Prof. Olalekan Asikhia, VC of Caleb University
Prof. Olalekan Asikhia, Vice-Chancellor of Caleb University, has called for a shift from charity-based poverty alleviation to enterprise-driven prosperity across Africa, emphasising innovation, entrepreneurship, and accountability.
He delivered the message during the 57th Inaugural Lecture of Babcock University, themed, “It Is Time to Use Functional Businesses to Kill Poverty in Africa.”
Asikhia highlighted that Africa’s high poverty rates, with 546 million people living in poverty in 2022 and projections for 2025 showing extreme poverty affecting over 438 million, stem from income inequality, weak governance, and institutional deficiencies.
He argued that past poverty-reduction efforts failed because they focused on cash distribution rather than on wealth creation.
He proposed a ‘Functional Business Model’, enterprises designed for profit and societal development, generating livelihoods, building capacity, and ensuring equitable wealth distribution.
Urging universities to play a practical role, Asikhia called for embedding entrepreneurship into curricula, registering student start-ups with the Corporate Affairs Commission, transforming university ventures into community-focused enterprises, and adopting Social Entrepreneurship for Poverty Alleviation (SEPA) initiatives.
He concluded that Africa can only escape poverty by deliberately creating functional businesses that empower communities and foster sustainable development.
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