Chetas Blog

Business and Lifestyle Blog

Doing Business in Nigeria is Difficult

I have several business ideas and unfortunately, I have failed to realize any of them. Some of my business interests include owning a residential complex like the 1004 flats, having a food processing company to process crops like cocoa, palm nuts, groundnut, tomato, rice, cassava, yam, ogbono seeds, sesame seeds, beans, etc. I would love to have a construction company that would construct major infrastructures like sea and airports, roads and railway lines. I would love to own a sports club but I can’t venture into the sports industry in Nigeria because it isn’t worth it for now unless we have major changes in that industry. I love the entertainment industry and the movie industry needs to change. I also love travelling, so I love the hospitality business and that is one major industry that hasn’t been well utilized in Nigeria. Finally but not least, I love the media industry. I still think that we do not have what it takes in Nigeria. The media industry is highly politicized in this country. Our media houses cannot be compared to international broadcasting houses. They don’t have quality and substance.

Having business ideas are cool but if you don’t turn them into reality, they aren’t worth it. One major problem I encounter in starting a small business idea I may have is the lack of capital or funds. For those who might not know what capital stands for, it is the amount of money or funds the business has available to spend on various business activities. Running a business isn’t easy. It requires items or goods to help make it a success. You need items to assist you in creating the product or services. You need money to search for people who need your products and services. You need money to register your business with the government. You need money to create a brand for your business and to ensure nobody steals your brand by putting a patent to eat. You also need money to create a business plan so that when you eventually find an investor who is ready to invest or pour funds into your business, you will show him/her your business plan.

Nigerian entrepreneurs either find a job and save funds to start their own business later. But what do you do when you are underpaid? If we can dedicate the number of hours and the zeal to succeed in our jobs into our business ideas, there is no way our businesses would not grow.

The government and financial institutions can’t help small business owners or entrepreneurs to access funds. The interest rates are high. The banks demand collateral that entrepreneurs do not have. Government loan schemes or programmes are politicized to provide funds for individuals who they solicit for votes in return during election periods. Take, for example, the vice president of Nigeria distributing less than $30 USD to market women across Nigerian cities to vote for the ruling party during the 2019 elections, which held in February 2019. The funny thing is that the loan scheme has been suspended until further notice. We are not serious in this country. The economic future of this country looks bleak with the sitting government being returned to office by the Independent National Electoral Commission (INEC).

I know that I will keep thriving to turn my business ideas into a reality. I need to start small. With hardwork and dedication, I know that I will achieve my biggest dreams.

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