Ugandan President Yoweri Museveni has cautioned the country’s youth against leading extravagant lifestyles in what he termed a “culture of ostentatious consumption” saying that it is the biggest challenge to entrepreneurship in Uganda.
The President cited borrowing money to fund graduation parties and wedding ceremonies as superfluous expenditures that are driving youths into spending beyond their means while languishing in poverty.
Museveni was speaking at the launch of the African Graduate Entrepreneurship Institute (AGE), a brainchild of former and current MPs pioneered by ex- Kinkizi East MP Rev. Hamlet Mbabazi Kabushenga.
The institute scheduled to start operations in August envisions mentoring generations into effective entrepreneurs whose prosperity will generate sustainable livelihood opportunities for the youth in Africa. It will offer undergraduate, Graduate and Masters Programmes in Business Administration, Applied economics, applied entrepreneurship.
Museveni, the institute’s patron, is optimistic that it will equip graduates with entrepreneurship skills to bridge the gap created by educated people who he said know everything about the world except how they are going to live in the world.
While referring events at his wedding to first lady Janet Museveni, Museveni observed that spending money on luxuries is a nugatory expenditure that needs to be dealt with in order to help the youth out of poverty. He advised the Youth to make use of the Chief Administrative Officers to wed them instead of wasting a lot of money on lavish weddings.
Meanwhile, the launched African Graduate Entrepreneurship Institute (AGE) will have twelve specialties including: Agribusiness, Educational entrepreneurship, ICT, Real estate, Labor, Financial services, Medical entrepreneurship, Intellectual property & creative arts, Natural resources, Industry manufacturing, Professional services and Sales, logistics and distribution.