Prof Ndubuisi Ekekwe
Thu, 4/21 3:23PM • 12:38
SUMMARY KEYWORDS
resilience, systems, market, society, innovation, gdp, conversation, capacity, nation, services, problems, america, lagos, restaurant, intrapreneurial, secondary school, challenges, happened, farms, knowledge
00:00
Thank you so much. Distinguished ladies and gentlemen, it's quite a moment and a great privilege to have this opportunity of having this conversation with you. Thank you so much for icon for inviting this village guy, the league's air festival, we have people who are discussing the mechanics of market system. So I will have a conversation here on sustainability, resilience and enterpreneurship. And I will begin by taking you back to that already be. It was a good ready debates, where the Greek philosophers were trying to understand the material components of universe we're trying to understand what is world is really made up of X. They had a lot of postulates say they pal say that the world is made of water. Here, you clearly say the world is more on fire. But I like what Pythagoras said he said, and the word is not in Vietnam. So if the word is not in that numbers, it means that resilience, the sustainability of nations, the sustainability of farms, the resilience of farms can also be found in the norm on farms and niches. So if everything we do on Earth, is numbs, it means that for us to figure out challenges, solutions to our challenges, we have to go back to the numbers of those elements. So how can we get these things down? It comes through intrapreneurial capitalism. And even for that intrapreneurial capitalism, I tried to explain the purpose of farms. Why do we even need to be accounted? Why do we need to be banks? Why do we need to be traders? Why do we even need to have companies, because it's only when we can have companies only when we can understand the purpose of farms, that is when we can see how we can build resilience, how we can do sustainability in market systems, how we can also use sustainability in our nations and our communities and industries. Because at the end of everything, that is a reason why we are evil professionals. So let's assume today that I have just landed in Lagos from America and there is no family member in Leeds. And I'm very, very hungry, and I don't know anyone I can go to his house to eat. And let's also assume there is no restaurant in the city of Lagos, what do I do, I begin to knock at every door in legs. You agree with me that that is the propensity that I can look at the face on the door, somebody may not have food to say to me, but at the same time I'm knocking there is a family that has food ready to sell in BBC, but unfortunately in UBC cannot find and they can also find it because of information asymmetry. That information asymmetry makes it very difficult for demand and supply to come into a perfect equilibrium point. So what happens in is a young lady called mama and he said, Oh, let me go and open up a contest. I will call that company my mind kitchen restaurant. So the next time BBC comes to Lagos, he doesn't need to be knocking at every door in lakes. He simply goes to my mind catches restaurant to eat. You know what happened. My mind catching restaurant has fixated Friesian wishes, he said Adama. And by feasting that fish or with a resistor in a market, she has made it possible that demand or supply has found it will perfect equilibrium points. So I anytime I'm hungry, I don't have to be knocking adopts, I simply go to the restaurants. That is what every company does. If you are in banking, somebody has money, somebody doesn't happen, the person who has money takes it to the bank, the bank keeps so that when that person who doesn't have that money needs, the person goes to the bank, because if you do not have a bank, these two individuals may not come into an equilibrium point where demand and supply can.
