An in-depth understanding of financial literacy is the foremost prerequisite for entrepreneurial development.
The Chairman, Krisoral Group of Companies, His Royal Highness (HRH), Igwe Dr Oranu Chidume, stated this in his keynote address with the theme; ” Entrepreneurship As The Engine of Economic Development: The Nigeria’s Experience in COVID-19 Era” at a forum in the Faculty of Management Science, Chukwuemeka Odumegu Ojuwkwu University (COOU), Igbaram, Anambra State.
Dr. Chidume said the ability to understand and effectively use various financial data, including personal financial management, budgeting and investing was of utmost importance in entrepreneurial development pointed out that financial literacy exposes entrepreneurs to the knowledge of budget management, procedures, credit management and financial risks of business operations amongst others.
He appealed to governments at all levels to provide infrastructure that would enable entrepreneurship to thrive in the country while charging the students to cultivate saving culture and also learning to invest in any business they plan to venture into after graduation.
The manufacturer disclosed that COVID-19 pandemic brought new challenges to the country’s entrepreneurs, and also brought unprecedented downturn in the global economy but noted that pandemic awaken the world to the realization of new innovations and evolution, adding that Nigerians must not lag behind.
L – R: Prince Ndubuisi Chidume, His Royal Highness, Igwe Dr Oranu Chris Chidume, Eze Ana-Ukwu, Eze Igulube of Omor, Prof. Elis Idemobi, Deputy Vice Chancellor, Accademics, and Prof. S. A. M. Ekwenze, Deputy Vice Chancellor, Administration, at the 4th FMS International Conference on Managing Nigeria’s Economy in Digitized Covid-19 Era.
“Nigeria has an underdeveloped digital economy that requires significant efforts to upgrade the country’s knowledge base, Covid-19 has led to a surge in the country’s e-commerce sector, which has led to accelerated digital transformation.” He said.