CHALLENGES OF STARTING A BUSINESS IN NIGERIA
Starting a business is challenging no matter how prosperous
your nation is. There
are
MD/CEO glancing at the Encyclopedia Biblica. |
Determination would however not be enough. We had to clearly
ascertain why small businesses fail in Nigeria. Here are some of the common
reasons we deduced from our studies.
- Poor Management
- Lack of Funding
- High lending rates from commercial banks
- Corruption
- Lack of Power (Electricity)
- No Small Business support system and
- Lack of Venture Capitalists
A combination of this factors make running a small business
in Nigeria a particularly precarious proposition. It is even a tougher proposition for those in the book business or in the business of publishing. This is largely because of widespread piracy and little or no regard for intellectual property law. Sadly, most consumers when faced with the option of either buying a fairly priced original product or a pirated cheaper copy will opt for the pirated copy. The onus is hence on the federal government through its agencies like the National Orientation Agency (NOA) to sensitize consumers on the the need to respect the intellectual property of writers and artistes.Fortunately, there seems to
be light at the end of the tunnel. The Buhari/Osinbanjo ticket on the platform
of the All Progressive Congress (APC) stated as one of its campaign promises,
the creation of thousands of jobs. While this is noteworthy, it cannot be
achieved without the contribution of genuine entrepreneurs. The government must be proactive in its push for job creation by creating an enabling enviroment for entrepreneurs to thrive. The government in
achieving its objectives in the midst of a national recession is faced with the
daunting task of working out practical models that can assist the average
investor on the street. If this is done, We might yet achieve our collective
vision for the year 20/20.
Ubong James Essien is the Managing Director/CEO
of Jeshurun Publishing House and Press Limited and
is the editor of the exciting blog Bongy's Review.
+234-805-094-0103