Prof Olalekan Asikhia, Vice-Chancellor of Caleb University
Nigeria must prioritise functional businesses, visionary leadership, integrity, and strong institutions to tackle poverty and drive sustainable growth, the Vice-Chancellor of Caleb University, Professor Olalekan Asikhia, has said.
He made the remarks while delivering Babcock University’s 57th Inaugural Lecture in Ilishan-Remo, presenting a paper titled “It Is Time to Use Functional Businesses to Kill Poverty in Africa.”
Highlighting data from 2022, Prof. Asikhia noted that 546 million Africans live in poverty, with Nigeria accounting for the largest share of extreme poverty. He warned that, by 2025, extreme poverty could rise to 43.9% due to income inequality, weak governance, and inconsistent policies.
Reviewing decades of failed interventions, he argued that charity-based approaches have done little to alleviate poverty. He urged a shift towards a “Functional Business Model” – enterprises designed to generate wealth, create jobs, and foster community development.
Prof. Asikhia also challenged universities to become centres of innovation and entrepreneurship, recommending the formal registration of student start-ups and the embedding of practical enterprise initiatives in curricula.
The lecture, attended by scholars, policymakers, business leaders, and traditional rulers, was widely praised for its practical insights. Babcock University’s Vice-Chancellor described it as “a gift to Africa,” highlighting its potential to shape policy and community development.
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