The Group Managing Director and Chief Executive Officer of VFD Group Plc, Nonso Okpala, has called for stronger government support for small and medium-sized enterprises (SMEs), increased investment in education and deeper collaboration among stakeholders to drive sustainable economic growth across Africa.
Okpala made the call at the pre-conference symposium of the 7th International Conference of the Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University (UNIZIK), Awka, where he identified limited access to finance as one of the biggest challenges facing small businesses despite the resilience and innovation of Nigerian entrepreneurs.
He urged governments to strengthen credit guarantee schemes to reduce lending risks and improve access to capital for SMEs. According to him, government-backed guarantees would enable more small businesses to secure funding needed for expansion, job creation and long-term sustainability.
The symposium, themed “Shaping Africa’s Future Through Accounting Governance, Technology and Sustainable Business Management”, brought together business leaders, policymakers, academics and students to discuss entrepreneurship, education and sustainable development on the continent.
Okpala stressed that entrepreneurship development requires stronger partnerships among governments, educational institutions, investors, civil society organisations and local communities.
He said collaborative efforts are essential to addressing socio-economic challenges and improving educational outcomes across Africa.
Reaffirming VFD Group’s commitment to education, Okpala announced plans to establish 20 free schools across Nigeria as part of the company’s social impact initiatives. He disclosed that construction had already commenced on one of the schools in Uga, Anambra State, describing education as a critical tool for developing problem-solving skills and creating sustainable solutions.
He also highlighted the growing importance of technology, continuous learning and entrepreneurial training, noting that many business challenges already have established solutions that entrepreneurs can adopt through knowledge-sharing platforms, seminars and professional development programmes.
The VFD Group chief further urged African entrepreneurs to build institutions capable of outliving their founders, warning that weak succession planning and inadequate institutional structures have contributed to the collapse of many businesses after the exit of their owners.
He said successful enterprises should evolve from vision to legacy while creating long-term value for society.
