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What Is the Major Problem Faced by Entrepreneurs in Nigeria? ASK CHARLES

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Dear Charles.

Hi Charles, I have a question here. What is the major challenge faced by entrepreneurs in Nigeria and how can it be solved?

Ebube from Lagos

Dear Ebube,

At SME100Nigeria we summed up some of the basic needs of entrepreneurs in Nigeria and we try to help address these needs.

Our summary of the needs of entrepreneurs in Nigeria which are:

  1. Access to finance

  2. Access to markets

  3. Capacity development

  4. Mentorship

  5. Networks

However, I think all these needs ride on one platform – Government support. Let me explain this.

I know some Nigerian entrepreneurs think the most important thing they need is cash.

Government support can be financial or non financial, Financial in terms of grants (Like the Lagos State Entrepreneurship Trust Fund)and non financial in terms of infrastructure, policies etc but even if the cash is readily available to these entrepreneurs, it will dwindle quickly if there isn’t an enabling environment set up by the government to carry out business transactions.

Today, small business owners and managers have become their own government they provide their own roads, electricity, infrastructure and other social amenities.

If a small business is able to raise some funds to start up a venture today in Nigeria a huge percentage of that funds will be used to set up infrastructure that should have been set up by the government and if adequately set up and managed properly will enable the business to thrive. Then it will become very easy for the small businesses to pay taxes. The reason some small businesses are finding it difficult to pay taxes is because the government isn’t doing what it ought to be doing which in return makes it difficult for businesses thrive and make profitable yet the government wants to collect taxes. An unprofitable business cannot pay taxes.

Small business owners should perform their civic responsibilities by paying taxes but should also ask for more. Successful small businesses understand the importance of partnership with the government and should hold the government accountable at all times. This is an effective way to get government support.

Another non-financial government support is Favourable Policies – small business policies. These are policies that can be set up by the government to enforce trade with and among other small businesses.  This way can the government promote the goods and services of these small businesses; by providing some access to market.

The entrepreneurs on the other hand need to develop and equip themselves with global best practices and standards of doing business.

Knowledge and skills are the keys to success in the 21st century. If you are not constantly updating yourself everything you know will become obsolete and you won’t be able to keep up with the dynamic market.

Remember SME100Nigeria is here to help and support you.

Call us today to Book an appointment with our Consultant on 08177743650 or email us on info@sme100nigeria.com. We will be glad to hear from you

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