Nigeria Will Survive Present Economy Crunch – Ekeh

Africa’s digital entrepreneur and chairman, Zinox Group, Leo Stan Ekeh, has expressed  optimism that the Nigerian economy would survive the present challenges and rebound stronger.

Ekeh gave the assurance during a mentorship programme with a select group of African foreign-based postgraduate students in the latest edition of an annual lecture series aimed at grooming the next generation of certified entrepreneurs.

While urging the budding entrepreneurs not to lose hope because of the ongoing difficulties in the macroeconomic environment, Ekeh expressed optimism that the African economy would survive the present challenges and rebound stronger.

‘‘The current challenges in the economy are not new. We have witnessed similar cycles in the past. But our economy has always shown resilience to rebound from them. Also, you must bear in mind that the difficulties are not only local. The global economy is passing through a period of intense stress, further worsened by the conflict between Russia and Ukraine and potentially set to be impacted further by the latest confrontation between Israel and Hamas.

‘‘In times like these, the failure rate of startups and other businesses increase. However, difficult times also represent periods of great opportunities. It is your responsibility to sniff out those opportunities which abound around you and take advantage of them.

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‘‘You must always remember that to succeed, you cannot take pleasure before pain. In setting up your business, you must have a clear roadmap and vision. Hype is good and gets you noticed but you must work very hard behind the scenes to fill up the blank spaces with substance. Otherwise, the hype will fizzle out and you will have nothing concrete to stand on. You must also remain spiritually strong, retain a healthy risk appetite, and rely a lot on your intuition and common-sense logic to make a success of your venture. Finally, never forget that your passion must pay your bills,’’ he advised.

He also urged young business owners and startups in Africa to demonstrate a high level of integrity and diligence when executing government contracts as the quality of their country defines their future. ‘‘Government is the biggest spender in any economy. Some of you, while doing business, may get a chance to execute some projects for governments, whether at sub-national or Federal level. It is a call to service and an opportunity to prove the growing faith in our indigenous capacities.

‘‘Having the opportunity to execute a government contract must, therefore, be seen as a privilege and not as a chance to outrageously inflate figures, deliver shoddy outputs or unduly enrich yourself overnight. You must seize the opportunity to grow your social capital and open the doors for others to enjoy the confidence that has been reposed in you,” he further appealed.