Financial literacy has been identified as a prerequisite for entrepreneurial development.
Chairman, Krisoral Group of Companies, Igwe Oranu Chidume, who made the remark at the Faculty of Management Science of Chukwuemeka Odumegu Ojuwkwu, University (COOU), Igbaram, Anambra State, disclosed that the ability to understand and effectively use various financial, including personal financial management, budgeting and investing was of utmost importance. Chidume pointed out that financial literacy exposes entrepreneurs to the knowledge of budget management, procedures, credit management and financial risks of business operations amongst others.
In his address with the theme, “Entrepreneurship As The Engine of Economic Development The Nigeria’s Experience in COVID-19 Era,” he said the pandemic brought lots of challenges which have tasked the local entrepreneurs in the country.
The CEO, who noted defined entrepreneurship as engaging responsibly in any activity or venture that creates value and serves as a solution to the needs of the other person, appealed to the government at all levels to provide infrastructure to enable entrepreneurship to thrive in the country.
“Having financial discipline means living below your means and not over-extending yourself like most people consistently do. I don’t spend money I didn’t earn,”he opined.
He charged the students to cultivate saving culture and to also learn how to re-invest in any business they plan to venture into after graduation.