Students at Babcock University are gaining practical experience in financial literacy, budget management, and strategic planning through a new partnership between the institution and SimPlement, an Irish corporate development firm that has introduced a cloud based business simulation model to teach entrepreneurship.
The collaboration, spearheaded by Dr. Ayodeji Ajibade, Director of Babcock University Entrepreneurship Development Centre, and Oluseyi Oladimeji, Lead Product Manager and cofounder of SimPlement business training, is designed to bridge the gap between theoretical knowledge and real world business application.
The initiative introduces students to investors and enables them to collaborate on real world business projects, leveraging their skills and ideas while developing competencies that extend beyond the classroom. The partnership also provides a learning platform for lecturers, who adapt alongside students to deliver interactive and practical instruction.
Speaking with journalists during a visit to the institution, Dr. Ajibade explained that the simulation provides students with a structured, risk free environment to apply concepts learned in class, implement business strategies, make key decisions, and experience the realities of running a company without facing real financial consequences.
"The business simulation is being used in our third year venture creation course, which is systems based and designed to integrate theory with practical application. Students work in teams, assigning roles and mirroring the structure of a real business. Through this, they learn not only decision making, but leadership, collaboration, and accountability," he said.
The simulation is divided into six rounds, each requiring students to analyse performance data, make operational and financial decisions, and adjust their strategies. In the first round, students focus on foundational elements, such as selecting a business name and location, critical steps that illustrate the importance of branding, market positioning, and strategic planning. Subsequent rounds address operations, finance, and overall strategy, exposing students to the complexities of entrepreneurship while maintaining a safe, virtual environment for learning.
Oladimeji highlighted the importance of international collaboration in driving innovation. "In Nigeria and globally, the focus is increasingly on enabling people to engage meaningfully with foreign systems and practical experiences. Through partnerships with global companies like Amazon and SimPlement, we are experimenting with innovative approaches and drawing lessons from markets in the United Kingdom and the United States," he said.
Dr. Ajibade emphasised the dual benefit of the programme. "Both students and faculty are gaining new perspectives. This is not just about teaching; it is about cultivating an ecosystem that supports creativity, critical thinking, and problem solving."
The Chief Executive Officer of SimPlement Ireland, Klaus Walter, expressed optimism about the programme's long term impact. "By combining practical simulation, mentorship, and international insights, we are preparing graduates for how to navigate economic challenges and create meaningful opportunities for themselves and their communities," Walter stated.
The Partnership represents a strategic effort to reduce graduate unemployment by equipping students with practical business skills and entrepreneurial competencies that make them job creators rather than job seekers, positioning Babcock University as a leader in innovative, experiential learning approaches in Nigeria's higher education sector.
