Oyedepo warns against waste, wasteful spending

Pastor David Oyedepo, Chancellor, Covenant University, on Thursday advised small and medium enterprises (SMEs) to avoid waste and spending on frivolities.

Oyedepo gave the advice while speaking at the ‘Excellence in Leadership’ Conference organised for aspiring SMEs and corporate leaders by Daystar Christian Centre in Lagos.

He said that most of the complaints of the masses about poverty and lack of adequate resources in the nation were due to poor management and wastage.

“We have so many issues with our youth of today, ranging from unemployment, underemployment and those trying to set up their businesses, but some of them are caused by waste.

“Last year, it was reported by the Nigerian Bureau of Statistics and the World Bank that Nigerians spend up to N447 billion on recharge cards monthly, which is even more than what is spent on food.

“The same thing applies to those who run small businesses; it is not for you to start living large from your small business, but you should seek to grow it and expand.

“A lot of youths want to reach the top, get better jobs, but don’t want to work for it; success takes discipline, it will entail sleepless nights, and you may also have to drop some friends. We need our youths to know this.

“Most small businesses spend all their profits, and that is why they can never get loans from banks because they don’t even have the character to manage a few thousands in their care,” Oyedepo said.

Pastor Sam Adeyemi, Pastor-in-Charge, Daystar Church, said the event was organised annually to teach basic success principles to SMEs and youths looking to create their own jobs.

NAN reports that the event attracted over 2000 attendees from within and outside the country.

Mr Waheed Olagunju, Acting Director-General, Bank of Industry had earlier said that most entrepreneurs were operating for years without bankable business plans.

He said that lack of accountability was a major hindrance of the expansion of SMEs, in spite of the immense benefits they offer to the nation.

According to Olagunju, a man who cannot manage thousands should not be given a million to work with, as this can lead to the collapse of the business.

He urged potential entrepreneurs to join relevant associations in order to be more accountable, and to be more credible to access loans and capacity building opportunities.