Former Director-General of the Small and Medium Enterprises Development Agency of Nigeria, Olawale Fasanya, has revealed the motivation behind one of the most defining decisions of his professional career—leaving a highly paid position at the Petroleum Technology Development Fund for a significantly lower-paying role at SMEDAN.
Speaking about the decision, Fasanya recalled that many friends, colleagues, and associates questioned his judgment, with some describing the move as financially unwise. At the time, he was reportedly earning about N1.2 million monthly at PTDF, a substantial income by public sector standards.
However, according to him, his decision was guided by a desire to contribute meaningfully to national development and support Nigeria's growing small and medium-sized enterprise (SME) ecosystem.
Choosing Purpose Over Pay
Fasanya explained that while financial security is important, career decisions should not always be based solely on salary considerations.
He noted that the opportunity to lead SMEDAN offered him a platform to influence entrepreneurship development, support small businesses, and contribute to job creation across Nigeria.
According to him, the potential impact of the role outweighed the financial sacrifices involved.
The former SMEDAN chief said many people found it difficult to understand why anyone would voluntarily leave a better-paying position for one that offered significantly lower financial compensation.
Despite the criticism, he maintained that he was convinced the move aligned with his personal values and long-term vision for national development.
Understanding SMEDAN's Role in Nigeria's Economy
SMEDAN is one of Nigeria's key institutions responsible for promoting and supporting micro, small, and medium enterprises (MSMEs).
The agency provides training, capacity-building programs, business development services, policy advocacy, and support initiatives designed to strengthen entrepreneurship and stimulate economic growth.
Small businesses are widely recognized as the backbone of Nigeria's economy, accounting for a significant share of employment opportunities and economic activity.
During his tenure, Fasanya focused on expanding support mechanisms for entrepreneurs and improving access to resources for small business owners.
His leadership coincided with growing recognition of the importance of MSMEs in reducing unemployment and diversifying the country's economy beyond oil revenues.
Nigeria's Growing SME Sector
Nigeria's SME sector has long been regarded as a critical driver of economic development.
According to various government and industry reports, MSMEs account for the overwhelming majority of businesses operating in the country and contribute significantly to employment generation.
The sector plays a particularly important role in:
Job Creation
Small businesses provide employment opportunities for millions of Nigerians, especially young people and women.
Economic Diversification
As Nigeria seeks to reduce dependence on crude oil revenues, SMEs are increasingly viewed as engines of sustainable economic growth.
Innovation and Entrepreneurship
Many emerging businesses introduce innovative products and services that contribute to competitiveness and productivity.
Community Development
SMEs often serve as important sources of income and economic activity within local communities.
Experts argue that strengthening the SME sector remains one of the most effective strategies for addressing unemployment and poverty.
Why Public Service Motivates Some Professionals
Career experts note that decisions involving lower pay are not uncommon when professionals believe a role offers greater purpose, influence, or opportunities for societal impact.
Across the world, many individuals choose positions in public service, non-governmental organizations, academia, and development institutions despite potentially higher earnings elsewhere.
According to leadership analysts, factors influencing such decisions often include:
- Desire to contribute to national development.
- Passion for solving societal challenges.
- Opportunity to influence public policy.
- Long-term professional fulfillment.
- Commitment to public service values.
Fasanya's account reflects a broader debate about the balance between financial rewards and personal fulfillment in career choices.
Reactions to Fasanya's Remarks
His comments have sparked conversations among professionals, entrepreneurs, and leadership experts about what truly defines career success.
Some observers praised his decision, arguing that meaningful impact and legacy can be more important than salary figures.
Others noted that financial considerations remain important, particularly given Nigeria's economic realities and rising cost of living.
Career development specialists suggest that the ideal decision often depends on individual priorities, life circumstances, and long-term goals.
The discussion has also reignited interest in leadership motivations within public institutions and the role of purpose-driven service in governance.
Lessons for Young Professionals
Fasanya's story offers several lessons for professionals navigating career decisions.
Define Success Personally
Experts advise individuals to develop their own definition of success rather than relying solely on societal expectations.
Consider Long-Term Impact
Career choices can be evaluated not only by immediate financial rewards but also by opportunities for growth, influence, and fulfillment.
Align Decisions with Values
Professionals often experience greater satisfaction when their work aligns with their personal beliefs and aspirations.
Balance Purpose and Practicality
While passion and impact matter, financial sustainability should also be considered when making major career decisions.
The Importance of Leadership in SME Development
The growth of small businesses depends significantly on effective leadership within institutions responsible for supporting entrepreneurship.
During his time at SMEDAN, Fasanya was among several public sector leaders advocating stronger support frameworks for Nigerian entrepreneurs.
Analysts say sustained investment in SME development remains essential as Nigeria seeks to expand employment opportunities and stimulate inclusive economic growth.
They argue that institutions like SMEDAN play a critical role in helping businesses overcome challenges such as limited access to financing, inadequate infrastructure, and capacity constraints.
Although Fasanya has since moved on from his role as SMEDAN Director-General, his reflections continue to resonate with conversations about leadership, public service, and professional purpose.
Economic experts believe the issues he highlighted remain relevant as policymakers seek ways to strengthen entrepreneurship and support small business development.
His remarks may also encourage young professionals to think more broadly about career decisions, considering not only income but also impact, fulfillment, and contribution to society.
Dr. Olawale Fasanya's revelation about leaving a N1.2 million monthly PTDF position for a lower-paying role at SMEDAN highlights a career decision rooted in purpose rather than financial gain. While many questioned the move at the time, he insists that the opportunity to influence entrepreneurship development and support Nigeria's SME sector made the sacrifice worthwhile.
His story underscores an enduring lesson in leadership and professional development: success is not always measured by salary alone, but often by the impact one makes and the legacy one leaves behind.