Factors Affecting Business Growth in Nigeria form the major concerns of potential industrialists, investors, or local entrepreneurs whose hopes are high in starting a business or businesses in Nigeria but who on the other hand need to pause and make some feasibility study, thereby traversing every pro and con.
Factors Affecting Business Growth in Nigeria.
Starting a business in Nigeria is not so much a problem when it is compared to maintaining the growth of such venture. Business, on its own, is like a seed planted on a fertile ridge which needs to be watered, cared for in order to enhance an environment-friendly increase and expansion. To achieve this, some certain bottlenecks and opportunities deserve to be considered. Below are the factors affecting business success in Nigeria:
Lack of Financial Support
One of the major factors affecting business growth in Nigeria is that many businessmen and women do to have easy access to loans sufficient enough to help them execute some of their biggest plans/projects. It is either they do not get the loan, or they have to be subjected so much frustrations, or that they will large collaterals which may not be attainable, or they have to employ some political assistance. These are major problems confronting the growth and success of business in Nigeria.
Lack of Training and Experience
Many Nigerians are not ready to go through the rigors and pains of accumulating and acquiring skills, they only want to earn without learning first. This is problem however is a great bottleneck to efficient delivery of services of many businesses as a high percent of their labor force is professionally unequipped for the job. This also is another factor affecting business growth in Nigeria.
Poor Management
An inefficient labour force produces an inefficient management. Although many factors influence poor management skills apart from foundational problems like lack of skills and knowledge, some of the challenges facing management of businesses are greed, selfishness and the corruption that has been ingrained into the fabric of the country, Nigeria.
Poor Infrastructure
An environment where adequate facilities are not available is never friendly to business as no business will succeed in a cesspool of constant power outage, good roads, etc. his also is another factor affecting business growth in Nigeria.
Corruption
Another general problem that is affecting business growth is corruption that is rampant from the political terrace down to the plebeians’ field of Nigeria. Where corruption survives and fattens, business dies.
Low Demand for Product and Services
Following the very desperate need to survive in a socioeconomic jailhouse like Nigeria, there arises bloodsucking competition among businesses who deal with same products. It therefore becomes the survival of the fittest. The survival of a business is not guaranteed the next day. This then leads to run-down in sales and demands for products and services. For business to survive, business owners need to be at alert for new innovations and ideas to confront potential threats in the market. This is also a factor affecting business growth in Nigeria.
Insufficient Profits
The former actually leads to this stage, where companies and individuals no longer make profits and thereby pack out of market. It is a wake up call for anyone who is already in business but that has a long-term goal to always employ creativity. This same for any potential investors or entrepreneur to consistently be creatively on guard.
