Experts Provide Ways For Businesses To Survive In Nigeria

As the operating environment gets more hostile, with fiscal, environmental and monetary blithe amid high cost of doing business in the country, business and economic experts have agreed on the fact that Nigeria-based businesses must adopt survival measures to last.

The experts during a lecture tagged personal and Business Acceleration Masterclass that was organised by Money Line with Nancy, said business owners must as a matter of importance create alternative sources of electricity to power their machines to be able to deal with the issue of epileptic power supply across Nigeria.

Founder and group managing director, Cowry Asset Management Limited Mr Johnson Chukwu Nigerian entrepreneurs should plan as if there’s no extraordinary agency called government that will provide the enabling environment for their businesses to thrive.

He said business that want to succeed should be modeled in such a way that they are able to contain all the environmental deficiencies and weakness of the environment, “otherwise you won’t be able to succeed.” Nigeria has poor power supply from the national grid.

“As a business owner the critical factor is that you have to assume that there’s no extraordinary agency called government. So, for you to succeed in business in Nigeria first, you have to prepare to contain with the environment by looking at the deficiencies and weakness of the environment otherwise you won’t be able to succeed,” Chukwu said.

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Also, the convener of the masterclass and executive producer of Money Line with Nancy on AIT, Nancy Nnaji said lots of small and medium scale businesses fail because of lack of basic business management ideas.

Mrs Nnaji said the event was an opportunity for all business owners, founders and the interested public to learn more about ways to design plans, actions towards building successful business and strategies on how to accelerate your personal and business growth, via the guidance of distinguished business growth experts and professionals making a mark in their businesses.

She promised that participants through the event will enjoy special access to mentorships, consultations and other special benefits that have been prepared for them, with the possibility of meeting investors to finance their businesses.

In her words, to have a successful business is “to put simple fundamental business processes in place, and that is what we’re also doing here to be able to teach business people both small and medium scale business owners”.

Appreciating Jaiz Bank for their show of commitment towards for the business empowerment programme with a pledge to support five business owners, Nnaji assured that the programme will become an annual event where lots of business owners will be mentored and financially assisted.

In the same vein, the Founder, Follow the Money Initiative, Hamzat Lawal urged the participants to think beyond local problem, saying the world we live in is a global community so in our business plan we should put the international community in perspective by connecting the local with the global conversation.

He encouraged participants to believe in themselves and their personal capacity to deliver and to ultimately provide services needed to solve the problems of the world around us because the world is hungry for our services, and we must be alert enough to recognize the business opportunities around us.