“For instance, the National Development Plan (2021-2025) envisions that by 2025, Nigeria’s agriculture and food ecosystem will experience at least a 10% annual growth rate,” he explained.
He proposed that ministries such as Education, Budget & National Planning, and Science & Technology collaborate to identify critical courses aligned with national priorities and ensure that Tertiary Education Trust Fund (TETFund) and the National Education Loan Fund (NELFUND) prioritize these areas.
Uwaleke outlined key strategies for leveraging the capital market to drive economic transformation, Incentives for capital formation to attract investment.
Privatization of public enterprises via the capital market to enhance efficiency.
Optimizing resource allocation to ensure maximum value for money.
“Only then will Nigeria be seen to be on the sure path to unlocking her massive hidden wealth,” he concluded.
Vice President Kashim Shettima, represented by Minister of Women Affairs Hajia Imaan Sulaiman Ibrahim, reaffirmed the government’s commitment to economic transformation.
“Our vision of a $1 trillion economy is not a distant dream; it is a deliberate destination. Through bold and strategic reforms, we have embarked on a journey to deepen our financial markets, strengthen investor confidence, and unlock opportunities for sustainable growth,” Shettima stated.
Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, praised Uwaleke’s contributions and pledged collaboration with Nasarawa State University.
“The Senate Committee on Capital Market is very proud of Prof. Uwaleke and is very willing to work with this school because of you,” Izunaso said.
Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, also commended Uwaleke’s contributions.
“Prof. Uwaleke has supported the capital market with his wealth of knowledge and has provided solutions that have helped in boosting the capital market. We commend him for his role in the growth of the Nigerian capital market,” Agama stated.
