Abstract.

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In this era of shrinking economic activities, governments should endeavour to provide the necessary infrastructures required for skill acquisition among its citizenry. This is because without technological skill, entrepreneurial spirit which drives economic development through job creation will be lacking. In this opening remarks at the 1st Abia State Technology Entrepreneurship Fair/Zonal Investors Forum, Professor Ikenna Onyido espouses that the future of developing nations depends on vigorous promotion of small and medium scale enterprises.

Introduction.
It is a pleasure to be with you this morning. I consider this an honour and a privilege to be invited to make opening remark at this assemblage of Nigerian hidden capital in Abia state. I would like to thank the organisers for inviting me to chair this session and make opening remarks at this important Zonal Investors Forum. This is an important event, in fact the key event of the year in the state for economic change initiative. The activities will highlight the contributions the state, the Local Government Areas (LGAs), the cities, towns and villages are making to the modernisation of the states economy, the national 7 point agenda and to the challenges facing Abia state in particular and Nigeria in general. The event is more relevant than ever in the context of the current global financial and economic crisis. The theme of this event: Promoting Entrepreneurship and Technological Skills for Socio-Economic Development, could not be more apt in todays globalised knowledge economy. Our expectations are that this forum concentrates its attention on four basic problems namely:

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Needs and Strategy. Entrepreneurship promotion activities. Technologies for skills and socio-economic development. Perspectives of new policy and strategy for the promotion of entrepreneurship in the zone.

Needs and Strategies.

As globalisation creates benefits through advanced technologies and expansion of commerce, it also creates challenges for emerging small business enterprises to effectively compete in an environment characterised by multivariate challenges. Entrepreneurship is the practice of starting new organisations or revitalising mature organisations, particularly new businesses generally in response to identified opportunities. Entrepreneurship forces creative destruction across markets and industries, simultaneously creating new products and business models. Many "high value" entrepreneurial ventures seek venture capital or angle funding in order to raise capital to build the business. Lately more holistic conceptualisations of entrepreneurship as a specific mindset resulting in entrepreneurial initiatives e.g. in the form of social entrepreneurship, political entrepreneurship, or knowledge entrepreneurship emerged while in 2009, a yet newer type of entrepreneurship known as LILO (a little in, a lot out) entrepreneurship came into sight.

Entrepreneurship Promotion Activities.

As the brains behind this forum, the Abia state ministry of science and technology in collaboration with the raw materials research centre of the federal government of Nigeria, and given

entrepreneurship's potential to support economic growth, this fair should come up with policy goal suggestions to the concerned states to develop a culture of entrepreneurial thinking. Global Entrepreneurship Week is a civil-society initiative to promote the entrepreneurial aspirations of young people everywhere. In entrepreneurship, the zonal investors forum should work to catalyse an entrepreneurial society in which job creation, innovation, and the economy flourish. Global partnership could be sought from organisations like Junior Achievement, Entrepreneurs Organization and Youth Business International. Host organisations in each of the participating countries are responsible for recruiting partners, and coordinating national activities.

Technologies for Skills and Socio-economic Development.

At its core, technology is knowledge made up of two dimensions: Technological knowledge knowledge about what works and how things could be done and 2. Techniques - the application of this knowledge in processes and tools for daily living. From ancient forms, technology has evolved into such devices as the computer or the mobile phone. Technology is so predominant in many of our modern societies and so widespread that its implementation is not limited to any particular field, or linked to any specific sector. Technological knowledge and techniques are moreover constantly evolving and bridging geographical distances (for example with e-learning and e-commerce). Practical advances 1.