03:54
Within these constructs. Everything we do in society is actually kind of captured. So you have a fresh challenges as societies have. But somebody has to have capabilities. In other words, how are you going to face these problems? You need capabilities and abilities are captured in what I call the elements of artisans, knowledge intrapreneurial, capitalism, capital, land velocity and labour and economics in secondary school. These are the factors of production. The knowledge of firms, the knowledge of a nation actually will determine, to a large extent, the resilience of that particular company or the restaurant, our particular niche. The best thing about America today is not because they make good bombs. The best thing about America today is because they have Harvard, MIT, Princeton, Johns Hopkins University, which are knowledge systems that make it possible for America can renew each side, from one generation to the other. It turns out that in any society, it turns out that in any company turns out that you end In addition, when you have the capacity to create new knowledge, you build a high level of resilience. Because here there are two versions in anvarol nations in the world market is system, your ability to create new knowledge to help you get out of any paralysis. But that knowledge may not have any value. If there are no messengers, the high priests of market systems, I call them intrapreneurs pioneers who can transition from just having a knowledge system into creating products or services. This is where you have data renewals. You have people like Ken AG, Mel, Mel B, y, Mela, can Ed Rockefeller, Dan booth, there are so many of these legends who pay on Yamaka system, translating knowledge systems into products or service because at the end of everything, the only thing that can overcome problems in society is products is service. All the challenges you have in Lagos today, at the end of the day, somebody has to create a product, somebody has to create a service. If you do not have people who have this capacity to transform ideas, knowledge systems into products and services, societies cannot even forge the resilience of cities, the resilience of communities can only be correlated with a capacity or having these pioneers who can see challenges and market systems and come up with solution for them. And if we can do that, we begin to move our societies from being invent a society of just talking a society or just postulation, the society that can actually solve problems for people. But at the end of everything, one thing is constant. Innovation, is what measures need to drive out results. Innovation is what communities need to drive. Innovation is to all companies need to drive down sustainability. Because the point is,
07:02
if you have people that can create products and services, and then they are solving problems, a society that is only going to be a continue the societies who can be keep getting better. In a market system, we call them having the capacity to bring new bases of competition, having the capacity to solve the problems, these expectations of customers, and getting them to the point where those things that bother them, you have the ability to do that. For Africa for Nigeria, specifically, we know that this is a very challenging one. Have you security you have on implemented kidnapping, division stripes, perilous times happening over a niche. So it used to be a beautiful country to go back to 1960s 1970s. But of course, we have gotten into the point where some of the most important conversations in Nigeria not even conversations about innovation systems. Let's detail in how we can deal with the challenges of Boko Haram dealing the problems that we're having a de se dealing with the ones by headsman. These are conversations we are having and spending all our time in the database. What is happening here is that we are not even axon that market systems are being redesigned as a result of COVID-19 How are we going to do the resilience that the Nigerian economy can stand as the world moves into the next stage? The world is getting digitised the world is also moving into a phase of everything, digital, virtual everything, of course, we're having this conversation through zoom in the past maybe would have had to get us over later. So this conversation, we also see new new domains, how supply chain systems are informed. And you guys know spending so much effort on those things, because we are still tranche as an innovative society. And if we cannot overcome, we are going to have difficulty, but there is a promise because there are enterpreneurs who has who are going to turn this invention into innovation. Because when you are commercialization inventive ideas, you have innovation, so that innovation becomes instrument upon which market systems will now open up to people. If you look at this plot I have shown you see that for more than 1500 years, the GDP of United States and the GDP of China this GDP is where our clients in other words, generations of people that leave the party not experience any major change in our living standards. Because remember returning your secondary school, agricultural science or biology. Brother man Korea remarks to the map I'll say that Eve, human population growing in geometric progression We cannot catch up with the food production which was going to replace the progression. Because if more people are being blown over generation and the GDP was not increased, it means that people per capita income will decelerate. So he said, at one time man is going to have the problem of not having food to eat. But just as I'm rounding up here, look at these plots, you can see that was around the, after the birth of America, the GDP of the United States that are ramping up explanation. What has happened here is that they have transition from a society of invention to a society of innovation. So Nigeria needs to have the capacity to move from being an innovative society to an innovation society. And that innovation society means that we have to have a capacity of creating products and services. Because at the end of the day, if all we do is to talk about how we provide electricity, and how we provide clean water, and no one can actually go and provide services in those spaces, we are just going to be a society of a invention. So Society of inventions do not have that intrapreneurial capitalist, they do not have the capacity to solve problems. It's not about people in beer pong, or small, where everyone is saying I have an idea, but you can't find products and services to buy. So this conversation we're having today I want to tell young people
11:27
the greatness of a nation is always correlated with his capacity to solve problems in those societies. And it turns out that products, services ability to create innovation and market system, commercialise your ideas, so that customers can find things to buy, to overcome the frictions they have is to become extremely critical for us to take this continent take his nation to the next level, that young men do not have jobs should not mean does not mean that we cannot create opportunities for the future. So I want to challenge you many of you are high priests of market system in our contracts are you understand everything. But we want you to also have these constructs that are less we knew a dude a nation of innovation. We are producing services, people create interface features and markets. We will not actually get into that promised land. So that's actually the conversation I have with you here. I want to wish everyone here. Wonderful journey as you go into this festival. Thank you very much, ladies and gentlemen.