often lead to broad usage, which in turn lowers the costs of products for the end-users and makes technologies more accessible. Innovation and certain technologies may also have unwanted effects such as pollution and environmental degradation. All the same, in developed countries, access to technology has greatly helped improve productivity. In less developed countries, even low-tech innovations have spawned high-impact reductions in work burdens. For example, in Kenya during the 1960s Mabati movement turned simple tin roofs into rain water collectors, saving countless hours of water hauling and providing a commodity that could help raise livestock, improve garden yields or be sold to others Today women and men need broad based skills, which can be adapted to rapidly changing economic requirements as well as appropriate basic skills which enable them to benefit from information technology, increasing their ability to overcome barriers of distance and budgetary limitations. Supporting women entrepreneurs to introduce new technologies in their enterprises enhances the potential to increase productivity, create employment, reduce poverty, and promote local development. Women entrepreneurs are increasingly becoming the driving forces of many economies particularly in Africa. Studies show that they account for 50 per cent of small businesses. These businesses are often micro- and small- scale enterprises in the informal economy, and may not offer the same job security, social protection, access to training and career development as the formal economy. But, formal employment, with all its inherent advantages in terms of job quality and quantity, remains an elusive goal for many women. Skills development paves the way by enabling women to create and sustain productive employment. Other key factors include the creation of an enabling environment for sustainable enterprise

development, social dialogue and fundamental investments in basic education, health and physical infrastructure. The improvement of human capital will translate in greater managerial capacity on emerging small and medium enterprises (SMES). SMEs that take advantage of advanced technologies will surely be more competitive. Small businesses should be encouraged to adopt information technologies such as electronic and wireless commerce to enhance their competitiveness

On-going Entrepreneurship Promotion for Skills and Socio-economic Development.

The World Bank and other multilateral development agencies have long recognised the importance of targeted assistance to Small and Medium Enterprises (SMEs) in accelerating growth, promoting economic development and reducing poverty in their interventions in developing countries. Some of the major strategies to facilitate the promotion and the needed technological skills and socioeconomic development include the following: Establishment of banks, channelisation of financial assistance, development and encouragement of a new class of professional and technical entrepreneurs, establishment of promotional agencies, banks and cooperatives should discover innovative schemes to catalyse the rural and cottage entrepreneurship, setting up of rural entrepreneurship development centre, upgrading informal apprenticeships.

It is hoped that appropriate banks would be established to demonstrate their entrepreneurial behaviour, innovative skills and developmental outlook in future so that Abia could survive in 21st century with great enthusiasm and development programmes in the committee of entrepreneurially advanced states of the world. This forum should orchestrate the development and encouragement of a new class of professional and technical entrepreneurs in small and medium scale sector and campaign for the promotion of small and medium entrepreneurship to be the major thrust of government policies and the vision 20-2020 plans with a view to translating these ideals into reality through effective schemes and programmes. Creation of an entrepreneurial society through finance, entrepreneurship development and infrastructure development should be its primary motive. It should set up at least one entrepreneurship development centre in each state of this zone.

Perspectives of New Policy and Strategy for the Promotion of Entrepreneurship in the Zone.
This forum is in a position to recommend relevant perspectives of new policy and strategy for the promotion of entrepreneurship in the zone particularly in the backward local government areas. It can classify the latter into categories for the purpose of distribution of fiscal and financial incentives among viable entrepreneurs who have already set up their industrial, commercial and service

ventures in the state and the zone. The forum should come up with suggestions on effective skills development systems including connecting education to technical training, technical training to labour market entry and labour market entry to workplace and lifelong learning; can help women and men benefit from existing and emerging opportunities. In doing this it would be necessary to recognise that contemporary policy targets small firms as a means of achieving and sustaining growth as well as economic and social stability, and what could be the impact of public policies on the localisation of economic activities.

Conclusion.
As a result of finance being a major constraint of small business in fulfilling its developmental roles, any initiatives by the government and other stakeholders must be geared at improving SMEs access to finance and lowering the cost of finance. Ability to acquire and possess latest technology is determined by SMEs financial capabilities which call for government to improve small businesses access to finance to enhance their competitiveness in a global economic environment which is characterised by intensive competition. Conducive environment for women and youth to venture into small business must be created and supporting policies must be crafted.
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